Publications

Major articles published in international journals

• 'The world needs a better cross-border payments network', Financial Times, 2023.
• 'Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits', with D. Focarelli, The American Economic Review, Vol. 93, No. 4, September 2003, pp. 1152-1172 (also published in Bank of Italy, Working Papers No. 448, July 2002).
• 'The Interaction between Capital Requirements and Monetary Policy', with Paolo Angelini and Stefano Neri, Journal of Money, Credit and Banking, Vol. 46, No. 6, pp. 1073-1112, September 2014.
• 'Do Mergers Improve Information? Evidence From the Loan Market' with Fabiano Schivardi and Matthew Shum, 'The Journal of Money, Credit and Banking', Vol. 41, No. 4, June 2009, pp. 673-709 (also published as Working Paper No. 4961, CEPR, London).
• 'Why do companies go public? An Empirical Analysis', with M. Pagano and L. Zingales, 'Journal of Finance', Vol. LIII, No. 1, February 1998.
• 'The Coordination of Micro and Macro-Prudential Supervision in Europe', with Piergiorgio Alessandri, 'European Economy', March 2016.
• 'Consolidation and Efficiency in the Financial Sector: A Review of the International Evidence', with D. Amel, C. Barnes and C. Salleo, 'Journal of Banking and Finance', Vol. 28, No. 10, January 2004 (also published as Working Paper 2002-47, Board of Governors, Federal Reserve System).
• 'The Stability of the Relation between the Stock Market and Macroeconomic Forces', in 'Economic Notes', Vol. 31, No. 3, March 2001 (also published in Bank of Italy, Working Papers No. 393, 2003).
• 'Will A Common European Monetary Policy Have Asymmetric Effects?', with L. Guiso, A. K. Kashyap and D. Terlizzese, in 'Economic Perspectives', Federal Reserve Bank of Chicago, Vol. 23, No. 4, November 1999, pp.56-75 (also published in Bank of Italy, Working Paper No. 384, 2000).
• 'Why do Banks Merge?', with D. Focarelli and C. Salleo, 'Journal of Money, Credit and Banking', Vol. 34, No. 4, November 2002, pp. 1047-1066 (also published in Bank of Italy, Working Paper No. 361, 1999).
• 'The Performance of Italian Equity Funds', with R. Cesari, 'Journal of Banking and Finance', Vol. 26, 2002, pp. 99-126 (also published in Bank of Italy, Working Paper No. 325, 1998).
• 'The stock market as a source of capital: some lessons from initial public offerings in Italy', with M. Pagano and L. Zingales, 'European Economic Review', No. 40, 1996, pp. 1057-1069.
• 'Les interactions négatives entre banques et états', with P. Angelini and G. Grande, 'Revue d'économie financière No. 111', 2013/3, pp.19-62.
• 'Supplementary pension schemes in Italy: Features, development and opportunities for workers', with R. Cesari and G. Grande, 'Giornale degli Economisti e Annali di Economia', Vol. 67, No. 1, March 2008, pp. 21-73, (also published in Bank of Italy, Occasional Papers No. 8, 2007).

Books and monographs

• 'Le nuove regole sulla liquidità e la politica monetaria', in Andrea Resti (edited by), 'Liquidità e nuove regole sulle banche: calibrazione e impatti', Collana ARIME, Milano, FrancoAngeli, 2014, pp.57-66.
• 'The impact of sovereign credit risk on bank funding conditions', in 'CGFS Papers No. 43', Bank for International Settlements, Basel, July 2011 (Report Working Group on Sovereign Risk and Bank Funding Conditions, established within the Committee on the Global Financial System).
• 'Financial Sector Pro-cyclicality: Lessons from the Crisis', with Paolo Angelini (coordinator) in Bank of Italy, Occasional Papers, No. 44, April 2009.
• 'Geneva Reports on the World Economy, No. 9: International Financial Stability', with Roger Ferguson, Phillip Hartman and Richard Portes, published by 'International Center for Monetary and Banking Studies (ICMB)' and 'Centre for Economic Policy Research (CEPR)', November 2007.
• 'Il sistema finanziario e il Mezzogiorno. Squilibri strutturali e divari finanziari', with Luigi Cannari, Cacucci Editore, Bari, 2006.
• 'Il sistema bancario italiano negli anni Novanta. Gli effetti di una trasformazione', Il Mulino, Bologna, 2005.
• 'La previdenza complementare in Italia: caratteristiche, sviluppo e opportunità per i lavoratori' (2007), with Riccardo Cesari and Giuseppe Grande, in Bank of Italy, 'Occasional Papers', No. 8, May 2007.
• 'The Recent Behaviour of Financial Market Volatility, Bank for International Settlements, Economic Paper No. 29', Bank for International Settlements, August 2006 (Report of the Study Group costituito within Committee on the Global Financial System).

