Sumit Agarwal
National University of Singapore
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Bio

Sumit Agarwal is Low Tuck Kwong Distinguished Professor of Finance at the Business School and a Professor of Economics and Real Estate at the National University of Singapore. He is the Managing Director of Sustainable and Green Finance Institute at NUS. He is also the President of Asian Bureau of Finance and Economic Research .

In the past, he has held positions as a Professor of Finance at the Business School, Georgetown University. Before that he was a senior financial economist in the research department at the Federal Reserve Bank of Chicago and prior to joining the Chicago Fed, he was a senior vice president and credit risk management executive in the Small Business Risk Solutions Group of Bank of America.

Sumit’s research interests include issues relating to household sustainablity, financial institutions, household finance, behavioral finance, and real estate markets. He has published over one hundred and twenty five research articles in economics and finance journals among others. Additionally, he has co-written six books titled Why We Feel Blue When the Air is Grey , Kiasunomics 3, Introduction to Household Financial Management , Kiasunomics 2, Household Finance: A Functional Approach , and Kiasunomics , and also co-edited two collected volumes titled Impact of COVID-19 on Asian Economies and Policy Responses, and Household Credit Usage: Personal Debt and Mortgages. He writes regular op-ed’s in the Straits Times and is featured on various media outlets like the CNA, BBC, CNBC, and Fox on issues relating to finance, banking, and real estate markets. Sumit’s research is widely cited in leading newspapers and magazines like the Wall Street Journal, The New York Times, The Economist, and the U.S Presidents Report to Congress. He also runs a Podcast on household financial decision making called Kiasunomics.

Education and Training
Ph.D. 1999
Ph.D. in Economics
University of Wisconsin, Milwaukee
M.A 1995
Master of Arts in Economics
University of Wisconsin, Milwaukee
B.Sc 1993
Bachelor of Science in Computer Science
University of Wisconsin, Milwaukee
Professional Positions
National University of Singapore (2018-Present)
2018-Present
Low Tuck Kwong Distinguished Professorship
2018-2020
Head, Department of Finance
2018-Present
Professor of Finance, School of Business
2018-Present
Professor of Economics, School of Arts and Social Science
2018-Present
Professor of Real Estate, School of Design and Environment
Georgetown University (2016-2018)
2016-2018
Area Coordinator, Finance Department
2016-2018
William G. Droms Term Professor of Finance, McDonough School of Business
2016-2018
Professor of Economics (courtesy), Department of Economics
National University of Singapore (2012-2016)
2012-2016
Vice-Dean of Research and PhD Program, School of Business
2012-2016
Low Tuck Kwong Professorship
2012-2016
Professor of Finance, School of Business
2012-2016
Professor of Economics, School of Arts and Social Science
2012-2016
Professor of Real Estate, School of Design and Environment
2012-2016
Deputy Head (Research), Department of Real Estate
2012-2016
Research Director, Center for Asset Management Research and Investments
2012-2016
Dean’s Chair Professor
2012-2016
Associate Professor of Economics (courtesy), School of Arts and Social Science
2012-2016
Associate Professor of Finance, School of Business
2012-2016
Associate Professor of Real Estate, School of Design and Environment
Federal Reserve Bank of Chicago (2006-2012)
2006-2012
Senior Financial Economist, Research Department
2006-2012
Financial Economist, Research Department
Bank of America (2000-2006)
2000-2006
Senior Vice President, Credit Risk Management Executive
2000-2006
Vice President, Financial Economist
Health Products Research (1999-2000)
1999-2000
Senior Analyst
Consultancy, Visiting and Other Positions
2020-Present
Distinguished Professor
ISB
2019-Present
Consultant, Monetary Authority of Singapore
Singapore
2019-Present
Consultant
SCORE, Singapore
2018-Present
Advisory Board, Singapore Estate Agent Association
Singapore
2017-Present
Management Board Member
Institute for Real Estate Studies, NUS
2017-Present
Consultant
Financial Conduct Authority, London, UK
2016-Present
Executive Committee Member
Transport Research Center, NUS/LTA, Singapore
2016-Present
Management Board Member
Risk Management Institute, NUS, Singapore
2016-Present
Expert Panel Member
Health Innovation Program, Singapore
2014-Present
Senior Fellow
Asian Bureau of Finance and Economic Research
2014-Present
Academic Fellow
Center for Advanced Finance Research and Learning, India
2018-2019
Distinguished Fellow
CAF, Indian School of Business
2016-2020
Visiting Fellow
IESR, Jinan University
2016-2018
Advisory Board
Institute of Estate Agents, Singapore
2016-2018
Expert Panel Member
Social Science and Research Council, Singapore
2016-2018
Visiting Professor of Finance
National University of Singapore
2016-2017
Senior Visiting Fellow
Institute of Advanced Study, HKUST, Hong Kong
2012-2016
Research Associate
Center for Behavioral Economics, NUS
2012-2016
Research Associate
Center for Quantitative Finance, NUS
2012-2016
Research Associate
Institute for Real Estate Studies, NUS
April 2016
Visiting Scholar
Stigler Center, Booth School, University of Chicago
2015-2016
Consultant
Bank for International Settlement, Switzerland
2015-2016
Consultant
Monetary Authority of Singapore, Singapore
Sept 2015
Distinguished Senior Visitor
Research Center SAFE, Goethe University
July 2015
Consultant
Inter-American Development Bank, Washington DC, NUS
July 2015
Consultant
Korean Development Institute, Korea
2014-2015
Consultant
Financial Conduct Authority, London, UK
2012-2015
Research Associate
Risk Management Institute, NUS
Sept-Dec 2013
Visiting Scholar of Finance
Georgetown University
Sept-Dec 2013
Visiting Scholar
The World Bank
2008-2012
Visiting Associate Professor of Finance
Indian School of Business
Sept 2012
Visiting Scholar
Office of the Comptroller of the Currency
Nov 2011
Visiting Scholar
Federal Reserve Bank of Philadelphia
Sept 2011
Visiting Scholar
De Nederlandsche Bank, Amsterdam
Sept 2009
Visiting Scholar
Riksbank, Sweden
2008
Fellow
Federal Deposit Insurance Corporation
2008
Consultant
World Bank-IFC
2007
Adjunct Assistant Professor
Finance Department, DePaul University
2006
Fellow
Federal Deposit Insurance Corporation
2005
Adjunct Assistant Professor
Finance Department, George Washington University
1995-1998
Instructor, Economics Department
University of Wisconsin - Milwaukee
1995
Consultant
Bank of Uganda, Kampala, Uganda
Editorial Positions
Honors, Awards and Grants
July 2018
Asian Real Estate Society, Homer Hoyt Institute Best Paper Award ($1,000)
June 2018
Excellence in Refereeing Award 2017 – American Economic Review
March 2018
Real Estate Research Institute Award ($15,000)
October 2017
June 2017
Excellence in Refereeing Award 2016 – American Economic Review
June 2016
Excellence in Refereeing Award 2015– American Economic Review
May 2016
Society for Financial Studies, Best Paper Award ($10,000)
April 2016
December 2013
Faculty Outstanding Researcher Award, Business School, NUS (Singapore $1,000)
September 2012
Red Rock Finance Conference, Best Paper Award
June 2012
Excellence in Refereeing Award 2011 – American Economic Review
January 2011
Networks Financial Institute Competition, Best Paper Award ($2,500)
January 2011
TIAA-CREF Paul A. Samuelson Award ($2,000)
January 2009
Terker Family Prizes in Investment Research Award, Wharton School ($5,000)
February 2008
Glucksman Institute Research Award, New York University ($2,500)
March 1995
J. Walter Elliot Award for Excellence in Macroeconomics - UWM
May 1998
Phi Kappa Phi, National Honor Society
Summer 1995
University of Geissen, Exchange Program, Germany
Research Summary

