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Stefano Schiaffi


Field: Economics

Research Interests: International Finance, Banking, Macroeconomics

(Expected) Graduation: May 2018




Mobile: (+39) 333 6566628

I am a PhD student in Economics and Finance at Bocconi University (expected completion date: May 2018). My research interests are in the areas of international finance, banking and macroeconomics.

I have been a research intern at the International Monetary Fund (Fund Internship Program, Research Department), at the Bank for International Settlements (Monetary and Economic Department) and at the European Central Bank (DG Economics).

I will be available for interviews at the ASSA meeting in Philadelphia, PA (January 5-7, 2018).


Exchange Rates, Strategic Uncertainty and International Bank Lending

Internationally-active banks raise wholesale funding in US dollars and lend to borrowers abroad in US dollars. Local borrowers invest in local currency and bear the currency risk. This paper shows that, conditional on a depreciation of the local currency, countries where international bank lending is an important source of corporate financing will experience smaller inflows of cross-border loans with respect to other countries. A depreciation of the local currency acts as a coordination device for international banks that face strategic complementarities in lending. This payoff complementarity is stronger for countries where international bank lending is a relevant source of financing for local borrowers. We construct a global game among international lenders to illustrate the mechanism. Moreover, using bilateral BIS data on cross-border lending from banks headquartered in 30 countries to recipients in 30 emerging economies, we provide evidence that an economy's stronger reliance on cross-border lending amplifies the effect of exchange rate shifts on incoming cross-border loans.


Confidence Matters for Current Economic Growth: Empirical Evidence for the Euro Area and the US (with Gabe J. de Bondt), 2015, Social Science Quarterly, Volume 96, Issue 4, pages 1027–1040, December

The Granularity of the Stock Market: Forecasting Aggregate Returns Using Firm-Level Data, 2013, Rivista di Politica Economica, SIPI Spa, issue 4, pages 141-169, October-D


The Shifting Drivers of Global Liquidity with Stefan Avdjiev, Leonardo Gambacorta and Linda Goldberg
(NBER Working Paper No. 23565, June 2017; BIS working paper No 644, June 2017; CEPR discussion paper 12127, July 2017)

Changing Business Models in Bank International Funding with Leonardo Gambacorta and Adrian van Rixtel
(BIS working paper No 614, March 2017, CEPR discussion paper 11957, April 2017)

Supply and Demand Credit Shocks in the Euro Area Crisis with Lev Ratnovski and Damiano Sandri

Last modified 23/10/2017 - 12:00:41