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Annalisa Ferrando

Monetary Policy

Division

Capital Markets/Financial Structure

Current Position

Senior Lead Economist

Fields of interest

Microeconomics, Financial Economics, Law and Economics

Email

annalisa.ferrando@ecb.europa.eu

Biography

Education
1988-1990

M.Phil. in Economics, University of Oxford, UK

1987-1988

Diploma in Economia e Gestione Aziendale, Scuola Superiore E. Mattei, Milan, Italy

1981-1987

Degree in Economics, University of Venice, Venice, Italy

Professional experience
2006-2018

ECB, Principal Economist, Directorate Monetary Policy

2017

EIB, nov. 2016- oct. 2017, Advisor on secondment, Economics Department

2000-2006

ECB, Senior Economist, Directorate Monetary Policy

2001-2002

ECB, Consultant on the project "Bank lending survey in the EMU"

1998-2000

European Commission, National Expert, Direction General Enterprise

1991-1997

Banca d' Italia, Economist, Research Department

Awards
2019

2019 Behavioural Finance Working Group Conference: Best Quantitative Paper Award sponsored by Review of Behavioral Finance. Paper title: "What were they thinking? Firms'expectations on the availability of external finance"

2018

World Finance and Banking Symposium 2018: Best Paper Award. Paper title: “Investment of financially distressed firms: the role of trade credit”

2018

European Financial Management : 2017 Readers' Choice Best Paper Award. Paper title: “Financial Flexibility and investment ability across the euro area and the UK”

Teaching experience
1990

Lecturer in Economics, St. Peter's College, Oxford University, October 1990- March 1991