Dr. Agarwal has been invited to present his research at many renowned universities such Columbia University, Northwestern University, University of California Berkeley, Johns Hopkins, Wisconsin, Minnesota, Maryland, as well as institutions and central banks namely the IMF, World Bank, European Central Bank, European Union, Dutch Central Bank, Riksbank, OCC, and the Federal Reserve Banks of Chicago, San Francisco, Atlanta, Boston, New York, and Philadelphia. He has consulted with the World Bank, Federal Deposit Insurance Corporation, OCC, the Reserve Bank of India and Bank of America.

He has also served as an adjunct professor and a scholar at the finance department at George Washington University, DePaul University, the Indian School of Business, Georgetown University and the World Bank. Agarwal received a Ph.D. in economics from the University of Wisconsin-Milwaukee.

Research Interests
  • Household Sustainability
  • Household Finance
  • Fintech
  • Behavioral Economics
  • Political Economy
  • Real Estate and Urban Economics
  • Financial Institutions
  • Health Economic
Research Impact
  • Over 3,800 citations in published papers (Source: Web of Science, January, 2023)
  • Over 17,000 citations in published and working papers (Source: Google Scholar, January, 2023)
  • Over 100,000 downloads of my papers (Source: SSRN, January, 2023)
Professional Services
Invited Seminar and Conference Presentations (Selected)
2020
  • FCA, London, UK
2019
  • Finance Department, SKKU, Seoul, South Korea
  • CAFM Conference, Seoul, South Korea
  • AASLE Conference, Singapore
  • LKY School of Public Policy, NUS
  • Finance Department, Baptist University of Hong Kong, Hong Kong
  • Finance Department, Renmin University, China
  • Finance Department, CUHK, Hong Kong
  • Indian School of Business, India
  • CAFRAL, Reserve Bank of India, Mumbai, India
  • Finance Department, KIAST, Seoul, South Korea
  • Finance Department, SKKU, Seoul, South Korea
  • Western Economic Association International Meetings, Tokyo, Japan
  • Department of Finance, Shanghai Technological University, Shanghai
2018
  • OJK IMF-World Bank Annual Conference, Bali, Indonesia
  • 10th Year Financial Crisis Conference, Booth School, University of Chicago, Chicago
  • New Consumption Data Conference, Copenhagen, Denmark
  • Norges Bank, Oslo, Finland
  • Finance Department, Lund University, Lund, Sweden
  • Bank of England, London, UK
  • Indian School of Business, Hyderabad, India
  • Indian Institute of Management Bangalore, India
  • ABFER, Singapore
  • International Monetary Fund, Washington DC
  • Finance Department, University of North Carolina, NC
  • Center for Financial Planning Board Academic Conference, Washington DC
  • Fixed Income-Financial Institutions Conference, University of South Carolina, SC
  • AREUEA Annual Meetings, Philadelphia
Session of Chair (C) / Discussant (D) (Selected)
2019
  • CAF Annual Conference, ISB, Hyderabad, India (D)
  • Western Economic Association International Meetings, Tokyo (D, C)
  • American Economic Association, Atlanta (D)
2018
  • American Finance Association, Philadelphia (D)
  • American Economic Association, Philadelphia (C, D)
2017
  • Household Finance Conference, NYU, NYC (D)
  • 19th Annual Texas Finance Festival Conference, Lost Pines Resort, Texas, (D)
  • ABFER Annual Conference, Singapore (D)
  • IRES Annual Symposium, Singapore (D)
  • Annual Conference, Singapore Management University, Singapore (D)
  • Financial Intermediation Research Society Conference, Hong Kong (D)
  • Real Estate Annual Conference, Jinan University, China (D)
Organization of Sessions and Program Committees (Selected)
  • FMA Conference, track chair, 2018, 2020
  • CAF, Finance Conference, committee chair, 2019
  • Finance Down Under Conference, Australia, program committee, 2015, 2016, 2018
  • ABFER Conference, International Macro, Money and Banking, program committee 2016, 2017
  • European Finance Association Conference, program committee, 2015, 2016
  • IBEFA Conference, program committee, 2014, 2015
  • FIRS Annual Conference, program committee, 2011, 2012, 2013, 2015
  • AREUEA Conference, program committee, 2010, 2012, 2013, 2015
  • CICF Conference, Shenzhen China, session chair, 2015
  • CEPR/European Banking Center, 6th Financial Stability Conference, program committee, 2014
Refree Journals
American Economic Journal - Applied Economics, American Economic Journal – Macro, American Economic Journal – Policy, American Economic Review, Canadian Journal of Economics, Contemporary Economic Policy, Econometrica, Economic Inquiry, Economic Journal, Housing Studies, International Economic Journal, International Journal of Financial Services Management, Journal of Banking and Finance, Journal of Consumer Affairs, Journal of Economics and Business, Journal of Economic Literature, Journal of Emerging Market Finance, Journal of Empirical Finance, Journal of Empirical Legal Studies, Journal of European Economic Association, Journal of Experimental Psychology, Journal of Finance, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Research, Journal of Financial Services Research, Journal of Housing Economics, Journal of International Business Studies , Journal of Law and Economics, Journal of Legal Studies, Journal of Marketing Research, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Political Economy, Journal of Public Economics, Journal of Real Estate Finance and Economics, Journal of Urban Economics, Management Science, Pacific Basin Finance Journal, Quarterly Journal of Economics, Quarterly Review of Economics and Finance, Real Estate Economics, Review of Economics and Statistics, Review of Economic Studies, Review of Finance, Review of Financial Studies, Review of Industrial Organization, Scandinavian Journal of Economics, Southern Economic Journal
Refree (Grant Application)
National Science Foundation, Social Science and Humanities Research Counsel of Canada, Social Science and Humanities Research of Singapore
Books
Why We Feel Blue When the Air is Grey , (with Long, W. and Y. Yang), Penguin Publishing, 2024
Kiasunomics 3, (with Ang, S., and T. Sing), World Scientific Publishing, 2024
Introduction to Household Financial Management, (with Chew, H), World Scientific Publishing, 2023
Kiasunomics2, (with Ang, S., and T. Sing), World Scientific Publishing, 2020
Household Finance: A Functional Approach, (with Qian, W., and R. Tan), Palgrave Publishing, 2021
Kiasunomics, (with Ang, S., and T. Sing), World Scientific Publishing, 2017
Impact of COVID-19 on Asian Economies and Policy Responses, (with He, Z. and B. Yeung), World Scientific Publishing, 2020 (edited volume)
Household Credit Usage: Personal Debt and Mortgages, (with Ambrose, B), Palgrave-Macmillan Publishing, October, 2007 (edited volume)
Publications and Forthcoming Papers (Selected papers)
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India

Review of Financial Studies, forthcoming

with Pulak Ghosh, Jing Li, Tianyue Ruan

Press
Searching for Approval

Econometrica, forthcoming

with Grigsby, J., A. Hortacsu, G. Matvos, A. Seru, and V. Yao

Press
Association between fat tax and fast food purchase in India

JAMA Network Open, forthcoming

with Ghosh, P and C. Zhang

Press
Do Sanitary Pads Alleviate Period Poverty and Improve Girls' Educational Outcomes?

Review of Economics and Statistics, forthcoming

with Lui Ee Chia and Pulak Ghosh

Press
Stock market fluctuations and health: Causal evidence from China

Nature Mental Health, forthcoming

with Teng, L, and Siyu Chen

Press
Disguised Pollution: Firm behaviour in the dark

Journal of Public Economics, forthcoming

with Y. Han, Y. Qin, and H Zhu

Press
Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-Backed Securities

American Economic Journal – Economic Policy, forthcoming

with Ambrose, B., L. Lopez, X. Xue

Press
Liquidity Constraints, Consumption, and Debt Repayment: Evidence from Macroprudential Policy in Turkey

Review of Financial Studies, forthcoming

with Song, C., M. Hadzic, Y. Yildaram

Press
The Effects of Policy Announcement, Prices, and Subsidies on Water Consumption

