Research

Articles in Journals

  • "The Insurance Value of Trade Credit" (with Eboli, M.), International Journal of Economics and Finance, 2019, Vol. 11, No. 7; DOI

  • "Mafia infiltrations in Italian municipalities: two statistical indicators" (with Eboli, M. and Ziruolo, A.), Applied Economics; DOI

  • "Connectivity, centralisation and `robustness-yet-fragility' of interbank networks" (with Eboli, M., Ozel, B., Teglio, A.), Annals of Finance; DOI

Articles in Proceedings

  • “Connectivity, centralisation and `robustness-yet-fragility' of interbank networks” (with Ozel, B., Eboli, and Teglio, A.), 2021, Proceedings of the IFABS 2021 Oxford Conference

  • “The effects of connectivity and centralization of financial networks on their exposure to default contagion” (with Ozel, B., Eboli, and Teglio, A.), 2019, Proceedings of the International Workshop on Network Models in Statistics, Economics and Social Sciences (NET), 2019, University Milano – Bicocca and of the WEHIA 2019, Workshop on Economic Science with Heterogeneous Interacting Agents, City, University of London, June 2019

Working Papers

  • "Robust-yet-fragile: A simulation model on exposure and concentration at interbank networks" (with Eboli, M., Teglio, A., Ozel, B.); URL

This paper presents a layered simulation model and the results from its initial employment. In this study, we focus on financial contagion due to debt exposure and structural concentration at interbank networks. Our results suggest that a medium density of connections in regular networks is already sufficient to induce a ’robust-yet-fragile’ response to insolvency shocks, while the same occurs in star networks only when the centralization is very high. The simulation model enables us to create stock-flow-consistent interbank networks with desired level of network connectivity and centralization. A parsimonious set of network configuration parameters can be employed not only to create stylized network structures with exact connectivity and centralization features but also random core-periphery network representations of a two-tier banking system. Our generic setup decouples the steps of a research on financial contagion. The layers of the simulator covers phases of a research from interbank network configuration to probing the details of a contagion. The presented version enables researchers (i) to create an interbank system of a desired network structure, (ii) to initialize bank balance sheets where the network in previous step can optionally be used as an input, (iii) to configure a controlled or randomized sequence of exogenous shock vectors, (iv) to simulate and inspect detailed process of a single contagion process via tables, graphs and plots generated by the simulator, (v) to design and run automated Monte Carlo simulations, (vi) to analyze results of Monte Carlo simulations via tools from the simulation analysis library

Work in Progress

  • Judicial Impunity and Economic Growth (with M. Eboli)

  • Information Processing and Asset Trade Specialization (with M. Eboli)

  • Digital Mergers and Acquisitions in Banking

  • Textual Analysis in Finance: a Summary Review