ARTICLES IN PEER-REVIEWED JOURNALS AND BOOK CHAPTERS
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"Spanish stock returns, growth and inflation, 1900–2020” (with S.O. Houpt and M. Artola Blanco). Economic History Review, 2025.
Dataset at Open ICPSR here
Online Supplementary Material here
Featured in:
RNE (Radio Nacional de España) - Fin de Mes
2. "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
3. “Hedges of the Second Republic: firms, equity investors and political uncertainty in a nascent democracy, 1930-1936” (with S.O. Houpt). Revista de Historia Económica-Journal of Iberian and Latin American Economic History, 2025, 43(1), pp. 33–62.
4. “Down a slippery slope: lack of trust, coercive threats and business tax resistance in Greece, 1955-1988” (with Z. Pittaki), Enterprise & Society, 2025, 26(1), pp.57–93.
Data and Online Supplementary Material here
5. “Scuttle for shelter: flight-to-safety and political uncertainty during the Spanish Second Republic” (with S.O. Houpt and G. Verdickt). European Review of Economic History, 2022, 26(3), pp. 423-447.
6. “International money markets: Eurocurrencies”. In S. Battilossi, Y. Cassis, K. Yago (eds) Handbook of the History of Money and Currency (Springer, 2020), pp. 269-315.
Accepted version here
7. “Structural fiscal imbalances, financial repression and sovereign debt sustainability in Southern Europe, 1970s-1990s”. In M. Buggeln, M. Daunton, A. Nutzenhadel (eds) The Political Economy of Public Finances. Taxation, State Spending and Debt since the 1970s (Cambridge University Press, 2017), pp. 262-296.
Accepted version here
8. “Money markets”. In Y. Cassis, R. Grossman, C. Schenk (eds) The Oxford Handbook of Banking and Financial History (Oxford University Press, 2016), pp. 217-239.
Accepted version here
9. “Fiscal policy response to cycles under two regimes: Spain 1959-1998” (with R. Escario and J. Foreman-Peck). Cliometrica, 2013, 7(3), pp. 267-294.
10. “Resource allocation by the banking system 1936-2010” (with A. Gigliobianco and G. Marinelli). In G. Toniolo (ed), The Oxford Handbook of the Italian Economy since Unification (Oxford University Press, 2013), pp. 485-515.
11. “Las crisis financieras en la época de la Segunda Globalización 1971-2002”. Revista de la Historia de la Economía y de la Empresa (2013) 7, pp. 121-156
12. “Corrupting a German model? The corporate governance of Italian universal banks, 1894-1933”. Bankhistorisches Archiv/Banking and Finance in Historical Perspective (2011) 37(2), pp. 101-119
13. “Business cycles and economic policy, 1945-2008” (with J. Foreman-Peck and G. Kling). In S. Broadberry, K. O’Rourke (eds.), The Cambridge Economic History of Modern Europe (Cambridge University Press, 2010), v. 2, pp. 360-389.
Working paper version here
14. “The Eurodollar Revolution in Financial Technology. Deregulation, Innovation and Structural Change in Western Banking in the 1960s-70s”. In A. Kyrtsis (ed.), Financial Markets and Organizational Technologies in the Era of Deregulation (Palgrave Macmillan, 2010), pp. 29-63.
Working paper version here
15. “Did governance fail universal banks? Moral hazard, risk taking and banking crises in interwar Italy”. Economic History Review, 2009, 62(S1), pp. 101-134.
Downloadable from JSTOR here
16. “The determinants of multinational banking during the First Globalization, 1870-1914”. European Review of Economic History, 2006, 10(3), pp. 361-388.
Downloadable from JSTOR here
17. “Banking with Multinationals: British Clearing Banks and the Euromarkets' Challenge, 1958-1976”. In S. Battilossi, Y. Cassis (eds) European Banks and the American Challenge. Competition and Cooperation in International Banking under Bretton Woods. (Oxford University Press, 2002), pp. 103-134.
18. “Financial innovation and the golden ages of international banking, 1890-1931 and 1958-81”. Financial History Review, 2000, 7(2), pp. 141-175.
