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  • About

    I am Full Professor of Finance at Bocconi University. Before that I was Professor of Economics at the European University Institute, where I held a joint chair in the Economics Department and the Robert Schuman Centre for Advanced Studies. I am also Research Fellow at CEPR, Extramural fellow at TILEC, Fellow at the Center for Financial Studies, at CESifo, at IGIER and at the Wharton Financial Institutions Center.

    My main research areas are Financial Intermediation, Financial Crises and Regulation, Competition Policy, and Corporate Governance, and I have published numerous articles in leading academic journals. I have also coedited various books.

    I have worked as consultant for the OECD and the World Bank, and I have served in the review panel of the Irish Central Bank and of the Riskbank. I have also been a board member of the Financial Intermediation Research Society and a review panel member for the creation of Financial Market Centres in Stockholm. I am member of the Scientific Committee of Confindustria since 2014.

    I participate regularly in policy debates and roundtables at central banks and international organizations and have organized numerous academic and policy-oriented events.

  • Education

    Habilitation in Economics, University of Mannheim, 2007
    Ph.D. in Economics, London School of Economics, 2000
    Doctorate in Economics, University of Bologna, 1998
    Master in Economics (with distinction and best student award), Bocconi University, 1994
    Laurea in Economics (110/110 and Summa cum laude), Bocconi University, 1993
  • Academic Positions

    Professor of Finance, Bocconi University, Department of Finance, since October 2013
    Professor of Economics, European University Institute, Joint Chair Economics Department and Robert Schuman Centre for Advanced Studies, 2008-2013
    Associate Professor, University of Frankfurt, Department of Finance, 2008-2013
    Senior Researcher, Center for Financial Studies, University of Frankfurt, 2004–2008
    Assistant Professor of Economics, University of Mannheim, 2000–2004
    Tutorial Fellow in Finance, London School of Economics, 1999–2000
  • Academic Affiliations

    IGIER, Bocconi University, Fellow, since 2013
    Centre for Economic European Research (CEPR), Research Fellow in Financial Economics, since 2011
    CESifo, Fellow, since 2011
    Center for Financial Studies (CFS), Fellow, since 2008
    Tilburg Law and Economic Center (TILEC), Extramural Fellow, since 2008
    Wharton Financial Institutions Center, Fellow, since 2006
    Federal Deposit Insurance Corporation (FDIC), Center for Financial Research (CFR), Fellow, 2004
    European Central Bank–Center for Financial Studies Research Network Contributor, 2003-2007
  • Other activities

    European Systemic Risk Board, Advisory Scientific Committee, 2015-2019
    Confindustria, Scientific Committee Member, since 2014
    European Central Bank, Training course in Banking, Financial Research Division, 2015
    Bangor University, Research Professor, 2013-2015
    European University Institute, Part-time Professor, Robert Schuman Centre for Advanced Studies, since 2013
    Riksbank, Financial Stability Department, Review Panel Member, 2014
    Central Bank of Ireland, Economic Department, Review Panel Member, 2011
    Bundesbank, Financial Crises, training course, 2011
    Financial Intermediation Research Society (FIRS), Board Director, 2010- 2013
    Vinnova Review Panel Financial Market Research Centres, Member, Stockholm, 2010
    Consultant, OECD, 2009, 2010
    Consultant, World Bank, 2008
    Economist, Italian Antitrust Authority, Rome, 1997–1998
  • Areas of interest

    Financial Intermediation, Financial Crises and Regulation, Financial Markets, Competition Policy, Corporate Governance, Financial Development and Access
  • Refereed Publications

