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Welcome to my webpage. I am a Research Adviser in the Financial Research Division of the Directorate General Research at the European Central Bank 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. Previously I was Head of the Financial Intermediation Division of the Economics and Research Department of Banco de Portugal.
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.
"Corporate Reorganization and the Reallocation of Labor in Bankruptcy" (with Gil Nogueira), forthcoming at the Journal of Finance
Coming up soon:
EFA (chair, discussant), Research Conference of the Task Force for Banking Analysis, Latvijas Banka, Banka Slovenije, 10th Emerging Scholars in Banking and Finance Conference (keynote).
Editorial positions: International Journal of Central Banking (co-editor), Journal of Financial Intermediation (associate editor), Journal of Financial Stability (associate editor), Journal of Financial Services Research (associate editor) and Economic Notes (associate editor)
Call for papers: Banco de Portugal and CEPR Conference on Financial Intermediation
Recent publications:
"Corporate Reorganization and the Reallocation of Labor in Bankruptcy" (with Gil Nogueira), forthcoming at the Journal of Finance
"Banks’ Complexity and Risk: Agency Problems and Diversification Benefits" (with Sónia Félix), Journal of Financial Stability, 2026, 85, 101551.
"Household Borrowing and Monetary Policy Transmission: Post-Pandemic Insights from Nine European Credit Registers" (with Olivier De Jonghe et al.), International Journal of Central Banking, 2026, 22(2)
"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:
Monetary policy transmission through the financial system to households, ECB Occasional Paper 390 (ChaMP)
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:
European Central Bank | Directorate General Research | Financial Intermediation Research Division
diana.bonfim[at]ecb.europa.eu
Disclaimer
The analyses, opinions and findings reported on this website represent the views of the author, and are not necessarily those of the ECB or the Eurosystem.
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