Giovanni Dell'Ariccia
Last Updated: May 28, 2019
Giovanni Dell'Ariccia is Deputy Director of the Research Department. Previously he worked in the Asia and Pacific Department. His research interests include: Banking; the Macroeconomics of Credit; Monetary Policy; International Finance; and Conditionality in International Lending and Aid Programs. He is a CEPR Research Fellow.
Email: gdellariccia@imf.org
Fluent In: Italian.
Education:
Massachusetts Institute of Technology, Ph.D. in Economics (1997)
Universita’ di Roma “La Sapienza”, Laurea in Scienze Statistiche ed Economiche (Summa cum Laude).
1993-1995, Fellowship “Luciano Jona” Compagnia di San Paolo, Turin. 1995-1996, Fellowship Banca Nazionale del Lavoro, Rome.
Referee Activities:
AER, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Econometrica, Review of Financial Studies, EER, RAND Journal of Economics, Economic Journal, Journal of Financial Services Research, JIE, Review of International Economics, World Bank Economic Review, Journal of Banking and Finance, The Manchester School, Journal of Development Economics, Journal of Financial Intermediation, JMCB, JEEA.
Work in progress:
Designing Central Bank Digital Currencies (with I. Agur and A. Ari)
Creditless Recoveries (with A. Abiad, B. Li, and N. Pierri)
Short-Term Interest Rates and Bank Lending Standards: Evidence from a Survey of Lending Terms (with L. Laeven and G. Suarez).
Financial Frictions, Foreign Currency Borrowing, and Systemic Risk, (with L. Laeven and R. Marquez).
Firms' Asset Intangibility and Bank Portfolio Allocation (with D. Kadyrzhnova, C. Minoiu, and L. Ratvnoski)
Field of Expertise:
Monetary Policy
Banking
Macro-Financial Issues
International Finance
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IMF Books and Working Papers:
Designing Central Bank Digital Currencies, Working Paper No. 19/252, November 18, 2019
The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector, Working Paper No. 19/164, July 30, 2019
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Publications in Journals (Refereed)
Bank Capital: A Seawall Approach (with J. Dagher, L. Laeven, L. Ratnovski, and H. Tong), International Journal of Central Banking, forthcoming
Supervisory Incentives in a Banking Union (with E. Carletti and R. Marquez), Management Science, forthcoming
Other Published Materials
Governance and Policy Challenges of Forming and Running a Supervisory and Regulatory Union: A Theoretical Perspective European Economy, March, 2016
A Capital Market Union: A few Thoughts, in The New Financial Architecture in the Eurozone , F. Allen, E. Carletti, and J. Gray editors, EUI, April 2015
Giovanni Dell'Ariccia is Deputy Director of the Research Department. Previously he worked in the Asia and Pacific Department. His research interests include: Banking; the Macroeconomics of Credit; Monetary Policy; International Finance; and Conditionality in International Lending and Aid Programs. He is a CEPR Research Fellow.
Email: gdellariccia@imf.org
Fluent In: Italian.
Education:
Massachusetts Institute of Technology, Ph.D. in Economics (1997)
Universita’ di Roma “La Sapienza”, Laurea in Scienze Statistiche ed Economiche (Summa cum Laude).
1993-1995, Fellowship “Luciano Jona” Compagnia di San Paolo, Turin. 1995-1996, Fellowship Banca Nazionale del Lavoro, Rome.
Referee Activities:
AER, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Econometrica, Review of Financial Studies, EER, RAND Journal of Economics, Economic Journal, Journal of Financial Services Research, JIE, Review of International Economics, World Bank Economic Review, Journal of Banking and Finance, The Manchester School, Journal of Development Economics, Journal of Financial Intermediation, JMCB, JEEA.
Work in progress:
Designing Central Bank Digital Currencies (with I. Agur and A. Ari)
Creditless Recoveries (with A. Abiad, B. Li, and N. Pierri)
Short-Term Interest Rates and Bank Lending Standards: Evidence from a Survey of Lending Terms (with L. Laeven and G. Suarez).
Financial Frictions, Foreign Currency Borrowing, and Systemic Risk, (with L. Laeven and R. Marquez).