Nature Water, forthcoming

with Fan, M., E. Araral, Y. Qin, and H. Zhang

Press
Inflation Expectations of Households and the Upgrading Channel

Journal of Monetary Economics, forthcoming

with Chua, Y. and C. Song

Press
Roads and Loans

Review of Financial Studies, forthcoming

with Mukherjee, A., and R. Laksmi

Press
Serving the underserved: Microcredit as a pathway to commercial banks

Review of Economics and Statistics, forthcoming

with Kigabo, T., C. Minoiu, A. Presbitero, and A Silva

Press
Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program

Review of Economic Studies, forthcoming

with Amromin, G., S. Chomsisengphet, T. Landvoigt, T. Piskorski, A. Seru, and V. Yao

Press
Plumbing vs Nudging: The Lasting Effect of Efficiency Improvements on Water Conservation

Nature Human Behavior, 2022

with Fan, M., E. Araral, Y. Qin, and H. Zhang

Press
The Impact of Ride-Hail Surge Factors on Taxi Bookings

Transportation Research Part C, 2022, Vol. 136, Pp. 103508

with Cheroenwong, B., S. Cheng, and J. Keppo

Press
Assessment of Online Food Ordering and Delivery Patterns During the COVID-19 Pandemic in Singapore

JAMA Network Open, 2021, Vol. 4(9), Pp. 26466

with P. Huang, C. Luo, Y. Qin, C. Zhan

Press
Thy Neighbor’s Misfortune: Peer Effect on Consumption

American Economic Journal – Economic Policy, 2021, Vol. 13(2), Pp. 1-25

with Qian W., and S. Xou

Press
Monetary Policy Transmission and Consumption Response: The Deposit Channel

Review of Economics and Statistics, 2021, Vol. 103(5), Pp. 922–938

with Chomsisengphet, S., Y. Yildaram, and J. Zhang

Press
The Choice Between Arm's-Length and Inside Debt

Journal of Monetary Economics, 2021, Vol. 117, Pp. 1008-1022

with Hauswald, R

Press
Tax Evasion, Capital Gains Taxes, and the Housing Market

Journal of Public Economics, 2020, Vol. 188, Pp. 104222

with Li, K, Q. Yu, J. Wu, and J Yan

Press
Disguised Corruption: Evidence from Consumer Credit from China

Journal of Financial Economics, 2020, Vol. 137(2), Pp. 430-450

with Qian, W., A. Seru, and J. Zhang

Press
Financial Education versus Costly Counseling: How to Dissuade Borrowers from Choosing Risky Mortgages?

American Economic Journal – Economic Policy, 2020, Vol. 12(1), Pp. 1-32 (Lead Article)

with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff

Press
Does Keeping Up with the Joneses Cause Financial Distress? Evidence from Lottery Winners and Neighboring Bankruptcies

Review of Financial Studies, 2020, Vol. 33(1), Pp. 433-472

with Scholnick, B., and M. Slava

Press
Matching in Housing Markets: The Role of Ethnic Social Networks, RFS Version

Review of Financial Studies, 2019, Vol. 32(10), Pp. 3958-4004

with Hyun-Soo Choi, Jia He and Tien Foo Sing

Press
Do Real Estate Agents Have Information Advantage in Housing Markets

Journal of Financial Economics, 2019, Vol. 134(3), Pp. 715-735

with Jia, H., T. Sing, C. Song

Press
Mobile Wallets and Entrepreneurship Growth

American Economic Association -- Papers and Proceeding, 2019, Vol. 109(5), Pp. 48-53

with Qian, W., B. Yeung, and X. Zou

Press
Relationship Lending: Evidence from the Consumer Credit Market

Journal of Monetary Economics, 2018, Vol. 96, Pp. 16-32

with Chomsisengphet, S., C. Liu, C. Song, and N. Souleles

Press

Do Banks Pass Through Credit Expansions to Consumers Who Want To Borrow? Evidence from Credit Cards, QJE Version

Quarterly Journal of Economics, 2018, Vol. 133(1), Pp. 129-190

with Chomsisengphet S., N. Mahoney and J. Stroebel
PressEconomist, Sept 26th, 2015,
The Politics of Foreclosures, JF Version

Journal of Finance, 2018, Vol. 73(6), Pp. 2677-2717

with Amromin G. , Z. Ben-David,, and with S. Dinc ,
Press
Loan Prospecting and the Loss of Soft Information, JFE Version

Journal of Financial Economics, 2018, Vol. 129(3), Pp. 608-628

with Ben-David, Z.
Press
Policy Intervention in Debt Renegotiation: Evidence from Home Affordability Modification Program, JPE Version

Journal of Political Economy, 2017, Vol. 125(3), Pp. 654-712

with Amromin G. , I. Ben-David, S. Chomsisengphet, T. Piskorski and A. Seru
PressBusiness Week, August 31, 2012 , Wall Streeet Journal, September 5, 2012 , ProPublica, September 11, 2012 , CBS News, September 13, 2012 , MSN Money, September 17, 2012 , Chicago Tribune, September 20, 2012 , CBS News, September 20, 2012,
Systematic mistakes in the mortgage markets and lack of financial sophistication, JFE Version

Journal of Financial Economics, 2017, Vol. 123, Pp. 42-58

with Ben-David, Z. and V. Yao
Press
Consumption Response to Temporary Tax Incentives: Evidence from State Sales Tax Holidays, AEJ_Policy Version

