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Gabriella Chiesa

Professoressa a contratto a titolo gratuito

Dipartimento di Scienze Economiche

Professoressa a contratto

Dipartimento di Scienze Statistiche "Paolo Fortunati"

Curriculum vitae

Indirizzo: 

Dipartimento di Scienze Economiche                           

Università di Bologna                                                  

Piazza Scaravilli 2                                                                                 

40126 Bologna                                                          

tel. 051-2098485; Fax 051-2098493

E-mail:  gabriella.chiesa@unibo.it

Abitazione: Via Marsala 3, 40126 Bologna.   Tel.051-239568

                     Via Vallazze 23, 20131 Milano.  Tel. 02-2666957

 

 

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:

Professore Ordinario di Economia Politica

Università Bologna, Facoltà Economia Bologna   (dal Novembre 1997)

 

AREE DI SPECIALIZZAZIONE

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): 

Specialistici :

Imperfect capital markets, liquidity and crises

Advanced topics in liquidity management in the post crisis era;

 

Triennale :

Monetary and Financial Economics

Financial Instruments

 

PUBBLICAZIONI

"Safe Assets, Credit Provision and Debt Management", Open Economies Review 2019, pp, 1-31, DOI 10.1007/s11079-019-09542-w

 

“Safe Assets, Collateral premium and sovereign bond spreads”, RISS October-December 2018, pp, 397-421.

 

“Disentangling the transmission channel NPLs-cost of capital-lending supply” (with José Manuel Mansilla-Fernández), in Applied Economics Letters, 2019; Vol. 16, Issue 16. Pages 1333 - 1338

 

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

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