Research
WORKING PAPERS
"Knockin' on H(e)aven's door. Financial crises and hidden wealth" (with Giovanna Marcolongo). 2023. CefES Working Paper 518. Featured in VoxEU, March 2024. R&R
"International Lending Channel, Bank Heterogeneity, and Capital Inflows (Mis)Allocation" (with Lucas Argentieri Mariani). 2023. DEMS Working Paper 523. R&R
"IMF programs and firm investment decisions?" (with Pietro Bomprezzi and Rima Turk). 2023. CefES Working Paper 520 and IMF Working Paper 157. Featured in VoxEU, August 2024. Under review
"Wedded to Prosperity? Informal influence and Regional Favoritism" (with Pietro Bomprezzi, Axel Dreher, Andreas Fuchs, Teresa Hailer, Andreas Kammerlander, Lennart Kaplan, Tania Masi, Charlotte Robert, Kerstin Unfried). 2024. CEPR Discussion paper 18878. Featured in VoxEU, April 2024 and in VoxDev, May 2024 Submitted
"Reversing the Political Resource Curse: Accountability and Regional Favoritism under Capital Windfalls" (with Mattia Longhi and Lucas Mariani). Submitted
WORK IN PROGRESS
"Distributional Consequences of Sovereign Risk: The Role of Real Estate and Banking Channels" (with Lucas Argentieri Mariani, Andrea Camilli and Marta Giagheddu).
"Economic Ties and Aid allocation"(with Pietro Bomprezzi and Mattia Longhi).
"Aid Effectiveness at the local level" (with Pietro Bomprezzi and Axel Dreher)
"Default and trade" (with Dennis Essers and Nejat Gökhan Okatan).
"Debt overhang and subnational transfers" (with Mattia Longhi).
MAIN PUBLICATIONS
"Project aid and firm performance" (with Tania Masi and Saumik Paul). 2025. Economic Development and Cultural Change, forthcoming
"Is to forgive to forget? Sovereign risk in the aftermath of private and official debt restructurings" (with Tania Masi and Pietro Bomprezzi). 2024. IMF Economic Review, Volume 72 (Issue 1): 292-334
"A firm level approach on the effects of IMF programs" (with Pietro Bomprezzi). 2023. Journal of Internationa Money and Finance, Volume 13
"Life after default. Private and Official deals" (with Tania Masi). 2021. Journal of International Money and Finance, 113: 1-23. Featured in VoxEU, July 2018
"Delegation of implementation in project aid" (with Tania Masi). 2021. The Review of International Organization, 16: 655-687
"Sovereign rating after private and official restructuring" (with Tania Masi). 2020. Economics Letters, 192, 1-7. Featured in VoxEU, May 2020
"Liberalizing Art: Evidence on the Impressionists at the end of the Paris Salon" (with Federico Etro and Elena Stepanova). 2020. European Journal of Political Economy, 62, 101-120
“Information transmission within federal fiscal architectures: Theory and evidence” (with Axel Dreher, Kai Gehring, Christos Kotsogiannis). 2018. CEPR Discussion Paper 11344. Oxford Economic Papers, 70, 243-265.
"Communication and performance in Bank-Fund joint participation," 2018. Research in Economics, 72, 263-276
“Information transmission and ownership consolidation in aid programs” (with Axel Dreher and Sarah Langlotz). 2017. CEPR Discussion Paper 11443. Economic Inquiry, 55: 1671-1688. Featured in Voxeu.org, December 2016
“The Labor Market in the Art Sectorof Baroque Rome” (with Federico Etro and Laura Pagani). 2015. Economic Inquiry, 53 (1), pp 365-387
Annual Prize in Labour Economics "Ezio Tarantelli", September 2014
“Did high debts distort loans and grants allocation to IDA countries?” (with Alessandro Missale). 2013. World Development, 44, pp 1-300
“Read my lips: the role of information transmission in multilateral reform design” (with Laura Sabani and Axel Dreher). 2011. Journal of International Economics, 84, pp 86-98
“Is two better than one? Effects on growth of Bank-Fund interaction” (con Emanuela Sirtori). 2011. Review of International Organization, 6, pp 287–306
"From Economic Crisis to Reform: IMF Programs in Latin America and Eastern Europe" by Grigore Pop-Eleches (PUP, 2009). 2010. book review, Economic Record 86: 304-307
“The political economy of IMF forecasts” (with Axel Dreher and James Vreeland). 2008. Public Choice, 137 (1-2), pp 145-171
“IMF concern for reputation and conditional lending failure: theory and empirics” (with Laura Sabani). 2007. Journal of Development Economics, 84, pp 640-666
Best paper award at the Global Finance Conference, June 2005
“Prolonged use and conditionality failure: investigating the IMF responsibility” (with Laura Sabani) in G. Mavrotas and A. Shorrocks (eds.). 2007. book chapter in Advancing Development: Core Themes in Global Economics, Palgrave-Macmillan: 319-332
“Buybacks of domestic debt in public debt management”. 2006. European Journal of Finance, 12, pp 379-400
“Adoption of an IMF Programme and Debt Rescheduling. An empirical analysis”. 2003. Journal of Development Economics, 70 (2), pp 403-423.
Top 25 JDE requested papers, Year 2003
"Riacquisto di debito pubblico: estero ed interno". 2002. Rivista di Politica Economica 92: 131-165
“IMF conditionality as a screening device” (with Jonathan P. Thomas). 1999. The Economic Journal, 109, pp 111-125.
Sir Austin Robinson Memorial Prize (EJ), March 1999
POPULAR WRITINGS
"Does IMF lending stimulate private sector investment?" (with Pietro Bomprezzi and Rima Turk-Ariss) VoxEU Column, August 2024
"Leader Spouses and Informal Influence in Foreign Aid", (with Pietro Bomprezzi, Axel Dreher, Andreas Fuchs, Teresa Hailer, Andreas Kammerlander, Lennart Kaplan, Tania Masi, Charlotte Robert, Kerstin Unfried) VoxEU Column, April 2024 and VoxDev, May 2024
"Financial crises and tax havens", (with Giovanna Marcolongo) VoxEU Column, March 2024
"Paradisi fiscali: quando i capitali fuggono da paesi emergenti", (con Giovanna Marcolongo), Lavoce.info, March 2024
Interview (with others) with El Pais "El reloj de la deuda vuelve a 1946", 16 November 2020
"Debt Restructuring in the time of Covid-19: Private and official agreements", VoxEU Column, May 202
"Debito sovrano, a volte ristrutturare conviene", Lavoce.info, May 2020
"Life after default: Official vs. private sovereign debt restructurings" (with T. Masi). VoxEU Column, July 2018
“Donors don’t like budget aid – they should!” (with A. Dreher and S. Langlotz). VoxEU Column, December 2016
A ciascun debito la sua ristrutturazione (with T. Masi). Lavoce.info, August 2018
"Cooperazione allo sviluppo:più aiuti a bilancio e meno progetti" Lavoce.info, January 2017
“Gli affari” dei pittori nell’Italia del Barocco” (with Laura Pagani). 2013. Vita e Pensiero, 1, pp 135-142.