Dipartimento di Scienze
Tel. 051-2098485; Fax 051-2098493
Home : via Marsala 3, 40126 Bologna
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
·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
Università Bologna, Facoltà Economia Bologna(since November
FIELDS OF SPECIALIZATION :
Financial Intermediation, Industrial Organization
Financial Markets and the Macroeconomy:
- •nature and causes of financial markets’ imperfections
- regulation and Central Bank interventions.
·Monitoring incentives, risk management; credit quality and
·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
·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
Imperfect capital markets, liquidity and crises;
Advanced topics in liquidity management in the post crisis
Monetary Economics and Financial Markets
“Safe Assets, Collateral premium and sovereign bond spreads”, RISS forthcoming.
“Disentangling the transmission channel NPLs-cost of capital-lending supply” (with José Manuel Mansilla-Fernández), in Applied Economics Letters 2018, DOI: 10.1080/13504851.2018.1558335.
"Bankruptcy Remoteness and Incentive-compatible Securitization", FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS - ISSN:0963-8008 vol. 24 (2-3)
“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
“Trading with a Common Agent under Complete Information: A
Characterization of Nash Equilibria”, coauthored with Vincenzo
Denicolò, Journal of Economic Theory , 144,
“Optimal Credit Risk Transfer, Monitored Finance, and Banks”,
Journal of Financial Intermediation, 17, pp.464-477,
“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 ,
"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,
"Interbank Competition with Endogenous Capacity Constraints",
in Banking Competition and Risk Management, Ente Einaudi, Roma
"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,
"Government Deficit, Real Exchange Rate and International
Transmission", Bulletin of Economic Research , 40:3,
"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.
WORK IN PROGRESS
"Safe Assets, Credit Provision and Debt Management"
“Trading with a common agent under full information:
The minimum rent equilibrium ”, coauthored with Vincenzo
"Risk Transfer, Lending Capacity and Real Investment
“Multi-Unit Procurement Auctions and the Effects of
“Allocation, Pricing of Risks and the Effects of Financial
“Patents, Prizes and Optimal Innovation Policy”, coauthored with
“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)
“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.
“Information Production, Banking Industry
Structure and Credit Allocation” Dipartimento di Scienze Economiche
Università di Bologna working paper N. 325,
"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.
"Callable Debt Contracts: Renegotiation and
Contract Design with Ex-post Private Information", F.M.G. London
School of Economics D.P. No.47.
EXPERIENCE IN RESEARCH PROJECTS IN FINANCIAL
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.
PRESENTATIONS AT CONFERENCES AND
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,
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
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,
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.