American Economic Journal - Economic Policy, 2017, Vol 9(4), Pp. 1-27, (Lead Article)

with Marvell, N., and L. McGranahan
Press
Access to Home Equity and Consumption: Evidence from a Policy Experiment, Restat Version

Review of Economics and Statistics, 2017, Vol. 99(1), Pp. 40-52

with Qian W.
Press
Golf Buddies and Board Diversitiy, AER Version

American Economic Review Papers and Proceeding, 2016, Vol. 106(5), Pp. 272-76

with Qian W., David Reeb and Tien Foo Sing
Press
Regulating Consumer Financial Products: Evidence from Credit Cards, QJE Version

Quarterly Journal of Economics, 2015, Vol. 130(1), Pp. 111-164

with Chomsisengphet S., N. Mahoney and J. Stroebel
PressFox Business Report, October 3, 2013, Slate, October 9 2013, Bloomberg News, October 8 2013, New York Times, November 7, 2013
The Composition Effect of Consumption Around Retirement: Evidence from Singapore, AER Version

American Economic Review Papers and Proceeding, 2015, Vol 105 (5), Pp. 426-431

with Jessica Pan and Wenlan Qian
Press
Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore, AER Version, Online Appendix

American Economic Review, 2014, Vol 104 (12), Pp. 4205-4230

with Qian W.
Press
Inconsistent Regulators: Evidence from Banking, QJE Version

Quarterly Journal of Economics, 2014, Vol. 129(2), Pp.889-938

with Lucca D. , A. Seru , F. Trebbi
PressWall Streeet Journal, Jaunary 23, 2012 , American Banker, February 1, 2012 , New York Times, April 2, 2012, ECB Speech, September 7, 2012
Predatory Lending and the Subprime Crisis, JFE Version

Journal of Financial Economics, 2014, Vol. 113(1), Pp. 29-52

with Amromin G. , I. Ben-David, S. Chomsisengphet & D. Evanoff
PressChicago Sun-Times, January 10, 2009 The New Republic, April 4, 2009 SLN News, October 29, 2013
Cognitive Ability and Household Financial Decision Making, AEJ-Applied Version, Online Appendix

American Economic Journal - Applied Economics, 2013, Vol. 5(1), Pp. 193-207

with Mazumder B.
PressCanadian Business, April 5, 2011
The Consumption and Debt Response to Minimum Wage Increases, AER Version , Online Appendix

American Economic Review, 2012, Vol. 102(7), Pp. 3111-39 (Lead Article)

with Aaronson D. and E. French
Press
Adverse Selection in Mortgage Securitization, JFE Version

Journal of Financial Economics, 2012, Vol. 105(3), Pp. 640-660

with Chang Y. and A. Yavas
Press
The Role of Securitization in Mortgage Renegotiation, JFE Version

Journal of Financial Economics, 2011, Vol. 102(3), Pp.559-578

with Amromin G. , I. Ben-David , S. Chomsisengphet and D. Evanoff
Press
Distance and Private Information in Lending, RFS Version

Review of Financial Studies, 2010, Vol. 23(7), Pp. 2757-2788

with Hauswald R.
Press
Learning to Cope: Voluntary Financial Education Programs and the Housing Crisis ,

AER Version

American Economic Review Papers and Proceedings, 2010, Vol. 100(2), Pp. 495-500

with Amromin G. , I. Ben-David , S. Chomsisengphet and D. Evanoff
Press
The Age of Reason: Financial Decisions over the Lifecycle with Implications for Regulation, BPEA Version, Online Appendix

Brookings Papers on Economic Activity, 2009, Vol. Fall, Pp. 51-117

with Driscoll J. , X. Gabaix and D. Laibson
PressThe Wall Street Journal, March 22, 2007, Chicago Sun-Times, April 20, 2007, Chicago Tribune, April 29, 2007, The Washington Post, July 14, 2007, The Atlantic Monthly, September, 2007, MarketWatch, September 17, 2007, Chicago Sun-Times, September 24, 2007, Wall Street Journal, September 10, 2009, Investment News, September 11, 2009, Smart Money, November 20, 2009, The Oregonian, November 21, 2009, Canadian Business Magazine, December 7, 2009, Health Care Professionals, January 7, 2010, Financial Planning Magazine, April 1, 2010, Investors Chronicle, August 10, 2010, Yahoo Finance, Septepber 9, 2010, Scientific American, November 18, 2010, The Oprah Magazine, May, 2011, Kiplinger Magazine, June, 2011, Market Watch, October 5, 2011
Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles

American Economic Review Papers and Proceedings, 2009, Vol. 99(2), Pp. 412-417

with Skiba, P. and J. Tobacman
PressThe Wall Street Journal, October 9, 2009
Reaction of Consumer Spending and Debt to Tax Rebates: Evidence from Consumer Credit Data, JPE Version

