Anatoli Segura

Personal website

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

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

Economist at Banca d'Italia (from 2014)

Research Affiliate at CEPR (from 2019)

Contact: Via Nazionale 91, Roma; Tel: 00390647926042; email: anatolisegura(at)

CV [pdf]


“Bank restructuring under asymmetric information: The role of bad loan sales,” with Javier Suarez. [Paper][CEPR DP]

Journal of Financial Intermediation, Accepted.

“Firm-bank linkages and optimal policies after a rare disaster,” with Alonso Villacorta. [CEPR DP]

Journal of Financial Economics, Volume 149, Issue 2, August 2023, 296-322.

“The paradox of safe asset creation,” with Alonso Villacorta

 Journal of Economic Theory, Volume 210, June 2023. [Paper][Paper on SSRN]

Contagion in the CoCos Market?: A Case Study of Two Stress Events,” with Pierluigi Bologna and Arianna Miglietta.

International Journal of Central Banking, December 2020, 16(6), 137-184. [Paper] [Paper on SSRN]

“Off-balance sheet funding, voluntary support and investment efficiency,” with Jing Zeng

Journal of Financial Economics, July 2020, 137(1), 90-107.[Paper] [Online Appendix][Paper on SSRN]

“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


“Collective moral hazard in a banking union,” with Sergio Vicente.

(Previously circulated as "Bank resolution and the public backstop in an asymmetric banking union" [Paper on SSRN])

(2nd R&R, Review of Financial Studies)

“Common deposit insurance,  Cross-border Banks and Welfare,” with Gyongyi Loranth and  Jing Zeng. [CEPR DP]


Smart intermediation,” with Alonso Villacorta.

"Bank failure, supervisory reputation and deposit outflows," with Cecilia Caglio and Angelo D’Andrea.

"Inflation and debt restructuring," with Angelo D’Andrea, Andrea Fabiani and Fabio Piersanti.


“Optimally solving banks' legacy problems,” with Javier Suarez. [CEPR DP] [BoI WP]