Indirizzo:
Dipartimento di Scienze
Economiche
Università di
Bologna
Piazza
Scaravilli 2
40126
Bologna
E-mail: gabriella.chiesa@unibo.it
Istruzione :
·Ph.D. Economics, London School of Economics :
Entered October 1986, Ph.D. in Economics July 1989 ; Ph.D.
thesis: “Essays on Corporate and Government Debt”. Supervisors:
John Moore (essays on Corporate Debt), Charles Bean (essay on
Government Debt),
·M.Sc. Economics, London School of Economics :
Entered October 1974, M.Sc. in Economics July 1975;
·Laurea (cum laude) Università Bocconi:
Inizio Novembre 1967, Laurea Febbraio 1972.
Posizione Attuale:
Professoressa Alma Mater
Alma Mater Studiorum - Università di Bologna
AREE DI SPECIALIZZAZIONE
Economia Monetaria, Economia del Debito Pubblico, Economia dei Mercati Finanziari, Teoria dell'Intermediazione Finanziaria , Organizzazione
Industriale
INTERESSI DI RICERCA
Mercati Finanziari e interazioni con la Macroeconomia:
- natura e cause delle imperfezioni nei mercati finanziari
- regolamentazione e interventi delle Banche Centrali
Teoria del Credito e dell'Intermediazione:
·Incentivi, gestione del rischio; qualità e disponibilità del
credito;
·Regolamentazione e compenso per la
diversificazione
·Interazione strategica (competizione) tra intermediari
finanziari in presenza di limitata capacacità d'assorbimento del
rischio ed incompleta informazione: gli
effetti della struttura industriale
(concentrazione/frammentazione), sulla qualità e disponibilità
del credito, e gli effetti delle fusioni finanziarie
Organizzazione Industriale:
·R&D e Finanziamento : Schemi Incentivi
Ottimali; Spillovers informativi e contratti
finanziari;
·Competizione nella duplice dimensione
prezzi-quantità : Aste multi-unit (menu
auctions) -- strumento d'analisi dell'interazione
strategica (competizione per attività riuschiose) tra
intermediari finanziari
INSEGNAMENTI (attuali):
Monetary Economics: Theory of Money and Liquidity
Advanced topics in liquidity management in the post crisis
era;
PUBBLICAZIONI
Gabriella Chiesa; José Manuel Mansilla-Fernández, The dynamic effects of non-performing loans on banks’ cost of capital and lending supply in the Eurozone [https://cris.unibo.it/handle/11585/759525], «EMPIRICA», 2021, 48, pp. 397 - 427
Gabriella Chiesa, Safe Assets, Credit Provision and Debt Management [https://cris.unibo.it/handle/11585/759527], «OPEN ECONOMIES REVIEW», 2020, 31, pp. 637 - 667
Gabriella Chiesa, Sovereign Debt, the Blessing Aspects and the Implications for the Euro Area [https://cris.unibo.it/handle/11585/759530], «VIERTELJAHRSHEFTE ZUR WIRTSCHAFTSFORSCHUNG», 2020, 89, pp. 9 - 30
Gabriella Chiesa; José Manuel Mansilla-Fernández, Disentangling the transmission channel NPLs-cost of capital-lending supply [https://cris.unibo.it/handle/11585/759505], «APPLIED ECONOMICS LETTERS», 2019, 26, pp. 1333 - 1338
“Safe Assets, Collateral premium and sovereign bond spreads”, RISS October-December 2018, pp, 397-421.
“Bankruptcy Remoteness and Incentive-compatible securitization”, Financial Markets, Institutions and Instruments APR 2015 | DOI: 10.1111/fmii.12029, pp.241-265.
“Economic Crises, What We Learn from History and Economic Theory” (with Luigi Filippini), Rivista Internazionale di Scienze Sociali, 2014, n. 3, pp. 331-348
"Competition in non linear pricing, market
concentration and mergers", coauthored with Vincenzo Denicolò,
ECONOMICS LETTERS. vol.10.1016/j.econlet.2012.05.024 pp.10
ISSN:0165-1765
“Trading with a Common Agent under Complete Information: A
Characterization of Nash Equilibria”, coauthored with Vincenzo
Denicolò, Journal of Economic Theory ,144,
pp.296-311, 2009
“Optimal Credit Risk Transfer, Monitored Finance, and Banks”,
Journal of Financial Intermediation, 17, pp.464-477,
2008.
“Information Sharing and Optimum Financing Mode",
Manchester School 73:1, pp. 50-74, 2005.
"Proprietary Information, Financial Intermediation, and Research
Incentives" (with S. Bhattacharya), in Bhattacharya, S., A. Boot,
A. Thakor (Eds), Credit, Intermediation, and the Macroeconomy -
Readings and Perspectives in Modern Financial Theory, Oxford
University Press, 2004.
Economia dei Mercati Finanziari (with E.Agliardi),
Carocci, Roma, 2003.
“Incentive-Based Lending Capacity, Competition and Regulation in
Banking”, Journal of Financial Intermediation, 10 ,
pp.28-53, 2001.
