Recent working papers and forthcoming publications:
“Market Opacity and Fragility: Why liquidity evaporates when it is most needed” (with G. Cespa), conditionally accepted at the American Economic Review.
“Climate Risk, Soft Information, and Credit Supply” (with L. Álvarez, S. Mayordomo and C. Vergara-Alert), R&R at Review of Finance.
“(In)efficiency in Information Acquisition and Aggregation through Prices” (with A. Pavan and S. Sundaresan).
“Revisiting the Anticompetitive Effects of Common Ownership” (with J. Azar). Recipient of the Intesa Sanpaolo award for the best paper in the 2023 ECGI Finance WP series.
“Ownership Diversification and Product Market Pricing Incentives” (with A. Banal-Estañol and J. Seldeslachts).
Lectures and Talks:
Keynote lecture: “Lending competition: banks and fintechs”, Oligo Workshop, Cambridge Judge Business School, 2025.
Keynote lecture: “IT and Lender Competition”, Annual Conference of the Banco Central do Brasil, Brasilia, 2024.
Panel discussion: AI in finance, G7 AI seminar, Florence, 2024
Panel discussion: Technological innovation and systemic risk, Sixth ESRB Annual Conference, 2022.
Trust in financial institutions, Future Trends Forum, 2020.
“Common Ownership and Competition Policy”, The Cambridge-INET Institute 2nd Symposium on Competition Policy 2020.
“Digital Disruption in Banking”, 46th annual meeting EFA 2019.
“Competition and Regulation in the Financial Sector”, G7 & Banque de France Conference 2019.
Oligopoly and Ownership Structure, Walras-Bowley Lecture 2018.
Presidential Address “Common Ownership, Market Power and Innovation”, EARIE 2018.
“On the Possibility of Informationally Efficient Markets“, Joseph Schumpeter Lecture 2014, European Economic Association.
“Plataformas, BigTech y competencia digital“, Anuario de los Mercados y la Competencia 2025 – CNMC, 2025, 11-32.
“FinTech Competition in Lending”, 2025, White Paper Wharton Initiative on Financial Policy & Regulation.
“Productivitat i Política industrial”, Revista Econòmica de Catalunya, 2025, 92, 48-52.
“Artificial Intelligence in Finance“, 2025 (with T. Foucault, L. Gambacorta and W. Jiang), CEPR, pp. 197. VoxEU column.
“Fintech Entry, Lending Market Competition and Welfare” (with Z. Ye). Journal of Financial Economics, 2025, 168, 104040. (Best Paper Award in the Second School of Finance Alumni Forum at Renmin University of China). VoxEU column.
“Free Entry in a Cournot Market with Overlapping Ownership” (with O. Vravosinos). American Economic Journal-Microeconomics, 2025, 17, 2, 292-320.
“Information Technology and Lender Competition“, (with Z. Ye), Journal of Financial Economics, 2025, 163, 103957. (Recipient of the SANFI award for the best paper on Banking on the 29th Finance Forum 2022). VoxEU column.
“Strategic complementarity in games”, (with O. Vravosinos), Journal of Mathematical Economics, 2024, 113, 103005.
“Banking Turmoil and Regulatory Reform”, 2024 (with V. Acharya, E. Carletti and F. Restoy), CEPR, pp. 167. VoxEU column.
Addressing banks’ vulnerability to deposit runs: revisiting the facts, arguments and policy options (with T. Beck, V. Ioannidou, E. Perotti, A. Sánchez-Serrano and J. Suarez), ECB ESRB Advisory Scientific Committee No 15, August 2024. Press Release.
“La Competencia en los Mercados Digitales”, 2024, FEDEA Documento de Trabajo 2024/01.
“The International Economic and Financial Order After the Pandemic and War”, 2023, (with G. Corsetti, B. Eichengreen and J. Zettelmeyer), CEPR, pp. 162. VoxEU column.
“Monetary Policy, Market Power and SMEs” (with A. Ferrando, P. McAdam and F. Petroulakis), AEA Papers and Proceedings, 2023, 113, 105-109.
“Open Banking: Promise and Trade-Offs”, 2023 (with D. Rivero), European Economy, issue 2022, 45-56.
Recent opinion articles and media exposure:
El Govern i el caos de la mobilitat, Ara, 01/02/2026
Límites a la revolución en EE.UU. un año después, La Vanguardia, 23/01/2026
Riscos per a l’economia el 2026, Ara, 02/01/2026
Europa debe navegar en el mundo de hoy, La Vanguardia, 19/12/2025
La irrupción de la tecnología financiera: competencia, bienestar y política pública, Nada es Gratis, 18/11/2025
Com regular les ‘big tech’, Ara, 09/11/2025
Europe Needs First A Consolidated Internal Market. Business Consolidation May Follow, Promarket, 3/11/2025
The impact of fintech on lending, VoxEU.org, 21/10/2025
Entrevista: “El turismo es nuestro monocultivo y supone un riesgo para la economía”, 1/10/2025, Economía 3
Els aranzels, la fi i el mitjà de Trump, min 8:25, 7/08/2025, SER Catalunya
Artificial intelligence in finance, VoxEU.org, 05/06/2025