Giovanni Dell'Ariccia

Last Updated: January 14, 2020

Giovanni Dell'Ariccia

Giovanni Dell'Ariccia is Deputy Director of the Research Department. Previously he worked in the Asia and Pacific Department. His research interests include: Banking; the Macroeconomics of Credit; Monetary Policy; International Finance; and Conditionality in International Lending and Aid Programs. He is a CEPR Research Fellow.

Email: GDELLARICCIA@imf.org

Fluent In: Italian.

Education:

Massachusetts Institute of Technology, Ph.D. in Economics (1997)

Universita’ di Roma “La Sapienza”, Laurea in Scienze Statistiche ed Economiche (Summa cum Laude).

1993-1995, Fellowship “Luciano Jona” Compagnia di San Paolo, Turin. 1995-1996, Fellowship Banca Nazionale del Lavoro, Rome.


Referee Activities:

AER, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Econometrica, Review of Financial Studies, EER, RAND Journal of Economics, Economic Journal, Journal of Financial Services Research, JIE, Review of International Economics, World Bank Economic Review, Journal of Banking and Finance, The Manchester School, Journal of Development Economics, Journal of Financial Intermediation, JMCB, JEEA.


Work in progress:

Bank Lending in the Knowledge Economy (with D. Kadyrzhanova, C. Minoiu, and L. Ratnovski), conditionally accepted, Review of Financial Studies.

Creditless Recoveries (with A. Abiad, B. Li, and N. Pierri)

Short-Term Interest Rates and Bank Lending Standards: Evidence from a Survey of Lending Terms (with L. Laeven and G. Suarez).

Financial Frictions, Foreign Currency Borrowing, and Systemic Risk, (with L. Laeven and R. Marquez).


Field of Expertise:

Monetary Policy

Banking

Macro-Financial Issues

International Finance

IMF Books and Working Papers:

Discerning Good from Bad Credit Booms : The Role of Construction , Staff Discussion Notes No. 20/02 , February 12, 2020

Designing Central Bank Digital Currencies , Working Paper No. 19/252 , November 18, 2019

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector , Working Paper No. 19/164 , July 30, 2019

Casting Light on Central Bank Digital Currencies , Staff Discussion Notes No. 18/08 , November 13, 2018

Managing the Sovereign-Bank Nexus , Departmental Paper No. 18/16 , September 07, 2018

Revisiting the Economic Case for Fiscal Union in the Euro Area , February 21, 2018

Trade-offs in Bank Resolution , February 09, 2018

Bank Lending in the Knowledge Economy , Working Paper No. 17/234 , November 07, 2017

Supervisory Incentives in a Banking Union , Working Paper No. 16/186 , September 15, 2016

Benefits and Costs of Bank Capital , Staff Discussion Note No. 16/4 , March 03, 2016

Housing Finance and Real-Estate Booms : A Cross-Country Perspective , Staff Discussion Notes No. 15/12 , June 03, 2015

Monetary Policy in the New Normal , Staff Discussion Notes No. 14/3 , April 04, 2014

Bailouts and Systemic Insurance , Working Paper No. 13/233 , November 12, 2013

Bank Leverage and Monetary Policy's Risk-Taking Channel : Evidence from the United States , Working Paper No. 13/143 , June 06, 2013

Rethinking Macro Policy II , Staff Discussion Notes No. 13/3 , April 15, 2013

A Banking Union for the Euro Area , Staff Discussion Notes No. 13/1 , February 12, 2013

Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012

Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012

How to Deal with Real Estate Booms : Lessons From Country Experiences , Working Paper No. 11/91 , April 01, 2011

Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms , Staff Discussion Notes No. 11/2 , March 01, 2011

Creditless Recoveries , Working Paper No. 11/58 , March 01, 2011

Monetary Policy, Leverage, and Bank Risk-Taking , Working Paper No. 10/276 , December 01, 2010

