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Welcome to my webpage. I am the Head of 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. I am a CEPR Research Fellow in Banking and Corporate Finance and in Monetary Economics and Fluctuations. I am a co-editor for the International Journal of Central Banking. During 2023-2024, I visited part-time the ECB, at DGR-FIR.
My research interests are empirical banking, corporate finance, and the transmission of monetary policy.
What's new?
"Fiscal Policy and Credit Supply in a Crisis" (with Miguel Ferreira, Francisco Queiró and Sujiao (Emma) Zhao), American Economic Review, 2025, 115(6), 1896–1935.
Coming up soon:
IBEFA-FUNCAS 2025 Workshop on Frontier Research in Financial Intermediation, The Future of Banking: Risk Management, Governance, and Innovation in a Regulated World Deutsche Bundesbank–IWH–CEPR (discussion), CEPR Annual MEF Symposium 2025, Conference on Monetary Policy and Heterogeneity in Households, Firms, and Financial Intermediaries: Insights from Microdata, Tinbergen, Manchester Business School, Leeds University.
Editorial positions: International Journal of Central Banking (co-editor), Journal of Financial Intermediation (associate editor), Journal of Financial Stability (associate editor), Emerging Markets Review (associate editor) and Economic Notes (associate editor)
Recent publications:
"Fiscal Policy and Credit Supply in a Crisis" (with Miguel Ferreira, Francisco Queiró and Sujiao (Emma) Zhao), American Economic Review, 2025, 115(6), 1896–1935.
"Supporting small firms in recessions and recoveries" (with Cláudia Custódio and Clara Raposo), Journal of Financial Economics, 2023, 147(3), 658-688.
"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.
Recent policy contributions:
Discussion of "Chapter 2, Artificial Intelligence and the Financial Sector: Transformations, Challenges and Regulatory Responses" in Artificial Intelligence in Finance, VII Report of the IESE Banking Initiative, 2025.
"Deposit interest rates and monetary policy transmission" (with Leonor Queiró)
"The deleveraging of Portuguese firms in the European context" (with Pedro Moreira and Nuno Silva)
Contact info:
Banco de Portugal | Economics and Research Department | Rua Francisco Ribeiro, 2 | 1150-165 Lisbon | Portugal
Tel.: +351 213130865 | dbonfim[at]bportugal.pt
Disclaimer
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 or the Eurosystem.
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