Anatoli Segura

Personal website

This is my personal website and the views expressed here do not necessarily reflect those of Banca d'Italia

Economist at Financial Stability Research Directorate

Banca d'Italia

Via Nazionale 91, Roma

Tel: 00390647926042

email: anatolisegura(at)

Research interests Banking theory, banking regulation, financial crises, corporate finance

CV [pdf]


“Off-balance sheet funding, voluntary support and investment efficiency,” with Jing Zeng. [Paper] [Online Appendix][Paper on SSRN]

Accepted at Journal of Financial Economics

“Why did sponsor banks rescue their SIVs? A signaling model of rescues”

Review of Finance, March 2018, 22 (2), 661-697. [Paper] [Paper on SSRN]

“How excessive is banks' maturity transformation?,” with Javier Suarez.

Review of Financial Studies, October 2017, 30(10), 3538-3580. [Paper] [Online Appendix] [Paper on SSRN] [Vox column]

“Integrating stress tests within the Basel III capital framework: a macroprudentially coherent approach,” with Pierluigi Bologna.

Journal of Financial Regulation, September 2017, 3(2), 159-186. [Paper] [Paper on SSRN]

“Debt maturity and the liquidity of secondary debt markets,” with Max Bruche.

Journal of Financial Economics, June 2017, 124(3), 599-613. [Paper] [Online Appendix] [Paper on SSRN]


“Bank resolution and the public backstop in an asymmetric banking union,” with Sergio Vicente. [Paper on SSRN]

(R&R, Review of Financial Studies)

“Demand for safety, risky loans: A model of securitization,” with Alonso Villacorta. [Paper]

[Previously circulated as Equity allocation and risk-taking in the intermediation chain]

“Optimally solving banks' legacy problems,” with Javier Suarez. [Paper]


“Complementarities in the intermediation chain,” with Alonso Villacorta.


“Recursive maturity transformation,” September 2013, with Javier Suarez. [Paper]

(Old version of the paper “How excessive is banks' maturity transformation?”)