Stefano Battilossi
Universidad Carlos III de Madrid
Universidad Carlos III de Madrid
Welcome to my web page!
I am a professor of Economic History at the Department of Social Sciences, and a researcher at the Figuerola Institute of History and Social Sciences, Universidad Carlos III de Madrid.
I hold a BA in History (Bologna), a PhD in History (Turin) and a MSc in Finance (Carlos III). Before moving to Spain, I received postdoctoral fellowships from Fondazione Einaudi, Turin; the University of Turin-Department of History; and the Consiglio Nazionale delle Ricerche (CNR)-Committee of Economics and Statistics, Rome. I was also a post-doctoral Visiting Research Fellow at the London School of Economics-Business History Unit, and a Jean Monnet Fellow at the European University Institute-Department of History and Civilization.
My primary fields of interest are financial and macroeconomic history, and the political economy of finance. My approach combines economic theory, historical and institutional analysis, and empirical methods. My research focuses of various aspects of global and European history in the 19th and 20th centuries, including international money markets, multinational banking, financial regulation and the historical development of financial markets. I'm also interested in fiscal policy and the historical roots of tax compliance.
My research has been published in leading Economic and Business History journals, such as Economic History Review, European Review of Economic History, Cliometrica, Financial History Review, and Enterprise & Society. I also published book chapters in collective volumes with top international publishers (Oxford University Press, Cambridge University Press) and leading Italian publishers (Laterza, Il Mulino, Einaudi).
I edited the volumes European Banks and the American Challenge. Competition and Co-operation in International Banking under Bretton Woods (with Y. Cassis, Oxford University Press, 2002); State and Financial Systems in Europe and the USA. Historical Perspectives on Regulation and Supervision in the 19th and 20th Centuries (with J. Reis; Routledge, 2010); and the Handbook of the History of Money and Currency (with Y. Cassis and K. Yago, Springer, 2020).
Between 2010 and 2022 I was an editor of the Financial History Review, published by Cambridge University Press on behalf of the European Association for Banking and Financial History, and indexed in Web of Science-ESCI (Emerging Sources Citation Index) since 2015.
I am a member of the European Historical Economics Society, the Cliometric Society, the Economic History Society and the Associazione per la Storia Economica.
Research profiles:
Scopus ID: 15753501100
JUST OUT 📢
"Spanish stock returns, growth and inflation, 1900–2020” (with S.O. Houpt and M. Artola Blanco) Economic History Review (2025)
This paper provides the first comprehensive study of 120 years of equity returns in the Madrid Stock Exchange, their connections with the macroeconomy and their long-run investment performance, based on an original monthly stock market index that brings the methodology of the modern IBEX35 back to 1900.
Featured in:
RNE (Radio Nacional de España) - Fin de Mes
"The historical and expected equity risk premium in Spain: a long-run view, 1900–2020” (with S.O. Houpt and M. Artola Blanco) Cliometrica (2025)
This paper offers revised estimates of the historical (ex post) equity risk premium for the Madrid stock market over a period of 120 years, using a new equity index, the H-IBEX, built on high-quality monthly data hand-collected from primary sources and methodologically aligned with the modern IBEX35. It also exploits the forecasting power of the dividend-price ratio in a dynamic dividend growth model to estimate for the first time the time-varying expected (ex ante) premium on Spanish equities and explore its connections with episodes of financial stress.
FEATURED WORK
Battilossi S., Cassis Y., Yago K. (eds) Handbook of the History of Money and Currency (Springer, 2020)
A major reference work with 40 chapters authored by leading international experts and based on state-of-the-art scholarship on global monetary and financial history from antiquity to present.
Reviewed in Business Economics and EH.NET
"The Handbook can be commended for the high level of synthesis between its many components. ... The fascinating synergies found within the Handbook ... can be witnessed from the very first section on the origins of money ... a trend that continues throughout the text, helped in no small part by Stefano Battilossi and Kazuhiko Yago’s comprehensive introduction that outlines the complementary aspects of each contribution to the Handbook ... The editors … have created an exceptional resource for both the research community, particularly doctoral students in the field or those working in related disciplines, as well as for those of us who teach the history of economic thought and the development of finance. … This is an important and substantial contribution and is a recommended read for all those working within the field of monetary history." (Duncan Connors, EH.NET)