Monetary Policy and Bank Risk-Taking , Staff Position Note No. 2010/9 , July 27, 2010

Monetary Policy and Bank Risk-Taking , Staff Position Note No. 2010/9 , July 27, 2010

Rethinking Macroeconomic Policy , Staff Position Note No. 2010/3 , February 12, 2010

Rethinking Macroeconomic Policy , Staff Position Note No. 2010/3 , February 12, 2010

Risk and the Corporate Structure of Banks , Working Paper No. 10/40 , February 01, 2010

Lessons and Policy Implications from the Global Financial Crisis , Working Paper No. 10/44 , February 01, 2010

Reaping the Benefits of Financial Globalization , Occasional Paper No. 264 , December 16, 2008

Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market , Working Paper No. 08/106 , April 01, 2008

The Real Effect of Banking Crises , Working Paper No. 05/63 , March 01, 2005

Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans , Working Paper No. 03/213 , November 01, 2003

Budget Support versus Project Aid , Working Paper No. 03/88 , April 01, 2003

Moral Hazard and International Crisis Lending: A Test , Working Paper No. 02/181 , October 01, 2002

Limits of Conditionality in Poverty Reduction Programs , Working Paper No. 02/115 , July 01, 2002

Competition Among Regulators , Working Paper No. 01/73 , May 01, 2001

Flight to Quality or to Captivity? Information and Credit Allocation , Working Paper No. 01/20 , February 01, 2001

Bank Competition and Firm Creation , Working Paper No. 01/21 , February 01, 2001

Liberalizing Capital Movements:Some Analytical Issues , Economic Issues No. 17 , March 16, 1999

Capital Account Liberalization: Theoretical and Practical Aspects , Occasional Paper No. 172 , September 30, 1998

Exchange Rate Fluctuations and Trade Flows - Evidence from the European Union , Working Paper No. 98/107 , August 01, 1998

Asymmetric Information and the Market Structure of the Banking Industry , Working Paper No. 98/92 , June 01, 1998

Bank Lending and Interest Rate Changes in a Dynamic Matching Model , Working Paper No. 98/93 , June 01, 1998

Publications in Journals (Refereed)

Designing Central Bank Digital Currencies (with I. Agur and A. Ari) Journal of Monetary Economics, forthcoming

Supervisory Incentives in a Banking Union (with E. Carletti and R. Marquez), Management Science, forthcoming

Bank Capital: A Seawall Approach (with J. Dagher, L. Laeven, L. Ratnovski, and H. Tong), International Journal of Central Banking, 2020, March, pp. 249-290.

Revisiting the Economic Case for Fiscal Union in the Euro Area (with H. Berger and M. Obstfeld), IMF Economic Review , 2019, Vol. 67, pp. 657-683.

Bailouts and Systemic Insurance (with L. Ratnovsky), Journal of Banking and Finance, 2019, Vol. 105, pp. 166-177.

Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom (with Pau Rabanal and Damiano Sandri), Journal of Economic Perspectives, 2018, Vol. 32, No.3, pp. 1-27.

Government Guarantees, Transparency and Bank Risk-taking (with Tito Cordella and Robert Marquez), IMF Economic Review , 2018, Vol. 66, pp.116-43.

Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States (with Luc Laeven and Gustavo Suarez), Journal of Finance , 2017, Vol. 72, No. 2, pp. 613-654.

Housing finance and real-estate booms: a cross-country perspective (with Eugenio Cerutti and Jihad Dagher) Journal of Housing Economics, 2017, Vol. 38, pp. 1-13.

Credit Booms and Macrofinancial Stability (with Deniz Igan, Luc Laeven, and Hui Tong), Economic Policy, 2016, Vol. 31, Issue 86, pp. 299-355.

Real interest rates, leverage, and bank risk-taking (with Luc Laeven and Robert Marquez), Journal of Economic Theory, 2014, Vol. 149, pp. 65-99.

