Foto del docente

Gabriella Chiesa

Alma Mater Honorary Professor

Alma Mater Studiorum - Università di Bologna

Adjunct professor

Department of Statistical Sciences "Paolo Fortunati"

Adjunct professor

Department of Economics

Curriculum vitae

Download Curriculum Vitae (.pdf 204KB )


Dipartimento di Scienze Economiche                           

Università di Bologna                                                  

Piazza Scaravilli 2                                                                                 

40126 Bologna                                                          

Tel. 051-2098485; Fax 051-2098493


Home :  via Marsala 3, 40126 Bologna   tel.051-239568

              via Vallazze 23, 20131 Milano tel. 02-2666957      


·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:

Entered November 1967, Laurea degree February 1972.



Full professor Economics (Professore Ordinario di Economia Politica)

Università Bologna, Facoltà Economia Bologna(since November 1997)



Financial Intermediation, Industrial Organization



Financial Markets and the Macroeconomy:

  • •nature and causes of financial markets’ imperfections
  • regulation and Central Bank interventions.

Financial Intermediation:

·Monitoring incentives, risk management; credit quality and availability;

·Regulation and reward to diversification

·Strategic interaction (competition) between financial intermediaries given limited risk bearing capacities and/or incomplete information: the effects of industry structure (concentration/fragmentation), on credit quality and credit availability, and the effects of financial mergers


Industrial Organization:

·R&D and Financing : Optimum Incentive Schemes; Information Spillovers and Financial Arrangements;

·Competition in price-quantity schedules : Multi-unit (menu) auctions -- the analysis tool of the strategic interaction (competition for risk) between financial intermediaries


TEACHING (current): 

Graduate :

Imperfect capital markets, liquidity and crises;

Advanced topics in liquidity management in the post crisis era


Undergraduate :

Monetary and Financial Economics 

Financial Instruments




"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.



"Safe Assets, Credit Provision and Debt Management"

"Financial Crisis"

“Trading with a common agent under full information:
 The minimum rent equilibrium ”, coauthored with 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”, coauthored with Vincenzo Denicolò.

“Privatization and Financial Market Development: Theoretical Issues”, with G. Nicodano. 



”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.



Coordinator of the project 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 and Editor (with B.Parigi) of the 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.




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.


Presentations at Conferences :

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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