Ferrando, Annalisa


  • European Central Bank, DG- Economics, Principal Economist

Fields of interest:

  • Microeconometrics
  • Monetary Economics
  • Banking


  • M.Phil. in Economics, University of Oxford
  • Diploma in Economia e Gestione Aziendale, Scuola Superiore E. Mattei
  • Degree in Economics, University of Venice

Professional experience:

  • EIB, nov. 2016- oct. 2017, Advisor on secondment, Economics Department
  • ECB, 2006- current, Principal Economist, Directorate Monetary Policy
  • ECB, 2002-2006 Senior Economist, Directorate Monetary Policy
  • ECB, 2001-2002, Consultant on the project "Bank lending survey in the EMU"
  • European Commission, 1998-2000, National Expert, Direction General Enterprise
  • Banca d' Italia, 1991-1997, Economist, Research Department

Teaching experience:

  • Lecturer in Economics, St. Peter's College, Oxford University, 1990
No. Title Authors
2063Does employment protection legislation affect credit access? Evidence from EuropeMoro, Andrea, Maresch, Daniela, Ferrando, Annalisa, Udell, Gregory F.
1842The real effects of credit constraints: evidence from discouraged borrowers in the euro areaFerrando, Annalisa, Mulier, Klaas
1836Assessing the financial and financing conditions of firms in Europe: the financial module in CompNetFerrando, Annalisa, Altomonte, Carlo, Blank, Sven, Meinen, Philipp, Iudice, Matteo, Felt, Marie-Hélène, Neugebauer, Katja, Siedschlag, Iulia
1829Creditor protection, judicial enforcement and credit accessFerrando, Annalisa, Moro, Andrea, Maresch, Daniela
1823Financial constraints and productivity: evidence from euro area companiesFerrando, Annalisa, Ruggieri, Alessandro
1820Sovereign stress, unconventional monetary policy, and SME access to financeFerrando, Annalisa, Popov, Alexander, Udell, Gregory F.
1630Financial flexibility across the euro area and the UKFerrando, Annalisa, Marchica, Maria-Teresa, Mura, Roberto
1577Firms’ financing constraints: do perceptions match the actual situation?Ferrando, Annalisa, Mulier, Klaas
1502Do firms use the trade credit channel to manage growth?Ferrando, Annalisa, Mulier, Klaas
1293Financing obstacles among euro area firms: Who suffers the most?Ferrando, Annalisa, Griesshaber, Nicolas
1093Determinants of government bond spreads in new EU countriesAlexopoulou, Ioana, Bunda, Irina, Ferrando, Annalisa
997Financing obstacles and growth: an analysis for euro area non-financial corporationsFerrando, Annalisa, Martinez-Carrascal, Carmen, Coluzzi, Chiara
943The impact of financial position on investment: an anlysis for non-financial corporations in the euro areaFerrando, Annalisa, Martinez-Carrascal, Carmen
642Financing constraints and firms' cash policy in the euro areaFerrando, Annalisa, Pál, Rozália
No. Title Authors
167Savings and investment behaviour in the euro area
151Corporate finance and economic activity in the euro areaDe Fiore, Fiorella, Raudsaar, Taavi, McCann, Fergal, Carluccio, Juan, Horny, Guillaume, Finaldi Russo, Paolo, Caruana Briffa, Elaine, Metzemakers, Paul, van der Veer, Koen, Herman, Uroš, Karšay, Alexander, Mäki-Fränti, Petri, Servant, François, De Socio, Antonio, Hertkorn, Andreas, Karmazin, Branislav, Rupprecht, Manuel, Geiger, Felix, Farinha, Luísa, Rodriguez-Palenzuela, Diego, Ferrando, Annalisa
63Corporate finance in the euro area - including background materialCour-Thimann, Philippine, Salleo, Carmelo, Perrard, Romain, Hendrikx, Maarten, Waschiczek, Walter, Antão, Paula, Rantala, Anssi, Nahmias, Laurent, Sauvé, Annie, Reininger, Thomas, Walko, Zoltan, Drejer, Peter, Grintzalis, Ioannis, Bevilacqua, Franco, Mc Goldrick, Peter, Tombois, Katia, Maddaloni, Angela, Ferrando, Annalisa, Altunbas, Yener
23The bank lending survey for the euro areade Bondt, Gabe, Ferrando, Annalisa, Berg, Jesper, Van Rixtel, Adrian, Scopel, Silvia