How to Deal with Real Estate Booms: Lessons from Country Experiences, (with Chris Crowe, Deniz Igan, and Pau Rabanal), Journal of Financial Stability, 2013, Vol. 9, pp. 300-319.

Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market (with Deniz Igan and Luc Laeven, Journal of Money, Credit, and Banking, 2012, Vol. 44, No. 2-3 (March-April), pp. 367-84.

Risk and the Corporate Structure of Banks. (with R. Marquez) Journal of Finance, 2010, Vol. 65, No. 3, pp. 1107-1128.

Rethinking Macroeconomic Policy (with Olivier Blanchard and Paolo Mauro) Journal of Money, Credit, and Banking, 2010, Vol. 42 (Supplement), pp. 199-215.

Cross-Country Experience and Policy Implications from the Global Financial Crisis. (with Stijn Claessens, Deniz Igan, and Luc Laeven) Economic Policy, 2010, April, pp. 267-293.

The Real Effect of Banking Crises (with Enrica Detragiache and Raghuram Rajan), Journal of Financial Intermediation, 2008, Vol. 17, pp. 89-112.

Can cost increases increase competition? Asymmetric information and equilibrium prices (with Robert Marquez), RAND Journal of Economics, 2008, Vol. 39, pp. 144-162.

Budget Support versus Project Aid: a Theoretical Appraisal. (with Tito Cordella) Economic Journal, 2007, Vol 117, pp. 1260-1279.

How Banks Go Abroad: Branches or Subsidiaries? (with Eugenio Cerutti and Maria Soledad Martinez-Peria), Journal of Banking and Finance, 2007, Vol.31, pp. 1669-1692.

Lending Booms and Lending Standards (with Robert Marquez), Journal of Finance, 2006, October, Vol. 61, pp.2511-2546.

How Do Official Bailouts Affect the Risk of Investing in Emerging Markets? (with Isabel Goedde and Jeromin Zettlemeyer). Journal of Money, Credit, and Banking, 2006, October, Vol. 38, pp. 1689-1714.

Competition among Regulators and Credit Market Integration (with Robert Marquez), Journal of Financial Economics , 2006, Vol. 79, pp. 401-430.

Gross Credit Flows (with Pietro Garibaldi), Review of Economic Studies, 2005, Vol. 72, No. 3.

Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans (with Carlo Cottarelli and Ivanna Vladkova-Hollar) – Journal of Banking and Finance, 2005, Vol. 29, pp. 83-104.

Information and Credit Allocation (with Robert Marquez) Journal of Financial Economics, 2004, Vol. 72, pp. 185-214.

Bank Competition and Firm Creation (with Emilia Bonaccorsi) Journal of Money, Credit, and Banking, 2004, April, Vol. 36/2.

Limits of Conditionality in Poverty Reduction Programs (with Tito Cordella) IMF Staff Papers, 2002, Volume 49, Special Issue.

Asymmetric Information and the Structure of the Banking Industry, European Economic Review, 2001, No. 45/10.

Adverse Selection as a Barrier to Entry in the Banking Industry. (with Ezra Friedman and Robert Marquez) RAND Journal of Economics, 1999, Vol. 30, No. 3, Autumn, pp. 515-534.

Exchange Rate Fluctuations and Trade Flows: Evidence from the European Union. (IMF WP 98/101) IMF Staff Papers, 1999, Vol. 46, No. 3.