Journal of Political Economy, 2007, Vol. 115(6), Pp. 986-1019

with Liu C. and N. Souleles
PressLos Angeles Times, January 19, 2008, The Wall Street Journal, January 22, 2008, Market Watch, January 29, 2008, San Francisco Chronicle, February 5, 2008, Slate, Newsweek February 7, 2008, Wall Street Journal, April 30, 2008
Policy Publications
  • Upgrading and inflation expectations in Singapore: A survey experiment” (with Chua, H., and C. Song), Monetary Authority of Singapore Macroeconomic Review, October 2019, Pp. 1-4
  • “How did the Great Recession Affect Payday Loans” (with Mazumder, B., and T. Gross), Federal Reserve Bank of Chicago Economic Perspective, Q2 2016, Pp. 1-12
  • “Homebuilder, Affiliated Financing Arms and the Current Mortgage Crisis” (with Amromin, G., C. Gartenberg, A. Paulson, and S. Villupuram), Federal Reserve Bank of Chicago Economic Perspective, Q2 2014, Pp. 39-51
  • “The Asset-Backed Securities Market, the Crisis, and TALF” (with Burette, J. and C. DeNardi), Federal Reserve Bank of Chicago Profitwise, 2011
  • “Loan Commitments and Private Firms” (with Chomsisengphet, S., and J. Driscoll), Federal Reserve Bank of Chicago Economic Perspective, Q2 2011, Pp. 71-79
  • “Determinants of Loan Modifications and Their Success.” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff) in the 46th Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2010
  • “Why aren’t Banks Lending More? The Role of Commercial Real Estate” (with Genay. H., and R. McMenamin), Chicago Fed Letter, #281, December 2010
  • “TARP, Credit Crisis, and the Securities Markets” (with Burette, J., C. Cun, and C. DeNardi), Federal Reserve Bank of Chicago Economic Perspective, Q4 2010, Pp. 101-115
  • “Rescuing Asset-backed Securities Markets” (with DeNardi, C., and C. Cun), Chicago Fed Letter, #270, January 2010
  • “Do Financial Counseling Mandates Improve Mortgage Choice and Performance?” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff) in the 45th Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2009
  • “Determinants of Automobile Prepayment and Default” (with Ambrose, B., and S. Chomsisengphet), Federal Reserve Bank of Chicago Economic Perspective, Q3 2008, Pp.17-28
  • “Comparing the Prime and Subprime Mortgage Markets” (with Ho, C), Chicago Fed Letter, #241, August 2007
  • “Distance and Lending Decisions,” (with Hauswald, R) in the Proceedings of the 43nd Proceeding of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2007
Book chapters, Book and Literature reviews and other publications
  • Book Review: “Last Resort: The Financial Crisis and the Future of Bailouts, By Eric A. Posner. Chicago and London: University of Chicago Press, 2018,” Journal of Economic Literature, 2019, March Vol. LVII, Pp. 8-9
  • “Rationality in the Consumer Credit Market: Choosing between Alternative and Mainstream Credit” (with Bos, M), in Haughart, A., and B. Mandel (eds.), Handbook of U.S. Consumer Economics, Palgrave-Macmillan Publishing, August 2019
  • “Market Bases Loss Mitigation Outcome for Troubles Mortgages during the Financial Crisis” (with Amromin, G., I. Ben-David, S. Chomsisengphet and D. Evanoff), in Franklin Allen, Ester Faia, Michael Haliassos, and Katja Langenbucher (eds.), June 2019
  • “Does it Pay to Read Your Junk Mail: Evidence on the Effect of Persuasion on Financial Decisions” (with Ambrose, B), in Kathryn Zeiler and Joshua Teitelbaum (eds.), Research Handbook on Behavioral Law and Economics, Edward Elgar Publishing April 2016
  • “Financial Counseling, Financial Literacy, and Household Decision Making” (with Amromin, G., I. Ben-David, S. Chomsisengphet, and D. Evanoff) in Mitchell, O., and A. Lusardi (eds.), Financial Literacy: Implications for Retirement Security and the Financial Marketplace, Oxford University Press, October 2011, Pp. 181-205
