Welcome to my webpage. I am a senior economist (Team Lead) in the Financial Intermediation Division of the Economics and Research Department of Banco de Portugal and an adjunct full professor at Católica Lisbon School of Business and Economics.  During 2023-2024, I am visiting part-time the ECB, at DGR-FIR. I am a CEPR Research Fellow in Banking and Corporate Finance and in Monetary Economics and Fluctuations.

 My research interests are empirical banking, corporate finance, and the transmission of monetary policy.

Call for papers: 

Banco de Portugal and CEPR Conference on Financial Intermediation


CEBRA 2024 (Poster Session for Early Career Women in Economics)

Coming up soon:

CBSBank of Italy, Bocconi University - BAFFI CAREFIN and CEPR conference on "Financial Stability and Regulation",  FEP,  Banca d´Italia, VI Conference Banking Initiative: Banking Turmoil and Regulatory Reform, BIS-CEPR-SCG-SFI Conference on Financial Intermediation 2024

What's new?

Check out the new ESCB Research Network ChaMP (Challenges for Monetary Policy in a Changing World).

Supporting small firms in recessions and recoveries (with Cláudia Custódio and Clara Raposo)Journal of Financial Economics, 2023, 147(3), 658-688.

We use variation in the access to a government credit certification program to estimate the financial and real effects of supporting small firms. This program was first implemented during the global financial crisis, but has remained active ever since, allowing us to analyze its effects both during recessions and recoveries. Eligible firms have access to government loan guarantees and a credit quality certification. We estimate real effects using a multidimensional regression discontinuity design. We find that eligible firms borrow more and at lower rates than non-eligible firms, allowing them to increase investment and employment during crises. Industry-level analysis shows reduced productivity heterogeneity in more exposed industries, which is consistent with improved credit allocation. However, when the economy is recovering the effects of the program are less pronounced and centered on the certification component. The cost-per-job in the recovery period is half of the one estimated for the crisis period (5,784€ and 11,788€, respectively). 

Award "Internationalization of the Portuguese Economy after Covid-19” - GEE/AICEP, 2022 with the paper Supporting small firms in recessions and recoveries (with Cláudia Custódio and Clara Raposo).

Best poster award in the 2022 CEPR Swiss Winter Conference on Financial Intermediation with the paper Sovereign-Bank Diabolic Loop: The Government Procurement Channel (with Miguel Ferreira, Francisco Queiró and Sujiao (Emma) Zhao).

Recent publications:

"On-site inspecting zombie lending" (with Geraldo Cerqueiro, Hans Degryse and Steven Ongena), Management Science, 2023, 69(5), 2547-3155.

"The importance of deposit insurance credibility" (with João A.C. Santos), Journal of Banking and Finance, 2023, 154, 106916.

"Surviving the perfect storm: the role of the lender of last resort" (with Nuno Alves and Carla Soares), Journal of Financial Intermediation, 2021, 47, 100918.

"Sorry, we're closed: loan conditions when due to branch closure firms transfer to another bank" (with Gil Nogueira and Steven Ongena), Review of Finance, 2021, 25 (4), 1211–1259. 


Recent policy contributions:

"The financing of Portuguese SME" (in Portuguese only) (with Cláudia Custódio and Clara Raposo)

"Heterogeneity in loan pricing: the role of bank capital" (with Luísa Farinha and Leonor Queiró)

"A renewed two-pillar framework for assessing the risks to price stability" (with João Valle e Azevedo and Carlos Martins)

Contact info: 

Banco de Portugal | Economics and Research Department | Rua Francisco Ribeiro, 2 | 1150-165 Lisbon | Portugal

Tel.: +351 213130865 | dbonfim[at]bportugal.pt 

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The analyses, opinions and findings reported on this website represent the views of the author, and are not necessarily those of the Banco de Portugal, the ECB, or the Eurosystem.