Firms' Asset Intangibility and Bank Portfolio Allocation (with D. Kadyrzhnova, C. Minoiu, and L. Ratvnoski)
Field of Expertise:
Monetary Policy
Banking
Macro-Financial Issues
International Finance
IMF Books and Working Papers:
Designing Central Bank Digital Currencies, Working Paper No. 19/252, November 18, 2019
The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector, Working Paper No. 19/164, July 30, 2019
Trade-offs in Bank Resolution, February 09, 2018
Benefits and Costs of Bank Capital, Staff Discussion Note No. 16/4, March 03, 2016
Managing the Sovereign-Bank Nexus, Departmental Paper No. 18/16, September 07, 2018
Bank Lending in the Knowledge Economy, Working Paper No. 17/234, November 07, 2017
Revisiting the Economic Case for Fiscal Union in the Euro Area, February 21, 2018
Supervisory Incentives in a Banking Union, Working Paper No. 16/186, September 15, 2016
Benefits and Costs of Bank Capital, Staff Discussion Note No. 16/4, March 03, 2016
Monetary Policy in the New Normal, Staff Discussion Notes No. 14/3, April 04, 2014
Policies for Macrofinancial Stability: How to Deal with Credit Booms, Staff Discussion Notes No. 12/6, June 07, 2012
Housing Finance and Real-Estate Booms : A Cross-Country Perspective, Staff Discussion Notes No. 15/12, June 03, 2015
Monetary Policy in the New Normal, Staff Discussion Notes No. 14/3, April 04, 2014
Bailouts and Systemic Insurance, Working Paper No. 13/233, November 12, 2013
Housing Finance and Real-Estate Booms : A Cross-Country Perspective, Staff Discussion Notes No. 15/12, June 03, 2015
Bank Leverage and Monetary Policy's Risk-Taking Channel : Evidence from the United States, Working Paper No. 13/143, June 06, 2013
Rethinking Macro Policy II, Staff Discussion Notes No. 13/3, April 15, 2013
A Banking Union for the Euro Area, Staff Discussion Notes No. 13/1, February 12, 2013
Policies for Macrofinancial Stability: How to Deal with Credit Booms, Staff Discussion Notes No. 12/6, June 07, 2012
How to Deal with Real Estate Booms : Lessons From Country Experiences, Working Paper No. 11/91, April 01, 2011
Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms, Staff Discussion Notes No. 11/2, March 01, 2011
Creditless Recoveries, Working Paper No. 11/58, March 01, 2011
Monetary Policy, Leverage, and Bank Risk-Taking, Working Paper No. 10/276, December 01, 2010
Monetary Policy and Bank Risk-Taking, Staff Position Note No. 2010/9, July 27, 2010
Rethinking Macroeconomic Policy, Staff Position Note No. 2010/3, February 12, 2010
Risk and the Corporate Structure of Banks, Working Paper No. 10/40, February 01, 2010
Lessons and Policy Implications from the Global Financial Crisis, Working Paper No. 10/44, February 01, 2010
Reaping the Benefits of Financial Globalization, Occasional Paper No. 264, December 16, 2008
Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market, Working Paper No. 08/106, April 01, 2008
The Real Effect of Banking Crises, Working Paper No. 05/63, March 01, 2005
Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans, Working Paper No. 03/213, November 01, 2003
Budget Support versus Project Aid, Working Paper No. 03/88, April 01, 2003
Moral Hazard and International Crisis Lending: A Test, Working Paper No. 02/181, October 01, 2002
Limits of Conditionality in Poverty Reduction Programs, Working Paper No. 02/115, July 01, 2002
Competition Among Regulators, Working Paper No. 01/73, May 01, 2001
Flight to Quality or to Captivity? Information and Credit Allocation, Working Paper No. 01/20, February 01, 2001
Bank Competition and Firm Creation, Working Paper No. 01/21, February 01, 2001
Liberalizing Capital Movements:Some Analytical Issues, Economic Issues No. 17, March 16, 1999
Capital Account Liberalization: Theoretical and Practical Aspects, Occasional Paper No. 172, September 30, 1998
Exchange Rate Fluctuations and Trade Flows - Evidence from the European Union, Working Paper No. 98/107, August 01, 1998
Bank Lending and Interest Rate Changes in a Dynamic Matching Model, Working Paper No. 98/93, June 01, 1998
Publications in Journals (Refereed)
Bank Capital: A Seawall Approach (with J. Dagher, L. Laeven, L. Ratnovski, and H. Tong), International Journal of Central Banking, forthcoming
Supervisory Incentives in a Banking Union (with E. Carletti and R. Marquez), Management Science, forthcoming
Bailouts, Contagion, and Bank Risk-Taking (with L. Ratnovsky), Journal of Banking and Finance, forthcoming
Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom (with Pau Rabanal and Damiano Sandri), Journal of Economic Perspectives, 2018, Vol. 32, No.3, pp. 1-27.