    1. “Deposits and Bank Capital Structure” (with Franklin Allen and Robert Marquez), Journal of Financial Economics, forthcoming
    2. “The Economic Impact of Merger Control” (with Philipp Hartmann and Steven Ongena), International Review of Law and Economics, forthcoming
    3. “Moral Hazard and Government Guarantees in the Banking Industry” (with Franklin Allen, Itay Goldstein and Agnese Leonello), Journal of Financial Regulation, forthcoming
    4. “The African Financial Development and Financial Inclusion Gaps” (with Franklin Allen, Robert Cull, Jun “QJ” Qian, Patricio Valenzuela and Lemma Senbet), Journal of African Economies, forthcoming
    5. “Stakeholder Capitalism, Corporate Governance, and Firm Value” (with Franklin Allen and Robert Marquez), Review of Finance, forthcoming
    6. “Money, Financial Stability and Efficiency” (with Franklin Allen and Douglas Gale), Journal of Economic Theory, 2014, 149, 100-127
    7. “What’s Systemic Risk?” (with Franklin Allen), Journal of Money, Credit and Banking, 2013, 45(1), 121-127
    8. “Asset Commonality, Debt Maturity and Systemic Risk” (with Franklin Allen and Ana Babus), Journal of Financial Economics, 2012, 104(3), 519-534
    9. “Deposit Insurance and Risk Taking” (with Franklin Allen and Agnese Leonello), Oxford Review of Economic Policy, 2011, 27(3), 464-478
    10. “New Theories to Underpin Financial Reform” (with Franklin Allen), Journal of Financial Stability, 2013, 9(2), 242-249
    11. “Credit Market Competition and Capital Regulation” (with Franklin Allen and Robert Marquez), Review of Financial Studies, 2011, 24(4), 983–1018, lead article
    12. “An Overview of the Crisis: Causes, Consequences and Solutions” (with Franklin Allen), International Review of Finance, 2010, 10(1), 1–26
    13. “Financial Crises: Theory and Evidence” (with Franklin Allen and Ana Babus), Annual Review of Financial Economics, 2009, 1, 97–116
    14. “Interbank Market Liquidity and Central Bank Intervention” (with Franklin Allen and Douglas Gale), Journal of Monetary Economics, 2009, 56(5), 639–652
    15. “Mark-to-Market Accounting and Liquidity Pricing” (with Franklin Allen), Journal of Accounting and Economics, 2008, 45(2-3), 358–378
    16. “Multiple-bank Lending: Diversification and Free-riding in Monitoring” (with Vittoria Cerasi and Sonja Daltung), Journal of Financial Intermediation, 2007, 16, 425–451
    17. “Bank Mergers, Competition and Liquidity” (with Philipp Hartmann and Giancarlo Spagnolo), Journal of Money, Credit and Banking, 2007, 39(5), 1067–1107
    18. “Credit Risk Transfer and Contagion” (with Franklin Allen), Journal of Monetary Economics, 2006, 53, 89–111
    19. “The Privatization of Italian Savings Banks – A Role for Germany?” (with Hendrik Hakenes and Isabel Schnabel), DIW Quarterly Journal for Economic Research (Vierteljahrshefte zur Wirtschaftsforschung), 2005, 74, 32–50
    20. “The Structure of Bank Relationships, Endogenous Monitoring and Loan Rates,” Journal of Financial Intermediation, 2004, 13, 58–86
  • Edited Books

    21. Bearing the Losses from Bank and Sovereign Default in the Eurozone, edited volume, with Franklin Allen and Joanna Gray, FIC Press, Wharton Financial Institutions Center, 2014
    22. Political, Fiscal and Banking Union in the Eurozone?, edited volume, with Franklin Allen and Joanna Gray, FIC Press, Wharton Financial Institutions Center, 2013
    23. Governance for the Eurozone – Integration or Disintegration?, edited volume, with Franklin Allen and Saverio Simonelli, FIC Press, Wharton Financial Institutions Center, 2012
    24. Life in the Eurozone with or without Default?, edited volume, with Franklin Allen and Giancarlo Corsetti, FIC Press, Wharton Financial Institutions Center, 2011
    25. Liquidity and Crises, edited volume, with Franklin Allen, Jan Pieter Krahnen and Marcel Tyrell, Oxford University Press, 2011 – reviewed in the Journal of Economic Literature
  • Book chapters and other publications

