ANDREA ZAGHINI

• “Cui prodest: The heterogeneous impact of green bonds on companies' ESG score”, with A. Moro (Bank of Italy), 2025,  CFS Working Paper Series No. 733.

• "It better be good, it better be green", with F. Fornari (ECB) and D. Pianeselli (Bank of Italy), 2024, CFS Working Paper Series No. 723.

• "Is the Government always greener?", with C. Di Tommaso (University of Bari), S. Perdichizzi (University of Padova) and S. Vigne (LUISS), 2024,  CFS Working Paper Series No. 718.

• “The green sin: how exchange rate volatility and financial openness affect green premia”, 2025, REVIEW OF FINANCE (with A. Moro)

• “The COVID pandemic in the market: infected, immune and cured bonds”, 2025, JOURNAL OF FINANCIAL SERVICES RESEARCH.

• “Unconventional Green”, 2024, JOURNAL OF CORPORATE FINANCE. 

• “It’s not time to make a change: Sovereign fragility and the corporate credit risk”, 2022, JOURNAL OF INTERNATIONAL MONEY AND FINANCE (with F. Fornari).

• “Unconventional Monetary Policy and Corporate Bond Supply”, 2021, EUROPEAN ECONOMIC REVIEW, (with R. De Santis).

• “The CSPP at work: yield heterogeneity and the portfolio rebalancing channel”, 2019, JOURNAL OF CORPORATE FINANCE.

• “Fragmentation and heterogeneity in the euro-area corporate bond market: back to normal?”, 2016, JOURNAL OF FINANCIAL STABILITY.

• “Shoe-leather costs in the euro area and the foreign demand for euro banknotes”, 2016, INTERNATIONAL JOURNAL OF CENTRAL BANKING (with A. Calza).

• “Financial shocks and the real economy in a nonlinear world: from theory to estimation”, 2015, JOURNAL OF POLICY MODELING (with A. Silvestrini).

• “Sectoral Money Demand and the Great Disinflation in the US”, 2010, JOURNAL OF MONEY, CREDIT AND BANKING (with A. Calza).

CLIMATE CHANGE

• "The green sin: how exchange rate volatility and financial openness affect green premia", 2025, REVIEW OF FINANCE, (with A. Moro); 

• "The intersection between climate transition policies and geoeconomic fragmentation", 2025, ECB OCCASIONAL PAPER No.366 (with P.F. Weber et al.);

• “Unconventional Green”, 2024, JOURNAL OF CORPORATE FINANCE, Vol. 85, art. 102556;

• “The role of the IMF in addressing climate change risks”, 2022, ECB OCCASIONAL PAPER No.309 (with M. Committeri et al.);

• “Climate-related risk drivers and their transmission channels”, 2021, BCBS REPORT.

MONETARY POLICY

• “The Covid pandemic in the market: infected, immune and cured bonds”, 2025, JOURNAL OF FINANCIAL SERVICES RESEARCH,  Vol.67, pp.31-52;

• “Unconventional Monetary Policy and Corporate Bond Supply”, (with R. De Santis), EUROPEAN ECONOMIC REVIEW, 2021, Vol.135, pp.1-22; 

• “Non-bank financial intermediation in the euro area: implications for monetary policy transmission and key vulnerabilities”, 2021, ECB OCCASIONAL PAPER No.270 (with L. Cappiello et al.);

• “How the ECB purchases of corporate bonds helped reduce firms’ borrowing cost”, 2020, ECB RESEARCH BULLETIN, Vol.66;

• “The CSPP at work: yield heterogeneity and the portfolio rebalancing channel”, JOURNAL OF CORPORATE FINANCE, 2019, Vol.56, pp. 282-297;

• “Shoe-leather costs in the euro area and the foreign demand for euro banknotes”, INTERNATIONAL JOURNAL OF CENTRAL BANKING, 2016, Vol.12, No.1, pp.231-246 (with A. Calza);

• “Welfare costs of inflation and the circulation of US currency abroad”, BE JOURNAL OF MACROECONOMICS, 2011, Vol.11, No.1, article 12 (with A. Calza); 

• “Monetary Policy predictability in the euro area: an international comparison”, APPLIED ECONOMICS, Vol.43, No.20, 2011, pp.2533-2544 (with B.R. Wilhelmsen);

• “Sectoral Money Demand and the Great Disinflation in the US”, JOURNAL OF MONEY, CREDIT AND BANKING, 2010, Vol.42. No.8, 1663-1678 (with A. Calza);