Other Published Materials

Governance and Policy Challenges of Forming and Running a Supervisory and Regulatory Union: A Theoretical Perspective European Economy, March, 2016

A Capital Market Union: A few Thoughts, in The New Financial Architecture in the Eurozone , F. Allen, E. Carletti, and J. Gray editors, EUI, April 2015

Benefits and Challenges of International Regulatory and Supervisory Cooperation. Prepared for The Oesterreichische Nationalbank’s 2014 Economics Conference: Toward a European Banking Union: Taking Stock)

Interest Rates and the Bank Risk-Taking Channel (with Robert Marquez), in Annual Review of Financial Economics, 2013, Vol. 5, A. Lo and R. Merton editors, Palo Alto, CA, USA

Property Prices and Bank Risk Taking in Property Markets and Financial Stability, A. Heath, F. Packer and C. Windsor Eds., Reserve Bank of Australia, 2012 www.rba.gov.au/publications/confs/2012/dellariccia.pdf

Are buybacks an efficient way to reduce sovereign debt? (with Stijn Claessens), March 2011, VoxEU.org

Speed Kills? Mortgage Credit Boom and the Crisis (with Deniz Igan and Luc Laeven), 2010, in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future , ed. Robert Kolb, Wiley: New York.

Rethinking macro policy (with Olivier Blanchard and Paolo Mauro), 2010, VoxEU.ORG

Cinque domande per il dopo crisi (with Olivier Blanchard and Paolo Mauro), 2010, LaVoce.info

Discussion of "The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation", Brookings Papers on Economic Activity , Fall, 2009

Asset Price Booms: How Can They Best Be Managed? Finance and Development, June 2009.

The Relationship between the Recent Boom and the Current Delinquencies in Subprime Mortgages (with Deniz Igan and Luc Laeven), 2008, in The First Global Financial Crisis of the 21st Century, eds. Andrew Felton and Carmen Reinhart, CEPR: London, UK

The U.S. Subprime Mortgage Crisis: A Credit Boom Gone Bad? (with Deniz Igan, and Luc Laeven), 2008, Proceedings, Federal Reserve Bank of Chicago, May, 201-204.

Credit Booms: the Good, the Bad, and the Ugly. Thailand: Selected Issues, 2006.

Banks and Credit in Japan, in T. Callen and J. Ostry eds. Japan’s Lost Decade: Policies for Economic Revival. IMF, Washington, DC, 2003.

Giovanni Dell'Ariccia

Giovanni Dell'Ariccia is Deputy Director of the Research Department. Previously he worked in the Asia and Pacific Department. His research interests include: Banking; the Macroeconomics of Credit; Monetary Policy; International Finance; and Conditionality in International Lending and Aid Programs. He is a CEPR Research Fellow.

Email: GDELLARICCIA@imf.org

Fluent In: Italian.

Education:

Massachusetts Institute of Technology, Ph.D. in Economics (1997)

Universita’ di Roma “La Sapienza”, Laurea in Scienze Statistiche ed Economiche (Summa cum Laude).

1993-1995, Fellowship “Luciano Jona” Compagnia di San Paolo, Turin. 1995-1996, Fellowship Banca Nazionale del Lavoro, Rome.


Referee Activities:

AER, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Econometrica, Review of Financial Studies, EER, RAND Journal of Economics, Economic Journal, Journal of Financial Services Research, JIE, Review of International Economics, World Bank Economic Review, Journal of Banking and Finance, The Manchester School, Journal of Development Economics, Journal of Financial Intermediation, JMCB, JEEA.


Work in progress:

Bank Lending in the Knowledge Economy (with D. Kadyrzhanova, C. Minoiu, and L. Ratnovski), conditionally accepted, Review of Financial Studies.

Creditless Recoveries (with A. Abiad, B. Li, and N. Pierri)

Short-Term Interest Rates and Bank Lending Standards: Evidence from a Survey of Lending Terms (with L. Laeven and G. Suarez).

Financial Frictions, Foreign Currency Borrowing, and Systemic Risk, (with L. Laeven and R. Marquez).