Other published works

• '21^st Century cash: Central banking, Technological innovation and digital currencies', published in the volume 'Do we need central bank digital currencies? Economics, technology and psychology', edited by Ernest Gnan and Donato Masciandaro, 2018.
• 'Why do banks securitize their assets? Bank-level evidence from over one hundred countries in the pre-crisis period', with A. F. Pozzolo, in Bank of Italy, 'Working Paper No. 1183', July 2018.
• 'On the special role of macroprudential policy in the euro area', in 'Putting Macroprudential Policy to Work', DNB Occasional Studies, Vol. 12-7, 2014, pp. 138-158.
• 'Prudential policy at times of stagnation: a view from the trenches', with P. Alessandri, in Bank of Italy, 'Occasional Papers', No. 300, December 2015.
• 'Why banks and supervisors must act now', with Mark Carney, Financial Times, July 2011.
• 'La transizione verso un sistema finanziario più stabile', in 'Quaderni dell'Associazione per lo Sviluppo degli Studi di Banca e Borsa', No. 287, March 2015.
• 'Crescita economica e finanziamento delle imprese', in Rivista AIAF online, Giappichelli, fascicolo 94, 2015, pp. 51-60.
• 'Imprese: una finanza diversa è possibile', SACE MAG, No. 2, 2014.
• 'The negative feedback loop between banks and sovereigns', with P. Angelini and G. Grande, in Bank of Italy, 'Occasional Papers', No. 213, January 2014.
• 'Banche, Finanza, Crescita', remarks delivered at the Convegno SADIBA 37, in 'Quaderni dell'Associazione per lo Sviluppo degli Studi di Banca e Borsa', No. 273, March 2013.
• 'Pro-cyclicality of capital regulation: is it a problem? How to fix it?', with P. Angelini, A. Enria, S. Neri and M. Quagliariello, in Bank of Italy, 'Occasional Papers', No. 74, October 2010.
• 'Domanda e Offerta di Credito in Italia durante la crisi finanziaria', with Federico Maria Signoretti, in Bank of Italy, 'Occasional Papers', No. 63, April 2010.
• 'An assessment of financial sector rescue programmes', with T. Faeh, G. Grande, C. Ho, M. King, A. Levy, F.M. Signoretti, M. Taboga and A. Zaghini, in Bank of Italy, 'Occasional Papers', No. 47, July 2009.
• 'The evolution of the banking system and the financing of the economy in the South of Italy', in Moneta e Credito, Vol. LVI, No. 222, April 2012 (also published in Bank of Italy, 'Working Paper No. 467', March 2003).
• 'La trasformazione del sistema bancario italiano e i suoi effetti sulle imprese e sui risparmiatori', with D. Focarelli, (remarks delivered at conference entitled 'Quarant'anni di Economia a Verona'), in 'Banche e Banchieri', No. 4, 2002.
• 'Il sistema bancario italiano nell'area dell'euro', with L. Gambacorta and G. Gobbi, in 'Bancaria', Vol. 57, No. 3, 2001, pp. 21-32.
• 'Determinanti e conseguenze delle acquisizioni e fusioni bancarie. Un'analisi empirica (1984-1996)' with D. Focarelli and C. Salleo, in 'Banca Impresa Società, Rivista quadrimestrale', No. 1, April 1999, pp. 63-92.
• 'La congiuntura creditizia in Italia', remarks delivered at the Convegno SADIBA 26, in 'Quaderni dell'Associazione per lo Sviluppo degli Studi di Banca e Borsa', No. 198, March 2003.
• 'Le banche e i servizi finanziari alle imprese (remarks delivered at the Convegno SADIBA 25), Quaderni dell'Associazione per lo Sviluppo degli Studi di Banca e Borsa', No. 185, March 2002.
