I am a Senior Research Economist at the Bank of Italy.

My research interests are International Banking and International Trade, with an emphasis on network effects and financial markets frictions.

Here’s my Curriculum Vitae

Working Papers

Global Financial Chains
with Raoul Minetti, Oren Ziv

^{Presented at 2024 Financial Intermediation Workshop Bank of Italy – EIEF, NBER SI 2024, Luiss Business School, 2024 ECB-FRB-FRBNY Global Research Forum on International Macroeconomics and Finance}

Fragmentation and the future of GVCs [ submitted ]
with Francesco Paolo Conteduca, Michele Mancini, Simona Giglioli, Alessandro Borin, Maria Grazia Attinasi, Lukas Boeckelmann, and Baptiste Meunier

Publications

Banking Complexity in the Global Economy (2025) Journal of International Economics [paper]
[also known as “The Network Gravity of Global Banking]
with Raoul Minetti, Oren Ziv

Recessions and Recoveries. Multinational Banks in the Business Cycle (2021) Journal of Monetary Economics [paper]
with Qingqing Cao, Raoul Minetti, Maria Pia Olivero

Work in progress

Does JIT production change the network structure of GVCs? Evidence from Italian firms
with Simona Giglioli

Discussions

“Beyond Bilateral Flows: Indirect Connections and Exchange Rates”, by Bahaj Della Corte, Massacci, Seyde
2025 BIS, BoE, ECB and IMF Spillover Conference

“Trade Intermediation and Resilience in Global Sourcing”, by Perelló
2024 BdI, ECB, WB workshop on “Trade, value chains and financial linkages in the global economy”

“The Ripple Effect: Supply Chain Reconfigurations and Cross-border Credit Dynamics”, by Correa, Fabiani, Ossandon, Sarmiento
2024 10th Annual Banking Research Network Workshop

“A Sufficient Statistics Approach for Endogenous Production Networks: Theory and Evidence from Ukraine’s War”, by Korovkin, Makarin, Miyauchi
2023 BdI, ECB, WB workshop on “Trade, value chains and financial linkages in the global economy”