"Portfolio Choice and Competition in the Banking System", in
M.Baldassarri, M.Bagella and L.Paganetto (Eds), Financial
Markets, Imperfect Information and Risk Management, Palgrave,
New York, 2001.
“Information Production, Banking Industry Structure and Credit
Allocation”, Research in Economics , 52, pp. 409-430,
1998.
"Interbank Competition with Endogenous Capacity
Constraints", in Banking Competition and Risk Management, Ente
Einaudi, Roma 1997.
"Portfolio Choice and Competition in the Banking System", in
Financial Markets: Imperfect Information and Risk Management,
V Financial Conference Proceedings, Rivista di Politica
Economica,
November-December 1996.
"Proprietary Information, Financial Intermediation and
Research Incentives" (con Sudipto Bhattacharya), Journal of
Financial Intermediation, 4, pp.328-357, 1995.
"Debt and Warrants: Agency Problems and Mechanism Design",
Journal of Financial Intermediation, 2, 1992.
"Lines of Credit, Investment and Incentives", in Proceedings
of 5th Symposium on Money, Banking, Finance (W.R. Heilmann Ed.),
VVW, Karlsruhe, 1991.
"Government Deficit, Real Exchange Rate and International
Transmission", Bulletin of Economic Research , 40:3,
1988.
"Disavanzo Pubblico, Cambio Reale e Trasmissione
Internazionale", Politica economica, vol.II, n.1,
1986.
"La Politica Ottimale del Debito Pubblico e del Debito
Estero: Le Implicazioni sulla Risposta Ottimale alla Riduzione del
Prezzo del Petrolio", Giornale degli Economisti ed Annali
di Economia, Settembre-Ottobre, 1985.
"Oil Shock, Saving, Investment and Trade Balance: the Role
of Short Run Rigidity versus Long Run Flexibility. An Intertemporal
Approach", Economia Internazionale, vol.38, 1985.
"Disturbi d'Offerta, Natura della Disoccupazione ed
Interventi di Riassorbimento in un'Economia Aperta", Giornale
degli Economisti e Annali di Economia, 42, 1983.
Aggiustamento e Disequilibrio in Economia Aperta, Il
Mulino, Bologna, 1983.
"Monetary and Fiscal Policy in a Small Open Economy", in
Janssen J.M.L., L.F.Pau and A.J.Straszak(eds.), Dynamic Modelling
and Control of National Economies, Pergamon Press, Oxford,
1981.
"Adjustment of Real and Financial Markets in an Open
Economy: a Disequilibrium Model of the Italian Economy",
Metroeconomica, 31, 1979.
LAVORI IN CORSO:
"Safe Assets, Credit Provision and Debt Management"
"Financial Crisis"
“Trading with a common agent under full information:
The minimum rent equilibrium ”, con Vincenzo
Denicolò.
"Risk Transfer, Lending Capacity and Real Investment
Activity"
“Multi-Unit Procurement Auctions and the Effects of
Mergers"
“Allocation, Pricing of Risks and the Effects of
Financial Mergers”
“Patents, Prizes and Optimal Innovation Policy”, con
Vincenzo Denicolò.“
Privatization and Financial Market Development: Theoretical
Issues”, con G. Nicodano.
WORKING PAPERS
”Non-Performing Loans, Cost of Capital, and Lending Supply: Lessons from the Eurozone Banking Crisis” (with José Manuel Mansilla-Fernández), DSE WP
“Safe Assets’ Scarcity, Liquidity and Spreads”, DSE WP
“Optimal Credit Risk Transfer, Monitored Finance, and
Banks”, Einaudi Institute for Economic Research (EIEF) WP
08/11.
“Information Sharing and Optimum Financing Mode”, DSE
Working Paper No 488, 2003
“Privatization and Financial Market Development: Theoretical
Issues”, con G. Nicodano, FEEM Working Paper No.
1.2003
“Information Production, Banking Industry Structure and
Credit Allocation” Dipartimento di Scienze Economiche Università di
Bologna working paper N. 325, 1998.
"Incentive-Based Lending Capacity, Competition and
Regulation in Banking", IGIER working paper No.92 .
"Debt, Agency Costs and Renegotiation", Università di
Brescia D.P. 9305.
"Financial Contracting with Ex-Post Private Information",
Università di Brescia D.P. 9306.
"Callable Debt Contracts: Renegotiation and Contract Design
with Ex-post Private Information", F.M.G. London School of
Economics D.P. No.47.
EXPERIENZA IN PROGETTI di RICERCA in FINANCIAL
INTERMEDIATION
Coordinatore del progetto Banking Competition and
Risk Management, Ente per gli Studi Monetari Bancari e
Finanziari Luigi Einaudi, 1997, and Editor of the resulting
publication Banking Competition and Risk Management,
Quaderni di Ricerche n.20 -- Contributors: A. Boot, S.
