(I) Policy and analytical work in the areas of finternet; money and payments in the digital age; cryptocurrencies, stablecoins, and the emerging token economy; regulatory technology (regtech) and supervisory technology (suptech); and public policy approaches to innovation and their implications for financial stability

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(II) A Profile of the State of the Economy, Social Spending, Fiscal Performance, and Fiscal Policy of Indian States (Policy and Analytical Work)

 

(III) Process and Impact Evaluation of Infectious Disease Control Programs in High Burden Countries (Study)

My current research focus is on health economics, impact evaluation, social protection, poverty and inequality, cash transfers, financial inclusion, operation research, and the quality of improving the diagnosis and treatment of infectious disease in high burden countries. It is expected that the research will make a useful resource for policymakers, government decision-makers, health economists and those who manage healthcare systems.

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(IV) A Labor Market Assessment of Health Workforce in Lower-Middle Income Country: Projecting imbalances between Supply, Demand and Need (Study)

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(V) Improving the Governance of State-Owned Enterprises (Study)

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(VI) Financial and Technological Innovation in Low- and Middle-Income Countries (Book in Preparation)

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(VII) Improving the Economic Position of Unpaid Caregivers, Gig Workers, and Low-Income Families (Study)

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(VIII) Corporate Governance: The Case of Public and Private Sector Banks in India

Governance is a slippery concept defined in a number of different ways, depending on the context and analysis in the social sciences and political science literature (Ansell and Gash 2008) (Ansell and Torfing 2015) (Gourevitch and Shinn 2005) (Grossman and Hart 1986) (Davis 2005) (Osterloh et al  2011) (Bevir 2012) (Aguilera and Jackson 2010) (Acharya et al 2011). For this research, governance will be considered as the formal (e.g. voting rules, board eligibility, laws, legislation and others) and informal arrangements (e.g. norms, board-management interactions, unwritten policies, investors and depositors consultation practice) by which power is allocated and exercised in any system with interdependent actors (Pohler et al 2017). Considering this research particularly, corporate governance is thus, by how individuals (e.g. CEO, Board of Directors, Senior Management, Managers, Investors, and Depositors) define and shape the value and strategy of the networks, and who or what shapes the incentives and norms that focus behaviors in the public and private sector banks. In summary, governance determines whose interests are better served and how conflicts will be better served (i.e. who gets to decide what) both within and outside the boardroom. 

 

However, recent insolvencies and mergers and acquisitions in the public and private sector banks have led to an increase in the size of the largest ones, which collectively manage larger assets and serve millions of depositors across the country (Mint 2020; Money Control 2020; The Economic Times 2020). As public and private sector banks diversify and grow, they could face more risks and more competition, as well as changes to the effectiveness of corporate board governance. So what are the key impending issues that must be considered as the governance arrangements of the public and private sector banks continue to evolve in response to changing needs? How does good corporate governance look like in public and private sector banks today? How staggered board decisions affect public and private sector banks today? Understanding of staggered board decisions narrative could serve as a catalyst in creating economic bubbles, whose eventual collapse usually results in economic hardship for the central bank, government, investors, and depositors (Akerlof and Shiller 2009) (Shiller 2019). 

 

Secondly, it is equal to the need to manage unique corporate governance problems and cooperation and coordination tensions that exist in the public and private sector banks and with its investors and depositors. The public and private sector banks will have to establish and maintain legitimacy (internal and external) both within the organization and its investors and depositors. This is important as legitimacy is central to the public and private sector banks' survival and development. For example, Ostrom (1990) argues "the legitimacy of rules...will reduce the costs of monitoring, and [its] absence will increase [the] costs". Therefore, some of the propositions will be tested based on what constitutes legitimacy or what is the source of legitimacy for the public and private sector banks and its investors and depositors. 

 

Proposition 1: To what extent an increase or decrease in legitimacy might be beneficial. In general, a decrease in legitimacy reduces welfare for the public and private sector banks and their investors and depositors. But, in some situations, a decrease in legitimacy might be beneficial. For instance, it might prevent abuse of authority by the Board of Directors, CEO, and Senior Management. This proposition will form an interesting empirical study.

 

Proposition 2: How to associate governance decisions to its depositors or investors or external environment in which the public and private sector banks operate, as well as to the organizational structure and law that the public and private sector banks have adopted.

 

This research will involve a mixed methods (i.e., qualitative and quantitative) approach for a better narrative understanding of how corporate governance is practiced and to examine the causal factors to identify the cause-effect relationship between different individuals both within and outside the public and private sector banks. This analysis will be important as often corporate governance factors are looked at in isolation and addressed by traditional economic approaches such as the principal-agent and stewardship theories of who is telling what to do. In addition, this analysis will assist to study the impact and legitimization of authority both within and outside the public and private sector banks. 

