Research in finance increasingly confronts the challenge of understanding how risks are created, amplified, and governed within modern financial systems. While financial instability is often associated with market shocks or economic cycles, my research focuses in particular on the institutional and organizational mechanisms through which vulnerabilities emerge and spread.
This research agenda explores these questions across several interconnected areas, including financial stability, micro- and macroprudential policy and regulation, systemic risk and risk governance, and banking mergers and acquisitions (M&A). Drawing on academic research and extensive banking sector experience, I seek to better understand how financial institutions and regulatory frameworks can adapt to an environment characterized by uncertainty, complexity, and continual change.
My research program is centered on a common question: how the interaction of financial risks, policy interventions, and changes in banking system structure affects financial stability. It connects research on systemic risk with macroprudential policy, banking regulation, and monetary policy by examining how macroeconomic and monetary conditions influence bank behavior and risk accumulation, and how regulatory frameworks can strengthen financial system resilience.
A distinct component of this program focuses on banking mergers and acquisitions as a structural channel through which consolidation can alter risk concentration, institutional resilience, and systemic stability. Together, these research streams form an integrated analytical framework linking monetary and macroeconomic conditions, financial risk accumulation, bank and market responses, regulatory intervention, and ultimately financial stability.
Study of systemic vulnerabilities, financial crises, contagion mechanisms, and resilience of modern financial systems.
Research on regulatory frameworks designed to mitigate systemic risk and strengthen financial stability.
Analysis of how institutions, incentives, regulations, and market structures shape the creation and transmission of firm-specific and system-wide risks.
Development of frameworks for assessing the systemic implications of bank mergers and acquisitions (M&A), including M&A deal stress testing, institutional resilience, and macrofinancial oversight.
Research on international financial flows, monetary systems, banking sector dynamics, and financial policy transmission.
Study of how financial institutions and regulatory frameworks respond to uncertainty, structural change, and transformation of the contemporary financial systems.
My current research focuses on the interaction between financial stability, risks, institutional framework, and the macrofinancial implications of banking mergers and acquisitions (M&A). Particular attention is devoted to the development of analytical and regulatory approaches capable of assessing institutional resilience, systemic risk transmission, and the broader financial stability consequences of organizational consolidation within the banking sector.
Research Notes present concise analytical essays on financial stability, macroprudential regulation, systemic risk, risk governance, banking mergers and acquisitions (M&A), and related issues in financial regulation and policy.
An introductory reflection on the intellectual foundations of my research agenda, linking more than twenty-five years of banking experience with research on financial stability, systemic risk, macroprudential regulation, monetary policy, banking M&A, and risk governance.
A comparative analysis of the emerging EU approach to banking competition, market integration, and prudential resilience, and the more institutionally fragmented U.S. framework for bank merger review.
Read Research Note →A commentary on Barry Eichengreen’s Money Beyond Borders: Global Currencies from Croesus to Crypto, examining the structural foundations of the U.S. dollar’s continuing dominance and the constraints facing potential alternatives.
Read Research Note →