FILIPPO DE MARCO

PUBLICATIONS

7) Customer Data Access and Fintech Entry: Early Evidence from Open Banking, July 2025, with T. Babina, S. Bahaj, G. Buchak, A. Foulis, F. Mazzola, W. Gornall and T. Yu. Journal of Financial Economics, 169 (103950) 

• • Open Banking (OB) policies stimulate investments in fintechs, enable consumers to access financial advice and SMEs to establish new lending relationships. While advice-OB unambiguosly improves welfare, credit-OB may lead higher prices for costlier or privacy-conscious consumers.

6) Bank Competition and Information Production, February 2024, with S.Petriconi Journal of Financial and Quantitative Analysis 59(7): 3479-3499

• • Positive loan announcement returns decrease when states deregulate interstate branching, consistent with the hypothesis that competition decreases bank information production.

5) Information Technology and Credit: Evidence from Public Guarantees,  September 2024, with F.Core Management Science 70(9): 6202-6219 

• • Small business lending remains local even in a setting with online applications and low screening incentives. However, IT partly mitigates the impact of local branch presence. Winner: 9th SUERF/UniCredit Foundation Prize 2021

4) Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity, September 2022, The Review of Financial Studies, with M.Macchiavelli, and R.Valchev

• • Consistent with models of costly information acquisition, banks invest more in countries where they have better information, as proxied by the accuracy of their forecasts.

3) The Real Effects of Capital Requirements and Monetary Policy: Evidence from the UK, December 2021, Journal of Banking and Finance, 133 (106237), with C. Kneer and T.Wieladek

• • The effect of bank regulatory shocks on corporate investment is attenuated by lending relationships.

2) Banks as Patient Lenders: Evidence from a Tax Reform, Journal of Financial Economics (Editor's choice), July 2021, 141(1): 6-26, with E.Carletti, V.Ioannidou, and E.Sette

• • When their share of demandable debt increases, banks lend more via credit lines and long-term loans.

1) Bank Lending and the European Sovereign Debt Crisis, Journal of Financial and Quantitative Analysis, February 2019, 54(1): 155-182

• • Marked-to-market losses on bank sovereign debt holdings matter for credit supply because they increase banks' cost of funding. 

  • Winner: Klaus Liebscher Award 2017

WORKING PAPERS

Banks' Inflation Expectations and Credit Allocation: the Fisher Effect, with D. Friedheim

• Banks expecting higher inflation reallocate credit towards firms with higher leverage, which benefit from a reduction in real debt burdens (Fisher effect).

Inflation and floating-rate loans: Evidence from the Euro Area, 2024, with F.Core, T. Eisert, and G. Schepens

• Tightening monetary policy to fight inflation is less effective in markets dominated by floating-rate loans, as firms may keep prices elevated to offset higher borrowing costs. The varying prevalence of floating-rate loans helps explain the heterogeneity in monetary policy transmission within the euro-area.

Corporate Runs and Credit Reallocation, 2024, with E.Carletti, V.Ioannidou, and E.Sette R&R Journal of Finance

• Corporate clients react to bank distress on both sides of the bank's balance sheet. Riskier borrowers with single relationship draw down their credit lines, while creditworthy clients seek new lending relationships with larger and better capitalized banks.

Lending to Overconfident Borrowers, 2025, with J. Sauvagnat and E.Sette R&R Management Science

• Sensitivity of corporate investment to overconfidence is amplified by (collateral-based) bank lending. 

• Winner (ex-aequo): 11th IBEO Workshop on Financial Intermediation 

The Financial Transmission of a Climate Shock: El Niño and US Banks, 2023, with N.Limodio R&R Review of Finance

• An unpredictable climate shock (El Niño) leads to lower house prices and mortgage lending in US counties experiencing temperature increases. A machine learning analysis (LASSO) shows that banks with lower operating leverage are more climate resilient.

WORK IN PROGRESS

Mitigating the risks of deregulation: The role of supervisory attention, with E. Carletti, A. Manconi and I. Wolfskeil 

Biased Beliefs and Unbiased Portfolios, with M. Macchiavelli and R. Valchev

Inflation and Credit markets in 16th century Florence, with F.Gatti, M.Fochesato and A. Manconi

Sharing SME cash-flow data, with S.Bahaj, A.Foulis and F.Mazzola

OTHER PUBLICATIONS, PERMANENT WORKING PAPERS AND POLICY REPORTS

The El Niño Southern Oscillation and the salinity of land and water, February 2025, with I. Dal Barco and N.Limodio PLOS ONE 

Media coverage: Il Corriere della Sera (in italian)

European Banks’ Response to COVID-19 ‘Quick Fix’ Regulation and Other Measures, October 2021, with Brunella, B. Study for the European Parliament

The Political Origin of Home Bias: The Case of Europe, 2015, with M.Macchiavelli

• Banks with politically connected member of the board have higher home bias in sovereign debt.