 

Key References

Acharya, V. V., Myers, C. S. and Rajan, R. G. (2011). The Internal Governance of Firms. Journal of Finance, American Finance Association, 66(3), 689-720. 

 

Ansell, C. and A. Gash (2008). Collaborative Governance in Theory and Practice. Journal of Policy Administration Theory and Practice, 18, 543-571.

 

Ansell, C. and J. Torfing (2015). How does Collaborative Governance Scale? Policy and Politics, 43(3), 315-329.

 

Aguilera, R. and G. Jackson (2010). Comparative and International Corporate Governance. The Academy of Management Annals, 4, 485-556.

 

Akerlof, G. and R. Shiller (2009) Animal Spirit: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism, Princeton University Press, Princeton, USA.

 

Bevir, M. (2012). Governance: A Very Short Introduction. Oxford University Press.

 

Davis, G. (2005). New Directions in Corporate Governance. Annual Review of Sociology, 31, 143- 162.

 

Gourevitch, P. A. and J. Shinn (2005). Political Power and Corporate Control: The New Global Politics of Corporate Governance. Princeton University Press, USA.

 

Grossman, S. J. and O. D. Hart (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691-719.

 

Mint (2020). Lakshmi Vilas Bank becomes DBS India; 94-year Old Bank Part of History Now. 

 

Money Control (2020). Yes Bank Says No Merger Plans with SBI, Repays Entire Rs. 50,000 Crore to RBI.  

 

Osterloh, M., Frey, B. and H. Zeitoun (2011). Corporate Governance as an Institution to Overcome Social Dilemmas. In Studies in Economic Ethics and Philosophy, 39, 49-73.

 

Ostrom, E. (1990). Governing the Commons: The Evolution of Institutions for Collective Action. Cambridge University Press, United Kingdom. 

 

Pohler, D., Fairbairn. B. and M. Fulton (2017). The Governance of Business Federations. Working Paper. Centre for the Study of Co-operatives, University of Saskatchewan, Saskatchewan, Canada.

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Shiller, R. (2019). The Narrative Economics: How Stories Go Viral and Drive Major Economic Units. Princeton University Press, New Jersey, USA.

 

The Economic Times (2020). Union Bank Completes Integration of all Branches of Corporation Bank with Itself.

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Some of the recent studies that I’ve accomplished are listed below, along with the sectors I have specialized in: 

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• A Study on Food Security and Social Safety Nets of  Low- and Middle-Income Countries

Food security is a growing challenge in the low- and middle-income countries, and overcoming this challenge is critical in the alleviation of poverty. Achieving food security is the product of many indicators, one of which is the consideration of food-based safety net programs that support adequate consumption and contribute to assuring the targeted population. Food-based safety net programs can take several forms: targeted or untargeted, in-kind transfer, or conditional or unconditional cash transfer. Both the Indian and Indonesian governments have a strong tradition of giving subsidies through social safety net programs to the targeted population. The social safety net programs are credited with safeguarding the welfare of the targeted population and supporting households during economic downturns or natural disasters. However, the food-based safety net programs have been criticized for their regional mistargeting, being regressive and too generous in some regions, cost ineffectiveness, and minimal impact on nutritional status. It also poses a dilemma for policymakers to improve the supply chain strain of the food-based safety net program. 

 

This study employs a political economy theoretical framework for combining the study of pre-digitization and post-digitization in the food-based safety net programs. Most importantly, this study analyzes to what extent the introduction of digitization (third-order change) in the food-based safety net programs serves the objective expected of the targeted population and enhances the impact of the food security program. The analysis suggests that the government should emphasize the development of the food-based safety net programs of a more diverse range and that digitization needs more attention in future development. The analysis proposes an alternative governance structure and system to address the issues in the food-based safety net program. 

Sectors specialized: Innovation economics, public sector management and governance, and social protection

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• A Study on Sustainable Urban Transport Financing

Many small and mid-sized cities are growing rapidly; with this population growth comes increased strain to improve the urban transport systems. At the same time, the city administrators are finding it burdensome to assemble capital to finance the urban transport systems as the people's economic patterns are changing when it is disaggregated. The purpose of this study is (a) to refocus on the urban transport system by addressing the long-term pricing, policy, and usability objectives of the fare collection system; (b) to enhance the common understanding of the strategic policies and institutional frameworks that guide city administrators in selecting appropriate objectives; and (c) to articulate a strategy that helps city administrators tackle urban transport issues while identifying the roles of other urban transport or development agencies. 

Sectors specialized: Urban economics and public finance

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• Public Debt Sustainability in Low- and Middle-Income Countries

Sectors specialized: Sovereign debt management, debt sustainability analysis and medium-term debt management strategies