Field of Expertise:

Monetary Policy

Banking

Macro-Financial Issues

International Finance

IMF Books and Working Papers:

Discerning Good from Bad Credit Booms : The Role of Construction , Staff Discussion Notes No. 20/02 , February 12, 2020

Designing Central Bank Digital Currencies , Working Paper No. 19/252 , November 18, 2019

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector , Working Paper No. 19/164 , July 30, 2019

Casting Light on Central Bank Digital Currencies , Staff Discussion Notes No. 18/08 , November 13, 2018

Managing the Sovereign-Bank Nexus , Departmental Paper No. 18/16 , September 07, 2018

Revisiting the Economic Case for Fiscal Union in the Euro Area , February 21, 2018

Trade-offs in Bank Resolution , February 09, 2018

Bank Lending in the Knowledge Economy , Working Paper No. 17/234 , November 07, 2017

Supervisory Incentives in a Banking Union , Working Paper No. 16/186 , September 15, 2016

Benefits and Costs of Bank Capital , Staff Discussion Note No. 16/4 , March 03, 2016

Housing Finance and Real-Estate Booms : A Cross-Country Perspective , Staff Discussion Notes No. 15/12 , June 03, 2015

Monetary Policy in the New Normal , Staff Discussion Notes No. 14/3 , April 04, 2014

Bailouts and Systemic Insurance , Working Paper No. 13/233 , November 12, 2013

Bank Leverage and Monetary Policy's Risk-Taking Channel : Evidence from the United States , Working Paper No. 13/143 , June 06, 2013

Rethinking Macro Policy II , Staff Discussion Notes No. 13/3 , April 15, 2013

A Banking Union for the Euro Area , Staff Discussion Notes No. 13/1 , February 12, 2013

Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012

Policies for Macrofinancial Stability: How to Deal with Credit Booms , Staff Discussion Notes No. 12/6 , June 07, 2012

How to Deal with Real Estate Booms : Lessons From Country Experiences , Working Paper No. 11/91 , April 01, 2011

Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms , Staff Discussion Notes No. 11/2 , March 01, 2011

Creditless Recoveries , Working Paper No. 11/58 , March 01, 2011

Monetary Policy, Leverage, and Bank Risk-Taking , Working Paper No. 10/276 , December 01, 2010

Monetary Policy and Bank Risk-Taking , Staff Position Note No. 2010/9 , July 27, 2010

Monetary Policy and Bank Risk-Taking , Staff Position Note No. 2010/9 , July 27, 2010

Rethinking Macroeconomic Policy , Staff Position Note No. 2010/3 , February 12, 2010

Rethinking Macroeconomic Policy , Staff Position Note No. 2010/3 , February 12, 2010

Risk and the Corporate Structure of Banks , Working Paper No. 10/40 , February 01, 2010

Lessons and Policy Implications from the Global Financial Crisis , Working Paper No. 10/44 , February 01, 2010

Reaping the Benefits of Financial Globalization , Occasional Paper No. 264 , December 16, 2008

Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market , Working Paper No. 08/106 , April 01, 2008

The Real Effect of Banking Crises , Working Paper No. 05/63 , March 01, 2005

Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans , Working Paper No. 03/213 , November 01, 2003

Budget Support versus Project Aid , Working Paper No. 03/88 , April 01, 2003

Moral Hazard and International Crisis Lending: A Test , Working Paper No. 02/181 , October 01, 2002

Limits of Conditionality in Poverty Reduction Programs , Working Paper No. 02/115 , July 01, 2002

Competition Among Regulators , Working Paper No. 01/73 , May 01, 2001

Flight to Quality or to Captivity? Information and Credit Allocation , Working Paper No. 01/20 , February 01, 2001

Bank Competition and Firm Creation , Working Paper No. 01/21 , February 01, 2001

Liberalizing Capital Movements:Some Analytical Issues , Economic Issues No. 17 , March 16, 1999

Capital Account Liberalization: Theoretical and Practical Aspects , Occasional Paper No. 172 , September 30, 1998

Exchange Rate Fluctuations and Trade Flows - Evidence from the European Union , Working Paper No. 98/107 , August 01, 1998

