Full Professor
Department of Economics

Personal page

Courses a.y. 2015/2016


Biographical note

Born April 12th, 1948. Degree in Economics from Università Bocconi. Master of Science in Economics from MIT, Cambridge, U.S.A.

Academic CV

Full Professor of International Monetary Economics. From 1994 to 2000: Director of Bocconi's Institute of Economics. Member of Bocconi's Centre for Research on Monetary and Financial Economics "Paolo Baffi". Vice-President and scientific director of ISPI, Milan's Institute for International Political Studies. Member of the European Shadow Financial Regulatory Committee and of the Council of Management of the Société Universitaire Européenne de Recherches Financières of which he has been President from 1998 to 2000. He has worked for parliamentary and governmental study groups on the Italian banking and financial system. Member of the editorial board (former Editor) of the Giornale degli economisti e annali di economia, of the advisory board of the Journal of Financial Stability and of the scientific committee of the Rivista di Politica Economica . Up until 1990 he was a full professor of Economics and Finance at the Università di Brescia. Has been a member of the Founding Committee of the Università di Bolzano, visiting scholar and visiting professor at New York University, University of California at Berkeley, Chulalongkorn University of Bangkok, Università Getulio Vargas of Sao Paulo, University of New South Wales in Sydney, UBC in Vancouver, and Fudan University in Shanghai.

Research areas

Central banking and monetary policy. Banking and financial regulation. The international monetary and financial system. European economic and financial integration.

Selected publications

"Market Discipline of Bank Riskiness: A Study of Selected Issues" (with F. Paternò), in Journal of Financial Services Research, September 1995; "Central Bank Independence in the European Union", in I. Kuroda (ed.), Towards More Effective Monetary Policy, London: Mac Millan, 1997; "Lending of Last Resort and Systemic Stability in the Eurozone", in C. Goodhart (ed.), Which Lender of Last Resort for Europe?, London: Central Banking Publications, 2000; "Financial Stability, Regulation, Supervision, Crisis Management and Modern Central Banking", in A. Santomero, S. Viotti e A. Vredin (eds.), Challenges for Central Banking, Dordrecht, Kluwer Academic Publishers, 2001; "On the Quality and Sustainability of Fiscal Consolidation in Italy", Wirtschaftspolitische Blätter, 5/2002; Banking in the New Europe: Italy (with A.Balzarini and D.Fox), in Gargener, Molyneux and Moore (eds.), Banking in the New Europe, MacMillan, 2002; The Transatlantic Capital Market: A Glance to its Size, Shape and Problems, in Winckler Symposium, Oesterreische Nationalbank, 2003; Fiscal Discipline in a Monetary Union: Issues for the Euro Area, Suerf Studies,  2004/2; Monetary Policy and the Allocation of Resources: Comment on Allen, in D.G. Mayes and J. Toporowski (eds.), Open Market Operations and Financial Markets, Routledge, 2007.