ECB publications
25 November 2020
20 July 2020
17 June 2020
Economic Bulletin Issue ,
16 June 2020
Economic Bulletin Issue ,
15 June 2020
12 June 2020
7 April 2020
27 December 2019
Economic Bulletin Issue ,
16 December 2019
17 May 2017
28 January 2016
24 August 2015
6 August 2015
13 July 2015
7 July 2015
26 June 2015
29 January 2014
15 August 2013
8 August 2013
13 December 2012
10 February 2011
23 September 2009
27 January 2009
22 September 2008
28 June 2007
26 June 2006
11 February 2005
5 May 2004
External publications
2020
Review of Behavioral Finance
What were they thinking? Firms' expectations since the financial crisis
  • Ferrando A.
  • Ganoulis I.
  • C. Preuss
2020
Journal of Corporate Finance
Spillover Effects of Government Initiatives fostering Entrepreneurship on the Access to Bank Credit for Entrepreneurial Firms in Europe
  • Moro A.
  • Maresch D.
  • Fink M.
  • Ferrando A. and Piga C.
2019
Intereconomics
Young SMEs as a motor of Europe's Innovation Machine
  • Veugelers
  • R.
  • Ferrando
  • A.
  • Lekpek
  • S.
  • Weiss
  • C. T.
2019
Small Business Economics
SME access to market-based finance across Eurozone countries
  • Bongini
  • P.
  • Ferrando
  • A.
  • Rossi
  • E.
  • Rossolini
  • M.
2019
EIB working paper 2019/03
Financing and obstacles for high growth enterprises: the European case
  • A. Ferrando
  • R. Pal and E. Durante
2018
EIB Working Paper Series 2018/4
Investment of financially distressed firms: the role of trade credit
  • A. Ferrando and M. Wolski
2018
EIB Working Paper series, 2018/7
Young SMEs: Driving innovation in Europe?
  • R. Veugelers
  • A. Ferrando
  • S. Lekpek and C. T Weiss
2018
EIB Working Paper series, 2018/2
Access to Finance and Innovative activity of EU firms: a Cluster Analysis
  • A. Ferrando and S. Lekpek
2018
International Journal of Finance and Economics
Financial Constraints and Productivity: Evidence from Euro Area Companies
  • A. Ferrando and A. Ruggieri
2018
Economia Politica
What Finance for What Investment? Survey-Based Evidence for European Companies
  • A. Ferrando and C. Preuss
2018
Journal of Money, Credit and Banking
Do SMEs Benefit from Unconventional Monetary Policy and How? Micro-Evidence from the Eurozone
  • A. Ferrando
  • A. Popov and G. Udell
2018
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
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
2017
European Investment Bank, 2017
EIBIS 2016/2017 Surveying Corporate Investment Activities, Needs and Financing in the EU
  • P. Brutscher and A. Ferrando
2017
Journal of Banking and Finance, vol. 81, August 2017, pp. 65-80
Sovereign Stress and SMEs' Access to Finance: Evidence from the ECB's SAFE Survey
  • A. Ferrando
  • A. Popov and G. Udell
2017
CEPR DP 12006, 2017
Suitable or Non-suitable: An investigation of Eurozone SMEs access to market-based finance?
  • P. Bongini
  • A. Ferrando
  • E. Rossi and M. Rossolini
2017
Chapter 1, pp. 3-28 in “Access to Bank Credit and SME Financing” edited by S. Rossi, Palgrave Publisher, 2017
Non-Bank financing for euro area NFCs during the crisis
  • A. Ferrando and E. Mavrakis
2017
Chapter 2. pp. 29-58 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
2017
European Financial Management, vol. 23, issue 1, pp. 87-126, January 2017
Financial Flexibility and investment ability across the euro area and the UK
  • A. Ferrando
  • M. T. Marchica and R. Mura
2016
European Journal of Finance, 9 September 2016
Creditor Protection, Judicial Enforcement and Credit Access
  • A. Moro
  • D. Maresch and A. Ferrando
2015
The Economic and Social Review, vol. 46, No1, pp.87-118
Financial obstacles and financial conditions of firms: do perceptions match the actual conditions
  • A. Ferrando
  • K. Mulier
2015
BIS IFC Bulletin, forthcoming
Firms’ financial statements and competitiveness: an analysis for European non-financial corporations using micro-based data
  • N. Benatti
  • A. Ferrando and P. Lamarche
2015
PME Rapport sur l’evolution des PME, Observatoire des PME, bpiFrance, pp. 139-144.
French SMEs access to external financing: a comparison with euro area enterprises based on survey data
  • A. Ferrando
2015
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,
SMEs access to credit: are government measures helpful for constrained firms?
  • A. Ferrando
  • M. Rossolini
2014
European Journal of Law and Economics
Multiple Market Imperfections, Firm profitability and investment
  • G. Calcagnini
  • A. Ferrando and G. Giombini
2014
Economic Modelling
Does Employment Protection Legislation Affect Firm Investment? The European Case
  • G. Calcagnini
  • A. Ferrando and G. Giombini
2013
Journal of Banking and Finance 37 (2013), pp. 3035-3046
Do firms use the Credit Channel of Trade to finance growth?
  • A. Ferrando and K. Mulier
2013
BIS IFC Bulletin n. 36, February
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
2012
Small Businesses in the Aftermath of the Crisis, eds G. Calcagnini and I. Favaretto, eds, Springer Verlag
Access to finance in the euro area: what are SMEs telling us about the crisis?
  • A. Ferrando
2011
The European Journal of Finance
Financing obstacles and growth: an analysis for euro area companies
  • C. Coluzzi
  • A. Ferrando and C. Martinez-Carrascal
2010
Sovereign Debt: From Safety to Default , Robert Kolb editor, John Wiley & Sons
Sovereign bond spreads in Central and Eastern Europe
  • I. Alexopolou
  • I. Bunda
  • A. Ferrando
2010
Journal of Eastern European Economics (EEE), vol. 48, n.5,Sep-Oct, pp. 5-37
Determinants of government bond spreads in new EU countries
  • I. Alexopolou
  • I. Bunda
  • A. Ferrando
2010
The European Journal of Finance, Vol. 16, No. 2, February 2010, 153–171
Financing constraints and Firms’ cash policies in the euro area
  • R. Pal
  • A. Ferrando
2008
Handbook of European Financial markets and Institutions, edited by X. Freixas, P. Hartmann and C. Mayer, Oxford University Press
Measuring European Financial Integration
  • L. Baele
  • A. Ferrando
  • P. Hördahl
  • E. Krylova
  • and C. Monnet
2007
n 6, Industrial Policy and Economic Reform papers, DG Enterprise and Industry
Is the growth of euro area small and medium-sized enterprises constrained by financing barriers?
  • A. Ferrando
  • P. Koehler-Ulbrich
  • R. Pal
2005
Elements of the euro area: integrating financial markets, M. Grande, J. Berg and F. P. Mongelli (eds), Ashgate, Aldershot
Concepts and measures of financial integration
  • A. Ferrando
  • J. Vesala
2005
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
2004
Oxford Review of Economic Policy, vol. 20, no 4, pp. 509-530
Measuring the integration of euro area capital markets
  • L. Baele
  • A. Ferrando
  • P. Hördahl
  • E. Krylova
  • and C. Monnet
2000
Economic Notes, July, pp. 215-241
The Italian banking structure in the nineties: testing the multimarket contact hypothesis
  • R. De Bonis
  • A. Ferrando
1999
La questione dimensionale in Italia, F. Traù (ed.), Il Mulino, Bologna
Business shock e dimensione d’impresa
  • A. Ferrando
  • I. Ganoulis
1999
DG Enterprise working paper n. 4
Gross Fixed Capital Formation in Europe: 1970-1998
  • A. Ferrando
1998
Atti del Convegno SIS97 La statistica delle imprese, vol. 2, Tirrenia Stampatori, Torino
Errori di misurazione del costo del capitale e redditività delle imprese: un’analisi panel di imprese italiane
  • A. Ferrando
  • I. Ganoulis
1997
Quaderni di Statistica e Matematica applicata alle Scienze Economico-Sociali, vol. XVIII, n.1-4, pp. 121-138
Le determinanti dei tassi di interesse sui prestiti nei mercati locali
  • A. Ferrando
  • R. De Bonis
1997
Nota di Lavoro 61.97, Fondazione ENI Enrico Mattei
Pyramidal Groups and external finance: an empirical investigation
  • M. Bianco
  • P. Casavola
  • A. Ferrando
1996
Rivista Internazionale di Scienze Economiche e Commerciali, vol.XLIV, 1, March
The adoption of advanced technologies in the Italian industrial sectors: a map from the census data
  • A. Ferrando
1995
Innocenzo Gasparini Institute (IGIER) Working paper n.86
The cost of durable assets in structure-performance models
  • A. Ferrando
  • I. Ganoulis
1994
Quaderni di economia e finanza, anno III, n.1, pp. 107-139
L’industria italiana all’inizio degli anni novanta: un’analisi su dati di bilancio
  • M. Bianco
  • A. Ferrando
  • G. Pellegrini and S. Trento
1994
CSC Ricerche n.109
Capitalisation and structure-performance models
  • A. Ferrando
  • I. Ganoulis
1992
Ricerche Economiche, n.3-4, Luglio-Dicembre , pp.221-242
Patent policy and vertical product differentiation
  • A. Ferrando