Bhattacharya, G. Chiesa, S.Daltung, T.Gehrig, P.Gottardi,
G.Nicodano, L.Sabani, A.Thakor, M.O. Yanelle
The Microeconomics of Financial Intermediation: Conference
organizer ed Editor (con B.Parigi) delle special
issues of Research in Economics 52, 3-4, 1998. Contributors:
T.Cooley and B.Smith, V.R. Bencivenga and B.Smith, X. Freixas and
J.C. Rochet, T.Gehrig, A.L. Melnick and S.E. Plaut, V.Cerasi and
S.Daltung , A.Boot and A. Schmeits, A. Thakor, C.Bell and
G.Clemenz, J. McAndrews.
PRESENTAZIONI in CONFERENZE e
SEMINARI
Seminari
London School of Economics, London, 14.11.07; Ente per gli
Studi Monetari, Bancari e Finanziari Luigi Einaudi, Roma, 08.10.07;
Tilburg University, 18 September 2006; CSEF, Università di Salerno,
14.02.06; Università Ca' Foscari di Venezia, 20.2.06;
Ente per gli Studi Monetari, Bancari e Finanziari Luigi
Einaudi, Roma, 29.11.04; Università di Bari (2.05.2002); Said
Business School Oxford (26.04.2002); European Central Bank
(4.02.2002); Università di Freiburg (27.01.01), Birbeck College
(February 2001);
London School of Economics, Universite' Catholique de
Louvain, Stockholm School of Economics, Sveriges Riksbank (Central
Bank of Sweden), University of Stockholm, Cambridge University,
INSEAD, University College, Birbeck College, University of Warwick,
City Business School, IGIER, Università Bocconi, Università degli
Studi di Bologna, Milano, Firenze, Torino, Pisa, Brescia.
Presentazioni in Conferenze :
PRIN06 workshop Rome, 10-11 October 2008; “Financial
Intermediaries and Markets at the Cross Roads”, University of
Amsterdam, Amsterdam 26-27 September 2008; 8th Annual Bank Research
Conference FDIC's Center for Financial Research and The Journal of
Financial Services Research, L. William Seidman Center – Arlington,
VA 18 September 2008; 2008 FIRS Conference, Anchorage, Alaska
5-8 June 2008.
ZEW-CEPR Conference on “Banking Regulation – Integration and
Financial Stability”, 29-30 October 2007, Mannheim; XV
International “Tor Vergata” Conference on Banking and Finance
“Money, Finance and Growth”, Rome Dec.13-15 2006; European Finance
Association Meeting, 23-26 August 2006, Zurich; Seminar at Risk
Management and Regulation in Banking, Basel, 29-30 June 2006, BIS
CEPR and JFI Conference.
FIRS Conference on Banking, Corporate Finance and
Intermediation, June 1-3, 2006, Shanghai.
CFS research Conference RISK TRANSFER BETWEEN (RE)INSURERS,
BANKS, AND MARKETS Frankfurt, June 10-11, 2005; Banking, Financial
Stability and the Business Cycle, 26-28 August 2004, Sveriges
Riksbank; Auctions and Market Design: Theory, Evidence, and
Applications, September 23-25, 2004 Consip, Rome; Asset Conference
2004, Barcellona; Struttura Finanziaria e Informazione Imperfetta
nell'Equilibrio economico, Settembre 17-18, 2004, Dipartimento di
Scienze Economiche, Università La Sapienza, Roma;
INTERNATIONAL ORGANIZATION CONFERENCE (Chicago, April 23-24,
2004) , ESEM 2003, EARIE 2003, ESEM 2001, EEA 2001, North American
Summer Meetings of the Econometric Society 21-24 Giugno
2001; Summer Symposium of the European Science Foundation,
Network in Financial Markets, Gerzensee 12-16 July 1999; Game
Theory Conference, Bologna 4-5 June 1999; ASSET Meetings 23-25
October 1998; Microstructure of Intermediation Conference, Venice
January 1998; Financial Intermediation and the Structure of Capital
Markets, a CEPR/INSEAD Conference, Fontainebleau, 4/5 April
1997.
Asymmetric Information, Risk Management, Financial and
Banking Innovation, IV Financial Conference" Roma, Dicembre
1995; 1995 ASSET Meeting Southern European Association for
Economic Theory, Ottobre 1995; "The Design of the Banking System
COMIT-IGIER Conference, Febbraio 1995; Financial Intermediation
CEPR Workshop, CEMFI, Madrid, Gennaio 1995; Journal of Financial
Intermediation Symposium 1995, Northwestern University, Evanston;
Journal of Financial Intermediation Symposium 1994, University of
Amsterdam; Econometric Society European Meeting, 1994; European
Economic Association Cambridge and Ausburg meetings; European
Finance Association Conference in Rotterdam; International
Conference in Finance Group HEC/AFI, Parigi; Summer Symposium of
the European Science Foundation, Network in Financial Markets,
Gerzensee, 1989-1995, 1999.
Referee :
Journal of Financial Intermediation, Review of Financial
Studies, Economica, European Economic Review, Review of Economic
Studies, Journal of Economics and Management Strategy, Journal of Economic Theory