    26. “Does Finance Accelerate or Retard Growth? Theory and Evidence” (with Franklin Allen, Jun Qian and Patricio Valenzuela) in Towards a Better Global Economy Project, Global Citizen Foundation, forthcoming
    27. “Structural Changes in European Financial Systems: The Impact of the Regulatory Framework on Investment in the European Union” (with Franklin Allen and Thorsten Beck), in European Investment Bank (ed.), Investment and Investment Finance in Europe, 2013, 243-275
    28. “Financial Intermediation, the Credit Markets, and Alternative Financial Systems” (with Franklin Allen, Jun Qian, and Patricio Valenzuela) in G.M. Constantinides, M. Harris and R.M. Stulz, Handbook of the Economics of Finance, Elsevier, 2013, Vol. 2A
    29. “Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Keynia” (with Franklin Allen, Jun Qian, and Patricio Valenzuela), in S. Edwards, S. Johnson and D. Weil (eds.), NBER Volume on African Economic Successes, University of Chicago Press, forthcoming
    30. “Cross-Border Banking in Europe: Implications for Financial Stability and Macro-prudential Policies” (with Franklin Allen, Thorsten Beck, Philip Lane, Dirk Schoenmaker, and Wolf Wagner), CEPR Policy Report, 2011
    31. “Financial Regulation Going Forward” (with Franklin Allen), in Conference Proceedings of the 38th Oesterreichische Nationalbank Economics Conference on “Central Banking after the Crisis: Responsibilities, Strategies and Instruments,” 137-156
    32. “Introduction to Liquidity and Crises” in F. Allen, E. Carletti, J.P. Krahnen and M. Tyrell (eds.), Liquidity and Crises, Oxford University Press, 2011, 3–32
    33. “Competition, Concentration and Stability in the Banking Sector” Background paper, in OECD Competition Committee Roundtable, Competition, Concentration and Stability in the Banking Sector, DAF/COMP(2010)9, Paris, 13–37
    34. “The Global Financial Crisis” (with Franklin Allen), in Conference Proceedings of the 13th Annual Bank of Chile Conference on “Monetary Policy under Financial Turbulence,” 2011, 23–47
    35. “Mark-to-Market Accounting in Times of Crisis” (with Franklin Allen), Revue d’Économie Financière, 2010, 100, 201–209
    36. “Bank Competition in Europe: Competition Authorities at Work in the Wake of the Financial Crisis” (with Caterina Giannetti, Stefano Caiazza and Giancarlo Spagnolo), World Competition, 2010, 33(4)
    37. “Regulation and Competition Policy in the Banking Sector” (with Xavier Vives), in X. Vives (ed.), Competition Policy in Europe, Fifty Years of the Treaty of Rome, Oxford University Press, 2009, 260–283
    38. “The Roles of Banks in Financial Systems” (with Franklin Allen), in A. Berger, P. Molyneux, J. Wilson (eds.), Oxford Handbook of Banking, Oxford University Press, 2009, 32–57
    39. “Competition and Financial Markets,” Background paper, in OECD Competition Committee Roundtable, Competition and Financial Markets, DAF/COMP (2009)11, Paris, 33–61
    40. “Competition and Regulation in Banking” in A. Boot and A. Thakor (eds.), Handbook in Financial Intermediation, Elsevier, North Holland, 2008, 449–482
    41. “The Role of Liquidity in Financial Crises” (with Franklin Allen), in Maintaining Stability in a Changing Financial System, 2008 Jackson Hole Conference Proceedings, Federal Reserve Bank of Kansas City, 379–412
    42. “Banks, Markets and Liquidity” (with Franklin Allen), The Structure and Resilience of the Financial System, Reserve Bank of Australia’s Conference proceedings, 2007, 201–218
    43. “Kapitalregulierung von Banken und Systemische Risiken im Lichte von Basel II” (with Jan Pieter Krahnen), Zeitschrift für das gesamte Kreditwesen, 2007, 8, 374–376
    44. “Cross-border Banking and Competition Policy” (with Philipp Hartmann and Steven Ongena), European Central Bank Research Bulletin, 2006, 4, 7–10
    45. “Bank Competition and the Role of Regulation” (with Franklin Allen and Robert Marquez), in The Art of the Loan in the 21st Century, Producing, Pricing, and the Regulation Credit, Proceedings of the 41st Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 2005, 121–123
    46. “Bank Mergers, Competition and Liquidity” (with Philipp Hartmann and Giancarlo Spagnolo), in Corporate Governance: Implications for Financial Services Firms, Proceeding of the 39th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 2003, 89–99
    47. “Competition and Stability: What’s Special about Banking?” (with Philipp Hartmann), in P. Mizen (ed.), Monetary History, Exchanges Rates and Financial Markets: Essays in Honour of Charles Goodhart, vol. 2, Cheltenham: Edward Elgar, 2003, 202–229
    48. “Implications of the Bank Merger Wave for Competition and Stability” (with Philipp Hartmann and Giancarlo Spagnolo), in Risk Measurement and Systemic Risk, Proceedings of the Third Joint Central Bank Research Conference (Board of Governors of the Federal Reserve System, Bank of Japan, European Central Bank), 2002, 38–50
    49. “Competition, Regulation and Stability” in M. Polo (ed.), Industria Bancaria e Concorrenza, Il Mulino, Bologna, (in Italian), 2000, 67–136
    50. “The Milk Quotas Dilemma: Which Balance between Competition and Efficiency?” (with Daniela Giangiulio), Meridiana (in Italian), 1998, 32, 233–262
  • Working papers and work in progress

    51. “Improving Access to Banking: Evidence from Kenya” (with Franklin Allen, Robert Cull, Jun Qian, Lemma Senbet, and Patricio Valenzuela)
    52. “Government Guarantees and Financial Stability” (with Franklin Allen, Itay Goldstein and Agnese Leonello)
    53. “Credit Market Competition and Liquidity Crises” (with Agnese Leonello)
    54. “The Impact of Merger Legislation on Bank Mergers” (with Steven Ongena, Jan-Peter Siedlarek and Giancarlo Spagnolo)
    55. “Supervisory Incentives in a Banking Union” (with Giovanni Dell’Ariccia and Robert Marquez)
    56. “Sovereign Debt Renegotiation: The Case of Eurozone CACs” (with Paolo Colla and Mitu Gulati)