Asymmetric Information and the Market Structure of the Banking Industry , Working Paper No. 98/92 , June 01, 1998

Bank Lending and Interest Rate Changes in a Dynamic Matching Model , Working Paper No. 98/93 , June 01, 1998

Publications in Journals (Refereed)

Designing Central Bank Digital Currencies (with I. Agur and A. Ari) Journal of Monetary Economics, forthcoming

Supervisory Incentives in a Banking Union (with E. Carletti and R. Marquez), Management Science, forthcoming

Bank Capital: A Seawall Approach (with J. Dagher, L. Laeven, L. Ratnovski, and H. Tong), International Journal of Central Banking, 2020, March, pp. 249-290.

Revisiting the Economic Case for Fiscal Union in the Euro Area (with H. Berger and M. Obstfeld), IMF Economic Review , 2019, Vol. 67, pp. 657-683.

Bailouts and Systemic Insurance (with L. Ratnovsky), Journal of Banking and Finance, 2019, Vol. 105, pp. 166-177.

Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom (with Pau Rabanal and Damiano Sandri), Journal of Economic Perspectives, 2018, Vol. 32, No.3, pp. 1-27.

Government Guarantees, Transparency and Bank Risk-taking (with Tito Cordella and Robert Marquez), IMF Economic Review , 2018, Vol. 66, pp.116-43.

Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States (with Luc Laeven and Gustavo Suarez), Journal of Finance , 2017, Vol. 72, No. 2, pp. 613-654.

Housing finance and real-estate booms: a cross-country perspective (with Eugenio Cerutti and Jihad Dagher) Journal of Housing Economics, 2017, Vol. 38, pp. 1-13.

Credit Booms and Macrofinancial Stability (with Deniz Igan, Luc Laeven, and Hui Tong), Economic Policy, 2016, Vol. 31, Issue 86, pp. 299-355.

Real interest rates, leverage, and bank risk-taking (with Luc Laeven and Robert Marquez), Journal of Economic Theory, 2014, Vol. 149, pp. 65-99.

How to Deal with Real Estate Booms: Lessons from Country Experiences, (with Chris Crowe, Deniz Igan, and Pau Rabanal), Journal of Financial Stability, 2013, Vol. 9, pp. 300-319.

Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market (with Deniz Igan and Luc Laeven, Journal of Money, Credit, and Banking, 2012, Vol. 44, No. 2-3 (March-April), pp. 367-84.

Risk and the Corporate Structure of Banks. (with R. Marquez) Journal of Finance, 2010, Vol. 65, No. 3, pp. 1107-1128.

Rethinking Macroeconomic Policy (with Olivier Blanchard and Paolo Mauro) Journal of Money, Credit, and Banking, 2010, Vol. 42 (Supplement), pp. 199-215.

Cross-Country Experience and Policy Implications from the Global Financial Crisis. (with Stijn Claessens, Deniz Igan, and Luc Laeven) Economic Policy, 2010, April, pp. 267-293.

The Real Effect of Banking Crises (with Enrica Detragiache and Raghuram Rajan), Journal of Financial Intermediation, 2008, Vol. 17, pp. 89-112.

Can cost increases increase competition? Asymmetric information and equilibrium prices (with Robert Marquez), RAND Journal of Economics, 2008, Vol. 39, pp. 144-162.

Budget Support versus Project Aid: a Theoretical Appraisal. (with Tito Cordella) Economic Journal, 2007, Vol 117, pp. 1260-1279.

How Banks Go Abroad: Branches or Subsidiaries? (with Eugenio Cerutti and Maria Soledad Martinez-Peria), Journal of Banking and Finance, 2007, Vol.31, pp. 1669-1692.

Lending Booms and Lending Standards (with Robert Marquez), Journal of Finance, 2006, October, Vol. 61, pp.2511-2546.

How Do Official Bailouts Affect the Risk of Investing in Emerging Markets? (with Isabel Goedde and Jeromin Zettlemeyer). Journal of Money, Credit, and Banking, 2006, October, Vol. 38, pp. 1689-1714.