  • “Consumer Behavior in Financial Markets: Financial Crisis and Policy Implication,” ISB Insight, 2010, Vol. Summer 2010, Pp. 16-19
  • “What is the Age of Reason?” (with Driscoll, J., X. Gabaix, and D. Laibson), Center for Retirement Research - Issue in Brief, 2010, Vol. 10-12, Pp. 1-8
  • “Consumer Bankruptcy: Theory, Empirical Evidence, and Lessons for China” People’s Bank of China and World Bank – IFC, Fall 2008
  • “Determinants of Small Business Default” (with Chomsisengphet, S., and C. Liu) in Christodoulakis, G., and S. Satchell (eds.), The Analytics of Risk Model Validation, Palgrave-Macmillan Publishing, December 2007, Pp. 1-12
  • “Information Asymmetry and the Automobile Loan Market” (with Ambrose, B., and S. Chomsisengphet) in Agarwal, S., and B. Ambrose, (eds.), Household Credit Usage: Personal Debt and Mortgages, Palgrave-Macmillan Publishing, October, 2007, Pp. 93-116
  • “Liberalization of Equity Markets, Capital Structure and Growth: Progress, Lessons and Challenges in Developing Countries” in Banerjee, P., and F. Richter (eds.), Economic Institutions in India: Sustainability Under Liberalization and Globalization, Palgrave-Macmillan Publishing, 2002, Pp. 99-120
  • “Stock Market Development and Economic Growth: Preliminary Evidence from African Countries,” Journal of Sustainable Development in Africa, Spring 2001
  • “Assessing Real Sector Response to Stabilization and Structural Adjustment Program in Uganda: The Case of the Manufacturing Sector” Journal of Sustainable Development in Africa, Fall 2000
Working Papers
“Did the Community Reinvestment Act lead to risky lending?” (with Benmelech, E., N. Bergman, and A. Seru), revise and resubmit at Journal of Political Economy
“Information and Authority” (with Hauswald, R), weak revise and resubmit atJournal of Finance
“Salience and Mispricing: Homebuyers’ Housing Decisions”(with Karapetyan, A) revise and resubmit at Management Science
“Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program” (with Amromin, G., S. Chomsisengphet, T. Landvoigt, T. Piskorski, A. Seru, and V. Yao) revise and resubmit at Review of Economic Studies
“Disaggregated Sales and Stock Returns” (with Qian W., and S. Xou), revise and resubmit at Management Science
“Travel Time Uncertainties and Commuter Behavior: Evidence from Smart Card Data in Singapore” (with Keppo, J., D. Mi, and T. Sing), revise and resubmit at Journal of Urban Economics
“Dissecting the Information Value of Sovereign Credit Rating Reports” (with Chen, V., and W. Zhang), revise and resubmit at Journal of Banking and Finance
“Roads and Loans” (with Mukherjee, A., and R. Laksmi), revise and resubmit at Review of Financial Studies
“In the Mood to Consume: Effect of Sunshine on Credit Card Spending” (with Chomsisengphet, S., S. Maier, and X. Zou), revise and resubmit at Journal of Banking and Finance
“Financial Access Under the Microscope" (with Presbitero, A., and A Silva), revise and resubmit at Review of Economics and Statistics
“Consumption and Saving Response to a Tax-Subsidized Saving Policy: Evidence from India” (with, Chomsisengphet, S., P. Ghosh, and M. Zhang), revise and resubmit at Review of Financial Studies
"Tracking the Pulse of a City – 3D Real Estate Price Heat Maps" (with Macmillan, D., T. Sing, and F. Ying), revise and resubmit at Journal of Regional Science
"Inflation Expectations of Households and the Upgrading Channel" (with Chua, Y. and C. Song) reject and resubmit at Journal of Monetary Economics
“Impact of Temperature on Morbidity: New Evidence from China” (with Yu, Q. and H Jia), revise and resubmit at Journal of Environmental Economics and Management 
“Dragon Babies” (with Qian, W., P. Tan, and T. Sing), revise and resubmit at Population Studies
Grants (Selected)