• “Gradualism, transparency and the improved operational framework: a look at overnight volatility transmission“, INTERNATIONAL FINANCE, 2009, Vol.12, No.2, pp.151-170 (with S. Colarossi);

• “Non-linear dynamics in the euro-area demand for M1”, MACROECONOMIC DYNAMICS, 2009, Vol.13, No.1, pp.1-19 (with A. Calza);

• “Monetary Policy Shocks in the Euro Area and Global Liquidity Spillovers”, INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2008, Vol.13. No.3, pp.205-218 (with J. Sousa);

• “Excess money growth and inflation dynamics“, INTERNATIONAL FINANCE, 2007, Vol.10, No.3, pp. 241-280 (with B. Roffia);

• “Global monetary policy shocks in the G5: a SVAR approach”, JOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS AND MONEY, 2007, Vol.17, No.5, pp.403-420 (with J. Sousa)

FINANCIAL ECONOMICS

• “It’s not time to make a change: Sovereign fragility and the corporate credit risk”, JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2022, Vol.128, art. 102703 (with F. Fornari); 

• “Future directions in international financial integration research – A crowdsourced perspective”, INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2018, Vol.55, pp.35-49 (with B.M. Lucey et al.);

• “A tale of fragmentation: corporate funding in the euro-area bond market”, INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2017, Vol.49, pp.59-68;

• “Fragmentation and heterogeneity in the euro-area corporate bond market: back to normal?”, JOURNAL OF FINANCIAL STABILITY, 2016, Vol.23, pp.51-61; 

• “The shadow banking system in the euro area: definitions, key features and the funding of firms”, ITALIAN ECONOMIC JOURNAL, 2016, Vol.2, No.2, 217-237 (with F. Malatesta and S. Masciantonio);

• “Tracking banks’ systemic importance before and after the crisis”, INTERNATIONAL FINANCE, 2015, Vol.18, No.2, pp.157-186 (with P. Alessandri and S. Masciantonio); 

• “Financial shocks and the real economy in a nonlinear world: from theory to estimation”, JOURNAL OF POLICY MODELING, 2015, Vol.37, No.6, pp.915-926  (with A. Silvestrini); 

• “The cost of firms’ debt financing and the global financial crisis”, FINANCE RESEARCH LETTERS, 2014, Vol.11, pp.74-83 (with D. Pianeselli);

• “Bank bonds: size, systemic relevance and the sovereign”, INTERNATIONAL FINANCE, 2014, Vol.17, pp.161-183; 

• “The pricing of Government-Guaranteed Bank Bonds”, BANKS AND BANK SYSTEMS, 2011, Vol.6, pp.35-43 (with A. Levy); 

• “Public Guarantees on Bank Bonds: Effectiveness and Distortions”, OECD JOURNAL: FINANCIAL MARKET TRENDS, Vol.2011, No.2 (with G. Grande, A. Levy, F. Panetta);

• “The Impact of Sovereign Credit Risk on Bank Funding Conditions”, BIS-CGFS  Paper No.43, 2011, (with F. Panetta et al.); 

• “An assessment of financial sector rescue programmes”, BIS Papers, No.48, Basel, 2009, (with F. Panetta et al.);

• “The Role of the Banking System in the International Transmission of Shocks”, WORLD ECONOMY, 2003, Vol.26, No.5, pp.727-754 (with M. Sbracia).

INTERNATIONAL ECONOMICS

• “Financial Innovation, Macroeconomic Volatility and the Great Moderation”, MODERN ECONOMY, 2012, Vol.3, No.5 (with L. Bencivelli);

• “Increasing public expenditures: Wagner’s law in OECD countries”, GERMAN ECONOMIC REVIEW, 2011, Vol.12, No.2, pp.149-164 (with S. Lamartina);

• “A disaggregated analysis of the export performance of some industrial and emerging countries”, INTERNATIONAL ECONOMICS & ECONOMIC POLICY, 2011, Vol.8, No.1, pp.93-113 (with A. Finicelli e M. Sbracia);

• “Evolution of Trade Patterns in the new EU Member States”, ECONOMICS OF TRANSITION, 2005, Vol. 13, No. 4, pp. 629-658;

• “Fiscal Adjustments and Economic Performing: a Comparative Study”, APPLIED ECONOMICS, 2001, Vol.33, No.5, pp.613-624;

• “Expectations and Information in Second Generation Currency Crises Models”, ECONOMIC MODELLING, 2001, Vol.18, No.2, pp.203-222 (with M. Sbracia).