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Viral V. Acharya

Viral V. Acharya

Joined Stern 2008

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 9-65
New York, NY 10012

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Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia

Viral was a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. His speeches while at the RBI were released in July 2020 in the form of a book titled “Quest for Restoring Financial Stability in India” (SAGE Publications India), with a new introductory chapter “Fiscal Dominance: A Theory of Everything in India”.

Viral was the Director of the National Stock Exchange (NSE) of India and the NYU-Stern Initiative on the Study of Indian Capital Markets, a Director of Western Finance Association, and a member of the Economic Advisory Committee of the Financial Industry Regulation Authority (FINRA), International Advisory Board of the Securities and Exchange Board of India (SEBI), Advisory Council of the Bombay (Mumbai) Stock Exchange (BSE) Training Institute, and Academic Research Council Member of the Center for Advanced Financial Research And Learning (CAFRAL, India). He has also been an Academic Advisor to the Federal Reserve Banks of Chicago and Cleveland, and the Board of Governors. In addition, he is a Research Associate of the National Bureau of Economic Research (NBER) in Corporate Finance, a Research Affiliate at the Center for Economic Policy Research (CEPR), and Research Associate of the European Corporate Governance Institute (ECGI).

Viral completed Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai in 1995 and Ph.D. in Finance from NYU-Stern in 2001. Prior to joining Stern, he was at London Business School (2001-2008), the Academic Director of the Coller Institute of Private Equity at LBS (2007-09) and a Senior Houblon-Normal Research Fellow at the Bank of England (Summer 2008).

Viral’s primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector, its regulation and its genesis in government-induced distortions, an inquiry that cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences. He has published articles in the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Business, Journal of Financial Intermediation, Rand Journal of Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, and Financial Analysts Journal. He was an editor of the Journal of Financial Intermediation (2009-12) and associate editor of the Journal of Finance (2011-14), Review of Corporate Finance Studies (RCFS, 2011-2016) and Review of Finance (2006-2016).

Viral is the recipient of the Best Paper Award in Corporate Finance - Journal of Financial Economics, 2000, Best Paper Award in Equity Trading - Western Finance Association Meetings, 2003, Outstanding Referee Award for the Review of Financial Studies, 2003, the inaugural Lawrence G. Goldberg Prize for the Best Ph.D. in Financial Intermediation, Best Paper Award in Capital Markets and Asset Pricing - Journal of Financial Economics, 2005 (First Prize) and 2007 (Second Prize), the inaugural Rising Star in Finance (one of four) Award, 2008, European Corporate Governance Institute's Best Paper on Corporate Governance, 2008, Distinguished Referee Award for the Review of Financial Studies, 2009, III Jaime Fernandez de Araoz Award in Corporate Finance, 2009, Viz Risk Management Prize for the Best Paper on Energy Markets, Securities, and Prices at the European Finance Association Meetings, 2009, Excellence in Refereeing Award for the American Economic Review, 2009, 2010, Review of Finance Best Paper Award, 2009, Best Conference Paper Award at the European Finance Association Meetings, 2010, the 2011 Inaugural TCFA (The Chinese Finance Association) Award for the Best Paper on Global Financial Markets, Second Prize for the Cromwell Award 2011, the inaugural Banque de France – Toulouse School of Economics Junior Prize in Monetary Economics and Finance, 2011, and the National Stock Exchange of India Best Paper Award at the Summer Research Conference of the Center for Analytical Finance at the Indian School of Business, 2012. Recently, he has been awarded the 2017 Alexandre Lamfalussy Senior Research Fellowship of the Bank for International Settlements (BIS).

At Stern, Viral co-edited the books Restoring Financial Stability: How to Repair a Failed System, John Wiley & Sons, March 2009, Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, John Wiley & Sons, November 2010, and Dodd-Frank: One Year On, NYU-Stern and CEPR (released on, July 2011. He is also the co-author of the book Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance, Princeton University Press, March 2011 and Harper Collins (India), June 2011.

Research Interests

  • Regulation of banks and financial institutions
  • Sovereign debt and international finance
  • Corporate finance
  • Credit risk and valuation of corporate debt
  • Asset pricing with a focus on the effects of liquidity risk

Courses Taught

  • Credit Risk (MBA), Nexus of Sovereign and Financial Risks (PhD)

Academic Background

B.Tech., Computer Science and Engineering
Indian Institute of Technology

Ph.D., Finance
New York University Stern School of Business

Related News & Research

COVID Death Count, a Reality Check

What’s the Value of a Covid Cure? New Research from NYU Stern Professor Viral Acharya Finds an Answer

The Need of the Hour -- Both Fiscal and Financial Stability

Euro Area Bank Bailout Policies After the Global Financial Crisis Sowed Seeds of the Next Crisis

Professor Viral Acharya's recent comments addressing inflation in India are highlighted

Takeaways from Professor Viral Acharya's latest book, "Quest for Restoring Financial Stability in India," are featured

Quest for Restoring Financial Stability in India - By Viral Acharya

Monetary Easing Explains the Coincidence of Leveraged Payouts and Lack of Real Investments

Professor Viral Acharya argues that the Fed should require banks to increase their cash reserves against potential losses by halting dividend payments

Debt Is Not Always Odious: A Theory of Repression and Growth Traps

New, joint research from Professor Viral Acharya addressing the risk of being a fallen angel and the corporate dash for cash in the midst of COVID-19 is mentioned

Professor Viral Acharya is quoted in a story comparing government assistance programs for workers during the coronavirus pandemic in the U.S. and Europe

In a video interview, Professor Viral Acharya discusses the fallout of the coronavirus epidemic

Professor Viral Acharya asserts that efforts must be made to broaden the Paycheck Protection Program (PPP), noting that fintech companies could help more small businesses receive loans

3 Ways to Ensure SBA Aid for Small Businesses Helps Those Who Need It Most

Joint research by Professor Viral Acharya on undrawn credit lines is highlighted

‘Stress Tests’ for Banks as Liquidity Insurers in a Time of COVID

Joint research from Professor Viral Acharya on the 2008 financial crisis is referenced

Professor Viral Acharya’s thoughts on Europe's depressed economic growth and inflation rates are referenced

Joint research on the transmission of central bank liquidity to bank deposits and loan spreads in Europe by Professor Viral Acharya is mentioned

Areas of Expertise


  • Federal Reserve Bank/Central bank


  • Asset Management
  • Corporate Finance
  • Derivatives
  • Financial Regulation
  • Private Equity Funds

Technology, Operations & Statistics

  • ITSolutions
  • Productivity and Performance
  • Social Media