“Future-Proofing Singapore: An Economic Approach” (with Qin Y., F. Yi, T. Ruan, and H. Zhang), 2020-2022 (Singapore $832,816)

“Water conservation: The effects of water price, climate change and MWELS” (with Auroure, E., H. Zhang, Q. Yu), 2019-2022 (Singapore $300,000)

“Identifying Disguised Industrial Pollution in China” 2019-2022 (with Yu Q) (Singapore $100,000)

“Policy Impact Evaluation and Household Financial Behavior” 2018-2021 (Singapore $120,000)

“The Impact of Economic and Policy Shocks on Consumption and Labor Choice”, (with Qian, W., and Y. Deng), 2018-2021, (Singapore $379,578)

“Risk Retention and Qualified Commercial Mortgages” (with Ambrose, B., Y. Yidiram, and J. Zhang), ($15,000)

"Keeping Up with the Joneses: Household Level Evidence of Neighbourhood Peer Effects" (with B. Scholnick V. Miked), 2017-2022, (Canadian $ 68,000)

"Access to Banking and Macroeconomic Outcomes" (with Mukharjee, A), 2017-2020, (HK$ 3,400,000), This project received part funding of the HK$ 3.4 awarded for trade and investment

“Lifecycle financing: Retirement wealth, reverse mortgages, investment decisions and household consumption behavior” (with Deng, Y., W. Qian, and T. Sing) 2017-2020, (Singapore $207,600)

“Housing Market under Asymmetric Information and Behavioral biases” (with Song, C) 2016-2019, (Singapore $92,975)

“Strategic Information Disclosures, Agency Problems and Small Business Lending” (with Wang, Q) 2015-2018, (Singapore $63,000)

“Behavioral Interventions into Water and Energy Consumption” (with Tien-Foo, S) 2015-2016, (Singapore $36,072)

“Role of Relationship, Aging, Cognitive Abilities, and Housing on Consumer Behavior: Evidence from Credit Registry Data from Finland” 2014-2017, (Singapore $40,000)

