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]


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]


“Firm-bank linkages and optimal policies in a lockdown,” with Alonso Villacorta.[CEPR DP]

(R&R, Journal of Financial Economics)

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

(R&R, Journal of Economic Theory)

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

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

(R&R, Journal of Financial Intermediation)

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

(R&R, Review of Financial Studies)

“Voluntary Support and Ring-Fencing in Cross-border Banks,” with Gyongyi Loranth and Jing Zeng. [CEPR DP]


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

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