Finance & Economics · QMUL

Vimal Balasubramaniam

Associate Professor (Reader) in Finance and Economics at Queen Mary University of London, and Research Affiliate in Asset Pricing at the Centre for Economic Policy Research. I study household finance, asset pricing, real estate, and Indian financial markets. BA Economics from the University of Madras, Masters in Public Policy from the National University of Singapore, DPhil in Financial Economics from the University of Oxford.

Research Policy Work Curriculum Vitae ↓
Household Finance Asset Pricing Real Estate Behavioural Finance Applied Microeconomics
Vimal Balasubramaniam
Queen Mary · Mile End · London
New: Who Pays for Payment Fraud? — with Mosk & Uettwiller Forthcoming: Demonetization and Under-Reporting of Economic Activity — Journal of Development Economics New: Financial Inclusion and Monetary Policy: Evidence from India — with Karthik Narayan Published: Unshrouding Product-Specific Attributes through Financial Education — Journal of Development Economics, 2025 Published: Behavioral Voters in a Decentralized Democracy — Journal of Comparative Economics, 2025 New: Who Pays for Payment Fraud? — with Mosk & Uettwiller Forthcoming: Demonetization and Under-Reporting of Economic Activity — Journal of Development Economics New: Financial Inclusion and Monetary Policy: Evidence from India — with Karthik Narayan Published: Unshrouding Product-Specific Attributes through Financial Education — Journal of Development Economics, 2025 Published: Behavioral Voters in a Decentralized Democracy — Journal of Comparative Economics, 2025
02 — Research

Papers

Working Papers
W1 New
W2 New
W3
Optimal Tax Policy with Misreporting: Theory, and Evidence from Real Estate
With Santosh Anagol, Benjamin Lockwood, Tarun Ramadorai and Antoine Uettwiller
Reject & Resubmit — American Economic Journal: Economic Policy
R&R
W4
In Search of the Matching Function in the Housing Market
With Cristian Badarinza and Tarun Ramadorai
WP
Published Papers
P1
Demonetization and Under-Reporting of Economic Activity: Evidence from Real Estate
With Santosh Anagol, Tarun Ramadorai and Antoine Uettwiller
Forthcoming — Journal of Development Economics
Forthcoming
P2
Unshrouding Product-Specific Attributes through Financial Education
With Olga Balakina, Aditi Dimri and Renuka Sane
Journal of Development Economics, 2025
Published
P3
Behavioral Voters in a Decentralized Democracy
With Apurav Y Bhatiya and Sabyasachi Das
Journal of Comparative Economics, 2025
Published
P4
Who Owns What? A Factor Model for Direct Stockholding
With John Y Campbell, Tarun Ramadorai and Benjamin Ranish
Journal of Finance, 2023
Published
P5
Learning From Noise: Evidence from India's IPO Lotteries
With Santosh Anagol and Tarun Ramadorai
Journal of Financial Economics, 2021
Published
P6
The Household Financial Landscape in Emerging Economies
With Cristian Badarinza and Tarun Ramadorai
Annual Review of Financial Economics, 2019
Published
P7
Endowment Effects in the Field: Evidence from India's IPO Lotteries
With Santosh Anagol and Tarun Ramadorai
Review of Economic Studies, 2018
Published
P8
The Indian Household Finance Landscape
With Cristian Badarinza and Tarun Ramadorai
India Policy Forum, Vol. 16, 2017
Published
P9
The Exchange Rate Regime in Asia: From Crisis to Crisis
With Ila Patnaik, Anmol Sethy and Ajay Shah
International Review of Economics and Finance, 2011
Published
Research in Progress
RP1
Retail Investor Heterogeneity in Options and Futures: Evidence from India
With Pulak Ghosh and Antoine Uettwiller
In Progress
RP2
Technology and Financial Market Participation: Evidence from India
With Pulak Ghosh
In Progress
RP3
Consuming and Saving Green
With Federica Zeni
In Progress
RP4
Finance and Tax Evasion: Evidence from Housing
With Santosh Anagol, Fernando Ferreira, Ben Lockwood, Tarun Ramadorai and Antoine Uettwiller
In Progress
RP5
Implications of Heterogeneous Persistence in Consumption Habits
With Nuno Clara
In Progress
RP6
Connected Private Capital and Misallocation: Evidence from Norway
With Malgorzata Ryduchowska and Danielle Zhang
In Progress
RP7
Insurance Contracts with Locally Non-Diversifiable Risks
With Ananya Goyal and Jan Knopfle
In Progress
03 — Policy

Policy Work

2025 – present
Research Contributor
8th Central Pay Commission, Government of India
2020 – 2024
Research Member
Financial Technology Working Group, India–UK Financial Partnership
2016 – 2017
Member, Research Sub-committee
Reserve Bank of India Committee on Household Finance
2010 – 2012
Member, Research Team
Financial Sector Legislative Reforms Commission, Government of India
2010 – 2012
Member, Research Team
Financial Stability and Development Council, Government of India
2009 – 2010
Member, Research Team
Working Group on Foreign Investment, Ministry of Finance, India

Policy Papers

PP1
Whose Financial Grievances Go Unheard?
With Renuka Sane and Srishti Sharma
Journal of Asian Economics, 2023
Published
PP2
Consumer Grievance Redress in Indian Insurance Markets
With Aishwarya Gawali, Renuka Sane and Srishti Sharma
International Review of Financial Consumers, 2023
Published
PP3
Do Indian Financial Firms Have a Robust Grievance Redress Framework in Place?
With Renuka Sane, Mithila A Sarah and Karthik Suresh
WP
04 — Media

Selected Coverage

The Economist
A digital payments revolution in India
15 May 2023
The Economist
Retail investors often learn the wrong lessons from success
10 December 2020
The Economist
To have and to hold: The endowment effect among stockmarket investors
20 August 2016
VoxEU / CEPR
The household finance landscape in emerging economies
26 February 2019
VoxEU / CEPR
Learning from noise: Evidence from India's IPO lotteries
17 January 2019
India in Transition
Behavioral Voters in a Decentralized Democracy
12 April 2021
05 — Contact

Get in Touch

I welcome inquiries from prospective PhD students, journalists, and fellow researchers. For academic correspondence, email is best.

Email v[dot]balasubramaniam[at]qmul[dot]ac[dot]uk
Office School of Economics & Finance
Queen Mary University of London
Mile End Road, London E1 4NS
Twitter / X @vimsaa
Queen Mary · Mile End · London E1