Keynote Lectures
July 2019
Vietnam Finance Association, Da Nang, Vietnam
“Digitization and Banking” at the Annual Conference on Finance
October 2018
Low Tuck Kwong Distinguished Professorship Public Lecture, Singapore
“Environment and Human Behavior”
May 2018
Deutsche Bundesbank, Eltville, Germany
“Program Impact Evaluation and Household Finance” at the International Conference on Household Finance
June 2017
Jinan University, China
“Superstition in housing markets,” at the International Housing Conference
May 2017
Central Bank of Brunei, Brunei
“Role of Information Asymmetry in SME Lending” at the International Banking Conference
March 2016
Institute of Advanced Study, Hong Kong
“Corruption and Insider Trading”
2012-Present
Research Associate
CBE, NUS
September 2015
SAFE, Goethe University, Frankfurt, Germany
“Detecting corruption through the banking channel” at the House of Finance
July 2015
Inter-American Development Bank, Santiago, Chile
“Credit and Debt markets in South America” at the Annual conference of finance regulators
March 2015
National University of Singapore
“Urbanization and Aging in Singapore”
December 2014
Australian National University
“Corruption and Insider Trading in Banking and Real Estate Markets” at the ANU Summer Camp
December 2018
Wageninger University, Netherlands
“Financial capability and household financial management” at the International Association for Research in Economic Psychology
Smart Finance Blog
Op Ed's and Media Interviews
Op-Ed (Selected)
  1. "We expected Singapore economy to shrink, now let’s look at how to recover "Yahoo Finance, May 26th 2020
  2. “ Why the 20 Trillion will support our sovereign rating ”(with Ghosh, P., and S. Ghosh),The Business Standard, May 15th 2020
  3. “ Amid pandemic, unemployment and small business bankruptcy curves need flattening ”The Business Times, May 1st 2020
  4. “ Coping with the lockdown ”(with Ghosh, P., and S. Ghosh),The Business Standard, April 22nd 2020
  5. “ Don’t blame it on NSO ”(with Ghosh, P., and S. Ghosh),The Indian Express, March 9th 2020
  6. “ The Brics grouping – a decade on ”The Business Times, January 3rd 2020
  7. “ A burning issue: Calculating the cost of haze ”Today, September 23rd 2019
  8. “ After the Fed’s Rate Cut, the impact on Singapore and Growth ”Channel News Asia, August 21st 2019
  9. “ Air quality affects productivity ”(with Sing, T, and K. Kang)The New Paper, May 14th 2019
  10. “ Disrupted, India’s future hangs in the balance – and in the hands of the voters ”Channel News Asia, May 14th 2019
TV Appearances (Selected)
  1. Channel News Asia, Singapore Tonight, " Fresh graduates welcome traineeships amid soft labour market ” May 28th, 2020
  2. Channel News Asia, Singapore Tonight, " Workers redeployed to new roles amid COVID-19 downturn ” May 27th, 2020
  3. ISB, " The Fiscal and Monitory policy response to COVID-19 ” April 21st, 2020
  4. Channel News Asia, Singapore Tonight, " MAS stimulus package to fight COVID-19 ” March 31st, 2020
  5. Channel News Asia, Singapore Tonight, " Grab and Singtel apply for online banking license ” December 30th, 2019
  6. CGTV, " Does Hong Kong’s loss bring gains to Singapore ” September 18th, 2019
  7. Channel News Asia, Asia First, show to discuss," Benefits of online only banking license in Singapore ” July 1st, 2019
  8. Channel News Asia, Money Mind, show to discuss," Home Office or Shared Office ” March 25th, 2019
  9. Channel News Asia, Singapore Tonight, “QR Code and Entrepreneurship ” December 13th, 2018
  10. Channel News Asia, Talking Points, “ Price Fixing: Have we been paying too much for chicken? ” November 8th, 2018
Radio Appearances (Selected)
  1. CNA, Heart of the Matter, “ Opening up the Economy after COVID-19 ” May 28th, 2020
  2. 89.3 Money FM Radio, “ Globalization, supply chair and COVID-19 ” May 15th, 2020
  3. 89.3 Money FM Radio, “ Fiscal Stimulus package for COVID-19 ” March 27th, 2020
  4. CNA Podcast, “ Will you give an e-hongbao this Chinese New Year ” January 24th, 2020
  5. 89.3 Money FM Radio, “ Golfing, social relationships and lower prices for land ” January 21st, 2020
Citations (Selected)
  1. Annabeth Leow,“ Economist favor job saving aid than direct cash transfer ”
    ,The Business Times , March 25th, 2020
  2. Faris Mokhtar,“ Insider Trading On Golf Course Lowers Singapore Land Prices ”
    ,Bloomberg News , January 16th, 2020
  3. Janice Lim,“ What’s the link between developers playing golf with each other and their bids for government land auctions? An NUS study has the answer ”
    Today , January 15th, 2020
  4. Annabeth Leow,“ Inflation expectations shaped by rise of premium goods: study ”
    The Business Times , October 31st, 2019
  5. “ S'pore parents' housing type could show how kids will fare ”
    Straits Times , October 18th, 2019
  6. “ Singapore's small merchants benefit most from mobile wallet use: NUS survey ”
    Channel News Asia , December 13th, 2018
  7. Trinity Chua and Sharanya Pillai, “ Early CPF withdrawals indicate anxiety; more nest eggs needed for future ” The Edge, September 9th, 2018
  8. Alejandra Reyes-Velarde, “ Softbank invests $300 million in dog-walking start-up Wag ”, Los Angeles Times, February 2nd, 2018
  9. “Does being Kiasu payoff?” 8 Days, January 8th 2018
  10. Saksham Khosla, “ The admirable success of JDY ” The Live Mint, August 28th, 2017
Get in Touch
  • Office +65 6516-5316
  • Email ushakri@yahoo.com
  • Cell-Phone+65 8118 9025
  • Website www.ushakrisna.com
Finance
Professor of Finance
Office BIZ1-07-69
Mochtar Raidy Building
15 Kent Ridge Drive
National University of Singapore
Singapore, 119245
Phone: +65 6516-5316 (O)
Email: bizagarw@nus.edu.sg
Real Estate
Professor of Real Estate
Office SDE1-05-10
School of Design and Environment
4 Architecture Drive
National University of Singapore
Singapore, 117566
Phone +65 6601 2622(O)
Email: rstagarw@nus.edu.sg
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