14Measuring financial integration in the euro areaBaele, Lieven, Ferrando, Annalisa, Hördahl, Peter, Krylova, Elizaveta, Monnet, Cyril
Title Authors Where
Access to Finance and Innovative activity of EU firms: a Cluster Analysis A. Ferrando and S. Lekpek EIB Working Paper series, n. 2, 2018.
Financial Constraints and Productivity: Evidence from Euro Area Companies A. Ferrando and A. Ruggieri International Journal of Finance and Economics, 2018, forthcoming
What Finance for What Investment? Survey-Based Evidence for European Companies A. Ferrando and C. Preuss EIB Working Paper series, n. 1, 2018.
Do SMEs Benefit from Unconventional Monetary Policy and How? Micro-Evidence from the Eurozone A. Ferrando, A. Popov and G. Udell Journal of Money, Credit and Banking, 2018, forthcoming
EIBIS 2016/2017 Surveying Corporate Investment Activities, Needs and Financing in the EU P. Brutscher and A. Ferrando European Investment Bank, 2017
Sovereign Stress and SMEs' Access to Finance: Evidence from the ECB's SAFE Survey A. Ferrando, A. Popov and G. Udell Journal of Banking and Finance, vol. 81, August 2017, pp. 65-80
Suitable or Non-suitable: An investigation of Eurozone SMEs access to market-based finance? P. Bongini, A. Ferrando, E. Rossi and M. Rossolini CEPR DP 12006, 2017
The Capital Markets Union and firms’ access to external market-based finance: Evidence and policy implications from a novel survey-based index P. Bongini, A. Ferrando, E. Rossi and M. Rossolini Chapter 13 in “Finance and Investment: The European Case, edited by C. Mayer, S. Micossi, M. Onado, M. Pagano and A. Polo. Oxford: Oxford University Press, 2018
Non-Bank financing for euro area NFCs during the crisis A. Ferrando and E. Mavrakis Chapter 1, pp. 3-28 in “Access to Bank Credit and SME Financing” edited by S. Rossi, Palgrave Publisher, 2017
Neither a Borrower nor a Lender Be! Loan Application and Credit Decision for Young European Firms A. Moro, D. Maresch, A. Ferrando and J. Barbar Chapter 2. pp. 29-58 in “Access to Bank Credit and SME Financing” edited by S. Rossi, Palgrave Publisher, 2017
Creditor Protection, Judicial Enforcement and Credit Access A. Moro, D. Maresch and A. Ferrando European Journal of Finance, 9 September 2016
Financial Flexibility and investment ability across the euro area and the UK A. Ferrando, M. T. Marchica and R. Mura European Financial Management, vol. 23, issue 1, pp. 87-126, January 2017
SMEs access to credit: are government measures helpful for constrained firms? A. Ferrando, M. Rossolini Chapter 6 in “Public Private Partnerships for infrastructure and enterprise funding. Principles, Practices and Perspectives”. Edited by S. Caselli, G. Corbetta and V. Vecchi, Palgrave Publisher, forthcoming.
Financial obstacles and financial conditions of firms: do perceptions match the actual conditions A. Ferrando, K. Mulier The Economic and Social Review, vol. 46, No1, pp.87-118
Firms’ financial statements and competitiveness: an analysis for European non-financial corporations using micro-based data N. Benatti, A. Ferrando and P. Lamarche BIS IFC Bulletin, forthcoming
French SMEs access to external financing: a comparison with euro area enterprises based on survey data A. Ferrando PME Rapport sur l’evolution des PME, Observatoire des PME, bpiFrance, pp. 139-144.
Multiple Market Imperfections, Firm profitability and investment G. Calcagnini, A. Ferrando and G. Giombini European Journal of Law and Economics
Does Employment Protection Legislation Affect Firm Investment? The European Case G. Calcagnini, A. Ferrando and G. Giombini Economic Modelling
Do firms use the Credit Channel of Trade to finance growth? A. Ferrando and K. Mulier Journal of Banking and Finance 37 (2013), pp. 3035-3046