• 'Is There an Equity Premium Puzzle in Italy? A Look at Asset Returns, Consumption and Financial Structure over the Last Century', with Roberto Violi, in Bank of Italy, 'Working Paper No. 353', June 1999.
• 'Portafogli gestiti e tassi di rendimento: alcune considerazioni', with R. Cesari, in 'Bancaria', No. 1, 1998, pp. 84-90.
• 'Structural innovations in the stock market: the effects of continuous negotiation', with C. Impenna and P. Maggio, in 'Rapporto IRS sul mercato azionario', Istituto per la Ricerca Sociale, Milano (also published in Bank of Italy, 'Working Paper No. 248', 1995).
• 'La volatilità dei corsi dei CCT e i coefficienti patrimoniali del Comitato di Basilea', with F. Drudi, in 'il Risparmio', No. 3, 1994.
• 'I tassi d'interesse reali: l'esperienza degli ultimi trent'anni' (1960-1992), with A. Levy, in 'L'alto prezzo del danaro', P. Ciocca and G. Nardozzi (ed.), Laterza, Bari, 1993 (also published in 'Bancaria', No. 4, 1994).
• 'How to privatize: insights from a comparative review of the English and French cases', with S. Chiri, in Bank of Italy, 'Working Paper No. 198', 1993.
• 'Rischio di tasso d'interesse e coefficienti patrimoniali: un'applicazione di modelli multifattoriali', with F. Drudi, 'Finanza, Imprese e Mercati', il Mulino, No. 3, 1992.
• 'Interest rate risk and capital ratios: an analysis of the regulations for securities investment firms (SIM)', with F. Drudi, in Bank of Italy, 'Working Paper No. 180', 1992.
• 'Il mercato finanziario italiano nel processo di integrazione economica europea', in 'Il Risparmio', No. 5, September-October 1992.
• 'The effects of international pricing: the case of Italian shares in London', 'Il Mulino', No. 3, December 1991 (also published in Bank of Italy, 'Working Paper No. 156', 1991).
• 'La struttura fattoriale del mercato azionario italiano, in Ricerche applicate e modelli per la politica economica', Bank of Italy, Vol. II, 1991.
• 'The evolution and performance of Italian real investment funds', with E. Zautzik, 'Il rischio azionario e la Borsa', edited by the Baffi Centre at Università Bocconi (also published in Bank of Italy, 'Working Paper No. 142', 1990).
• 'Organizzazione ed efficienza del mercato azionario, in Economia, società e istituzioni', October 1989.
• 'Evoluzione recente del sistema finanziario italiano: effetti sull'allocazione del risparmio e sulla struttura dell'intermediazione finanziaria', Atti del Convegno 'I gruppi plurifunzionali nelle strategie di mercato delle banche e delle assicurazioni', Trieste, November 1989.
• 'Recent changes in the organization and regulation of capital markets in Italy', with C. Caranza and R. Pepe, in 'Changes in the organization and regulation of capital markets, Bank for International Settlements', April 1987.

Working papers

• 'Monetary Policy and Macroprudential Policy', with Paolo Angelini and Stefano Neri, in Bank of Italy, 'Working Paper No. 801', March 2011. Also published in 'European Central Bank, Working Paper No. 1448', July 2012.
• 'Why Do Banks Securitize their Assets? Bank-level evidence from over one hundred countries in the pre-crisis period', with Alberto Franco Pozzolo, in Bank of Italy, 'Working Paper No. 1183', July 2018.
• 'The Causes and Consequences of Going Public', with Andrea Generale and Federico Maria Signoretti, 'Mimeo', Bank of Italy, October 4-5, 2018.
• 'How Interest Sensitive is Investment? Very (when the data are well measured)', with Luigi Guiso, Anil Kashyap and Daniele Terlizzese, ECB, December 2001.