WORKING PAPERS
“Emerging stock markets in historical perspective: a research agenda” (with M. Morys). Centre for Historical Economics and Related Research at York (CHERRY) Discussion Papers 11/03, Department of Economics, University of York, 2011
2. “L’efficienza allocativa del sistema bancario italiano, 1936-2010” (con A. Gigliobianco and A. Marinelli). Banca d'Italia - Quaderni di Storia Economica, 2011, n.25.
3. “Economic Policy and Output Volatility in Spain, 1950-1998: Was Fiscal Policy Destabilizing?” (with R. Escario and J. Foreman-Peck). Cardiff Business School Working Papers, vol. 2010/5.
4. "Risk, Return and Volume in an Emerging Stock Market: The Bilbao Stock Exchange, 1916-1936" (with S.O. Houpt). UC3M Working Papers. Economic History and Institutions, 2008
5. "Capital mobility and financial repression in Italy, 1960-1990 : a public finance perspective". UC3M Working Papers. Economic History and Institutions, n. 2003-02
EDITED VOLUMES
Handbook of the History of Money and Currency (S. Battilossi, Y. Cassis and K. Yago, eds.) (Springer, 2020)
Introduction: Battilossi S. (with Yago S.), “New research in monetary history – A map”, pp. 1-41; accepted version here
Reviews: Business Economics, EH.NET
2. State and Financial Systems in Europe and the USA. Historical Perspectives on Regulation and Supervision in the 19th and 20th Centuries (S. Battilossi and J. Reis, eds.) (Routledge, 2010)
Introduction: Battilossi S., Reis J. “The making of financial regulation and deregulation: a long view”, pp.1-20; accepted version here.
Reviews: EH.NET, Economic History Review
"Readers interested in qualitative financial history will enjoy the volume. The introduction by the editors places each of the chapters in the context of economic research and modern policy, and the individual chapters emphasize presenting novel hypotheses or uncovering important details in financial history." (Christopher Hoag, EH.NET)
"This makes for a very interesting and timely book, with the whole at least as good as the sum of its parts. The two editors, Battilossi and Reis, have done an excellent job, bringing together the various chapters in a strong introduction [...] and integrating the volume into the general discussion prompted by the financial debacle of 2007-8." (Youssef Cassis, Economic History Review)
3. European Banks and the American Challenge. Competition and Co-operation in International Banking under Bretton Woods (S. Battilossi and Y. Cassis eds.) (Oxford University Press, 2002)
Introduction: S. Battilossi, “International banking and the American challenge in historical perspective”, pp. 1-25
Reviews: EH.NET; Business History Review; Journal of World-Systems Research; Annales. Histoire Sciences Sociales; Zeitschrift für Unternehmensgeschichte/Journal of Business History; Financial History Review; Business History; Revista de Historia Económica
"This is a dense and complex but ultimately rewarding and thought provoking book. It focuses on the rise of Eurocurrency and Eurobond markets between the late 1950s and early 1970s, examines the causes and effects of these innovations on European and American banking systems, and argues that these developments constituted a watershed in international financial history. The book contains a great deal of detailed archive-based scholarship, but it is skillfully integrated and given perspective by Stefano Battilossi’s introductory essay, and subsequently held in shape with the help, in particular, of impressive chapters by Battilossi on the impact of the U.S. challenge on British clearing banks and by Richard Sylla on the dynamics of the U.S. banks, both of which haul the big themes back to the fore whenever there is danger of them slipping out of sight." (Steven Tolliday, EH.NET)
PUBLICATIONS IN ITALIAN: BOOKS, BOOK CHAPTERS AND JOURNAL ARTICLES
“La nuova Cassa Depositi e Prestiti”. In M. De Cecco, G. Toniolo (a cura di) Storia della Cassa Depositi e Prestiti. Un nuovo corso: la società per azioni. (Laterza, 2014), pp. 43-180
2. "L’Italia e l’internazionalizzazione del sistema bancario e finanziario (1958-1981)". In A. Giovagnoli, S. Pons (a cura di) L'Italia Repubblicana nella Crisi degli Anni Settanta (Rubbettino, 2003), pp. 197-231
3. “La Cassa Depositi e Prestiti dalla Ricostruzione agli anni Novanta”. In M. De Cecco, G. Toniolo (a cura di), Storia della Cassa Depositi e Prestiti (Laterza, 2001), pp. 287-445
4. “Banche miste, gruppi di imprese e società finanziarie (1914-1933)”. In: G. Conti, S. La Francesca (a cura di), Banche e reti di banche nell'Italia postunitaria. Vol I. Persistenze e cambiamenti nel sistema finanziario e creditizio (Il Mulino, 2001), pp. 307-352
5. “Mercati e concentrazione”. In F. Amatori, D. Bigazzi, R. Giannetti, L. Segreto (a cura di), Storia d'Italia. Annali 15. L'industria (Einaudi, 1999), pp. 275-345
6. Storia Economica d'Italia - Annali 1796-1998 (vol.2, Storia Economica d’Italia, edited by P. Ciocca and G.Toniolo) (Laterza, 1998)
A major reference work based on a critical survey of 30 years of scholarly research on rwo centuries of Italy’s economic history.