Measuring the opinion of firms on the supply and demand of external financing in the euro area A. Ferrando, N. Griesshaber, P. Köhler-Ulbrich; S. Pérez-Duarte and N. Schmitt BIS IFC Bulletin n. 36, February
Financing obstacles and growth: an analysis for euro area companies C. Coluzzi, A. Ferrando and C. Martinez-Carrascal The European Journal of Finance
Access to finance in the euro area: what are SMEs telling us about the crisis? A. Ferrando Small Businesses in the Aftermath of the Crisis, eds G. Calcagnini and I. Favaretto, eds, Springer Verlag
Sovereign bond spreads in Central and Eastern Europe I. Alexopolou, I. Bunda, A. Ferrando Sovereign Debt: From Safety to Default , Robert Kolb editor, John Wiley & Sons
Determinants of government bond spreads in new EU countries I. Alexopolou, I. Bunda, A. Ferrando Journal of Eastern European Economics (EEE), vol. 48, n.5,Sep-Oct, pp. 5-37
Financing constraints and Firms’ cash policies in the euro area R. Pal, A. Ferrando The European Journal of Finance, Vol. 16, No. 2, February 2010, 153–171
Measuring European Financial Integration L. Baele, A. Ferrando, P. Hördahl, E. Krylova, and C. Monnet Handbook of European Financial markets and Institutions, edited by X. Freixas, P. Hartmann and C. Mayer, Oxford University Press
Is the growth of euro area small and medium-sized enterprises constrained by financing barriers? A. Ferrando, P. Koehler-Ulbrich, R. Pal n 6, Industrial Policy and Economic Reform papers, DG Enterprise and Industry
Concepts and measures of financial integration A. Ferrando, J. Vesala Elements of the euro area: integrating financial markets, M. Grande, J. Berg and F. P. Mongelli (eds), Ashgate, Aldershot
Bond and Equity market integration L. Baele, A. Ferrando Elements of the euro area: integrating financial markets, M. Grande, J. Berg and F. P. Mongelli (eds), Ashgate, Aldershot
Measuring the integration of euro area capital markets L. Baele, A. Ferrando, P. Hördahl, E. Krylova, and C. Monnet Oxford Review of Economic Policy, vol. 20, no 4, pp. 509-530
The Italian banking structure in the nineties: testing the multimarket contact hypothesis R. De Bonis, A. Ferrando Economic Notes, July, pp. 215-241
Business shock e dimensione d’impresa A. Ferrando, I. Ganoulis La questione dimensionale in Italia, F. Traù (ed.), Il Mulino, Bologna
Le determinanti dei tassi di interesse sui prestiti nei mercati locali A. Ferrando, R. De Bonis Quaderni di Statistica e Matematica applicata alle Scienze Economico-Sociali, vol. XVIII, n.1-4, pp. 121-138
The adoption of advanced technologies in the Italian industrial sectors: a map from the census data A. Ferrando Rivista Internazionale di Scienze Economiche e Commerciali, vol.XLIV, 1, March
L’industria italiana all’inizio degli anni novanta: un’analisi su dati di bilancio M. Bianco, A. Ferrando, G. Pellegrini and S. Trento Quaderni di economia e finanza, anno III, n.1, pp. 107-139
Patent policy and vertical product differentiation A. Ferrando Ricerche Economiche, n.3-4, Luglio-Dicembre , pp.221-242
Gross Fixed Capital Formation in Europe: 1970-1998 A. Ferrando DG Enterprise working paper n. 4
Errori di misurazione del costo del capitale e redditività delle imprese: un’analisi panel di imprese italiane A. Ferrando, I. Ganoulis Atti del Convegno SIS97 La statistica delle imprese, vol. 2, Tirrenia Stampatori, Torino
Pyramidal Groups and external finance: an empirical investigation M. Bianco, P. Casavola, A. Ferrando Nota di Lavoro 61.97, Fondazione ENI Enrico Mattei
The cost of durable assets in structure-performance models A. Ferrando, I. Ganoulis Innocenzo Gasparini Institute (IGIER) Working paper n.86
Capitalisation and structure-performance models A. Ferrando, I. Ganoulis CSC Ricerche n.109
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