Government Guarantees, Transparency and Bank Risk-taking (with Tito Cordella and Robert Marquez), IMF Economic Review , 2018, Vol. 66, pp.116-43.
Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States (with Luc Laeven and Gustavo Suarez), Journal of Finance , 2017, Vol. 72, No. 2, pp. 613-654.
Housing finance and real-estate booms: a cross-country perspective (with Eugenio Cerutti and Jihad Dagher) Journal of Housing Economics, 2017, Vol. 38, pp. 1-13.
Credit Booms and Macrofinancial Stability (with Deniz Igan, Luc Laeven, and Hui Tong), Economic Policy, 2016, Vol. 31, Issue 86, pp. 299-355.
Real interest rates, leverage, and bank risk-taking (with Luc Laeven and Robert Marquez), Journal of Economic Theory, 2014, Vol. 149, pp. 65-99.
How to Deal with Real Estate Booms: Lessons from Country Experiences, (with Chris Crowe, Deniz Igan, and Pau Rabanal), Journal of Financial Stability, 2013, Vol. 9, pp. 300-319.
Credit Booms and Lender Behavior: Evidence from the Subprime Mortgage Market (with Deniz Igan and Luc Laeven, Journal of Money, Credit, and Banking, 2012, Vol. 44, No. 2-3 (March-April), pp. 367-84.
Risk and the Corporate Structure of Banks. (with R. Marquez) Journal of Finance, 2010, Vol. 65, No. 3, pp. 1107-1128.
Rethinking Macroeconomic Policy (with Olivier Blanchard and Paolo Mauro) Journal of Money, Credit, and Banking, 2010, Vol. 42 (Supplement), pp. 199-215.
Cross-Country Experience and Policy Implications from the Global Financial Crisis. (with Stijn Claessens, Deniz Igan, and Luc Laeven) Economic Policy, 2010, April, pp. 267-293.
Gross Credit Flows (with Pietro Garibaldi), Review of Economic Studies, 2005, Vol. 72, No. 3.
Other Published Materials
Governance and Policy Challenges of Forming and Running a Supervisory and Regulatory Union: A Theoretical Perspective European Economy, March, 2016
A Capital Market Union: A few Thoughts, in The New Financial Architecture in the Eurozone , F. Allen, E. Carletti, and J. Gray editors, EUI, April 2015
Benefits and Challenges of International Regulatory and Supervisory Cooperation. Prepared for The Oesterreichische Nationalbank’s 2014 Economics Conference: Toward a European Banking Union: Taking Stock)
Interest Rates and the Bank Risk-Taking Channel (with Robert Marquez), in Annual Review of Financial Economics, 2013, Vol. 5, A. Lo and R. Merton editors, Palo Alto, CA, USA
Property Prices and Bank Risk Taking in Property Markets and Financial Stability, A. Heath, F. Packer and C. Windsor Eds., Reserve Bank of Australia, 2012 www.rba.gov.au/publications/confs/2012/dellariccia.pdf
Speed Kills? Mortgage Credit Boom and the Crisis (with Deniz Igan and Luc Laeven), 2010, in Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future , ed. Robert Kolb, Wiley: New York.
Rethinking macro policy (with Olivier Blanchard and Paolo Mauro), 2010, VoxEU.ORG
Cinque domande per il dopo crisi (with Olivier Blanchard and Paolo Mauro), 2010, LaVoce.info
Discussion of "The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation", Brookings Papers on Economic Activity , Fall, 2009
Asset Price Booms: How Can They Best Be Managed? Finance and Development, June 2009.
The Relationship between the Recent Boom and the Current Delinquencies in Subprime Mortgages (with Deniz Igan and Luc Laeven), 2008, in The First Global Financial Crisis of the 21st Century, eds. Andrew Felton and Carmen Reinhart, CEPR: London, UK
The U.S. Subprime Mortgage Crisis: A Credit Boom Gone Bad? (with Deniz Igan, and Luc Laeven), 2008, Proceedings, Federal Reserve Bank of Chicago, May, 201-204.
Credit Booms: the Good, the Bad, and the Ugly. Thailand: Selected Issues, 2006.