7. L'Italia nel Sistema Economico Internazionale: Finanza, Industria e Istituzioni 1945-1955 (Franco Angeli, 1996)
My PhD dissertation! 🙂
Reviewed in Le Mouvement Social
The book investigates the political economy of the re-integration of Italy in the international economic system during the first decade after WW2. This period was characterized by a political transition to democracy, the reconstruction-reconversion of the national economy, and the redefinition of the relationships between the state and private interest groups in the context of a new emerging liberal international order. Based on a very extensive and entirely original body of evidence from archival records and other primary and secondary sources, I analyze how the interaction between Italian actors (governments, diplomats, economic technocracies and interest groups) and international actors (public and private, mainly US) shaped key choices of foreign economic policy: the attitude towards FDIs, the return to multilateralism and the liberalization of trade. Methodologically, the research follows a historical approach. Using an analytical narrative, I explore the unfolding of open-ended political processes in order to identify critical junctures that led to specific outcomes. The analysis focuses on the strategic priorities of different actors and shows how a new democratic elite of policy-makers mediated among opposed national and international interests. The research demonstrates that the participation in the process of international integration and the existence of a binding balance-of-payment constraint gave new domestic actors – mainly the economic technocracy represented by the Bank of Italy – unprecedented scope for political influence. The support of the central bank was critical in allowing democratic policy-makers to succeed in a long war of attrition with a traditional coalition of economic technocracies and organized interest groups. This represented a qualified discontinuity with respect to the Fascist regime that led to new equilibria in Italian capitalism. The analysis is cast in the framework of the extensive international literature on the Marshall Plan, the initial phase of the Cold War and the early steps towards European integration published in the 1980s and early 1990s. The seminal works of Alan Milward and John Harper are especially influential. The focus on the interaction between political elites, technocracies and interest groups also draws on international scholarship on the rise of neo-corporatist patterns of governance in 20th century Europe, especially the work of Charles Maier, Suzanne Berger, Philip Schmitter and John Goldthorpe.
8. Acea di Roma 1909-2000. Da azienda municipale a gruppo multiservizi (Franco Angeli, 2001, Collana CIRIEC ‘Storie di imprese pubbliche’)
A business history of ACEA-Azienda Comunale Elettricitá e Acqua in Rome, an electric and water public utility and a pioneer of the municipalization movement in Italy. Based on an extensive original research of archival records and primary qualitative and quantitative sources, the book was commissioned by CIRIEC-Italia, the Italian branch of the International Centre of Research and Information on the Public, Social and Cooperative Economy.
9. “Cultura economica e riforme nella sinistra italiana dall'antifascismo al neocapitalismo”. Studi Storici (1996) 37(3), pp. 771-811
10. “Accumulazione e finanza. Per una storia degli investitori istituzionali in Italia (1945-1990)”. Annali di Storia dell'Impresa (1992) v. 8
11. "Mercanti e guerrieri. Gli industriali italiani verso il «Nuovo ordine europeo»". In Annali della Fondazione Micheletti n.5 "L'Italia in Guerra 1940-43", vol. 1992-03
12. "L'ereditá della banca mista: sistema creditizio, finanziamento industriale e ruolo strategico di Mediobanca 1946-1956". Italia Contemporanea (1991) n. 185, pp. 625-654
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