Competition among Regulators and Credit Market Integration (with Robert Marquez), Journal of Financial Economics , 2006, Vol. 79, pp. 401-430.

Gross Credit Flows (with Pietro Garibaldi), Review of Economic Studies, 2005, Vol. 72, No. 3.

Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans (with Carlo Cottarelli and Ivanna Vladkova-Hollar) – Journal of Banking and Finance, 2005, Vol. 29, pp. 83-104.

Information and Credit Allocation (with Robert Marquez) Journal of Financial Economics, 2004, Vol. 72, pp. 185-214.

Bank Competition and Firm Creation (with Emilia Bonaccorsi) Journal of Money, Credit, and Banking, 2004, April, Vol. 36/2.

Limits of Conditionality in Poverty Reduction Programs (with Tito Cordella) IMF Staff Papers, 2002, Volume 49, Special Issue.

Asymmetric Information and the Structure of the Banking Industry, European Economic Review, 2001, No. 45/10.

Adverse Selection as a Barrier to Entry in the Banking Industry. (with Ezra Friedman and Robert Marquez) RAND Journal of Economics, 1999, Vol. 30, No. 3, Autumn, pp. 515-534.

Exchange Rate Fluctuations and Trade Flows: Evidence from the European Union. (IMF WP 98/101) IMF Staff Papers, 1999, Vol. 46, No. 3.

Other Published Materials

Governance and Policy Challenges of Forming and Running a Supervisory and Regulatory Union: A Theoretical Perspective European Economy, March, 2016

A Capital Market Union: A few Thoughts, in The New Financial Architecture in the Eurozone , F. Allen, E. Carletti, and J. Gray editors, EUI, April 2015

Benefits and Challenges of International Regulatory and Supervisory Cooperation. Prepared for The Oesterreichische Nationalbank’s 2014 Economics Conference: Toward a European Banking Union: Taking Stock)

Interest Rates and the Bank Risk-Taking Channel (with Robert Marquez), in Annual Review of Financial Economics, 2013, Vol. 5, A. Lo and R. Merton editors, Palo Alto, CA, USA

Property Prices and Bank Risk Taking in Property Markets and Financial Stability, A. Heath, F. Packer and C. Windsor Eds., Reserve Bank of Australia, 2012 www.rba.gov.au/publications/confs/2012/dellariccia.pdf

Are buybacks an efficient way to reduce sovereign debt? (with Stijn Claessens), March 2011, VoxEU.org

Speed Kills? Mortgage Credit Boom and the Crisis (with Deniz Igan and Luc Laeven), 2010, in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future , ed. Robert Kolb, Wiley: New York.

Rethinking macro policy (with Olivier Blanchard and Paolo Mauro), 2010, VoxEU.ORG

Cinque domande per il dopo crisi (with Olivier Blanchard and Paolo Mauro), 2010, LaVoce.info

Discussion of "The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation", Brookings Papers on Economic Activity , Fall, 2009

Asset Price Booms: How Can They Best Be Managed? Finance and Development, June 2009.

The Relationship between the Recent Boom and the Current Delinquencies in Subprime Mortgages (with Deniz Igan and Luc Laeven), 2008, in The First Global Financial Crisis of the 21st Century, eds. Andrew Felton and Carmen Reinhart, CEPR: London, UK

The U.S. Subprime Mortgage Crisis: A Credit Boom Gone Bad? (with Deniz Igan, and Luc Laeven), 2008, Proceedings, Federal Reserve Bank of Chicago, May, 201-204.

Credit Booms: the Good, the Bad, and the Ugly. Thailand: Selected Issues, 2006.

Banks and Credit in Japan, in T. Callen and J. Ostry eds. Japan’s Lost Decade: Policies for Economic Revival. IMF, Washington, DC, 2003.