Ferrando, Annalisa

Monetary Policy


Capital Markets/Financial Structure

Current position

Senior Lead Economist

Fields of interest

Financial Economics,
Law and Economics


  • 1998-1990
    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
Teaching experience
  • 1990
    Lecturer in Economics, St. Peter's College, Oxford University, October 1990- March 1991
  • 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”

ECB Working Paper Series


ECB Occasional Paper Series


ECB Economic Bulletin Article

ECB Economic Bulletin Box

Journal publications

Ferrando A., Ganoulis I., C. Preuss
What were they thinking? Firms' expectations since the financial crisis
Review of Behavioral Finance
Veugelers, R., Ferrando , A., Lekpek, S., Weiss, C. T.
Young SMEs as a motor of Europe's Innovation Machine
Intereconomics, vol. 54, Issue 6, pp. 369-377
Bongini, P., Ferrando, A., Rossi, E., Rossolini, M.
SME access to market-based finance across Eurozone countries
Small Business Economics
A. Ferrando, R. Pal and E. Durante
Financing and obstacles for high growth enterprises: the European case
EIB working paper 2019/03
A. Ferrando and M. Wolski
Investment of financially distressed firms: the role of trade credit
EIB Working Paper Series 2018/4
R. Veugelers, A. Ferrando, S. Lekpek and C. T Weiss
Young SMEs: Driving innovation in Europe?
EIB Working Paper series, 2018/7
A. Ferrando and S. Lekpek
Access to Finance and Innovative activity of EU firms: a Cluster Analysis
EIB Working Paper series, 2018/2
A. Ferrando and A. Ruggieri
Financial Constraints and Productivity: Evidence from Euro Area Companies
International Journal of Finance and Economics, Vol. 23, pp. 257-282
A. Ferrando and C. Preuss
What Finance for What Investment? Survey-Based Evidence for European Companies
Economia Politica, Vol. 35 (3), 1015-1053 and EIB Working Paper series, n. 1, 2018.
A. Ferrando, A. Popov and G. Udell
Do SMEs Benefit from Unconventional Monetary Policy and How? Micro-Evidence from the Eurozone
Journal of Money, Credit and Banking, Vol 51, No 4
P. Bongini, A. Ferrando, E. Rossi and M. Rossolini
The Capital Markets Union and firms’ access to external market-based finance: Evidence and policy implications from a novel survey-based index
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
A. Ferrando, A. Popov and G. Udell
Sovereign Stress and SMEs' Access to Finance: Evidence from the ECB's SAFE Survey
Journal of Banking and Finance, vol. 81, August 2017, pp. 65-80, Vol. 81, pp. 65-80
P. Bongini, A. Ferrando, E. Rossi and M. Rossolini
Suitable or Non-suitable: An investigation of Eurozone SMEs access to market-based finance?
CEPR DP 12006, 2017
A. Ferrando and E. Mavrakis
Non-Bank financing for euro area NFCs during the crisis
Chapter 1, pp. 3-28 in “Access to Bank Credit and SME Financing” edited by S. Rossi, Palgrave Publisher, 2017
A. Moro, D. Maresch, A. Ferrando and J. Barbar
Neither a Borrower nor a Lender Be! Loan Application and Credit Decision for Young European Firms
Chapter 2. pp. 29-58 in “Access to Bank Credit and SME Financing” edited by S. Rossi, Palgrave Publisher, 2017
A. Ferrando, M. T. Marchica and R. Mura
Financial Flexibility and investment ability across the euro area and the UK
European Financial Management, vol. 23, issue 1, pp. 87-126, January 2017
A. Moro, D. Maresch and A. Ferrando
Creditor Protection, Judicial Enforcement and Credit Access
European Journal of Finance, 9 September 2016
A. Ferrando, K. Mulier
Financial obstacles and financial conditions of firms: do perceptions match the actual conditions
The Economic and Social Review, vol. 46, No1, pp.87-118
N. Benatti, A. Ferrando and P. Lamarche
Firms’ financial statements and competitiveness: an analysis for European non-financial corporations using micro-based data
BIS IFC Bulletin, forthcoming
A. Ferrando
French SMEs access to external financing: a comparison with euro area enterprises based on survey data
PME Rapport sur l’evolution des PME, Observatoire des PME, bpiFrance, pp. 139-144.
A. Ferrando, M. Rossolini
SMEs access to credit: are government measures helpful for constrained firms?
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,
G. Calcagnini, A. Ferrando and G. Giombini
Multiple Market Imperfections, Firm profitability and investment
European Journal of Law and Economics
G. Calcagnini, A. Ferrando and G. Giombini
Does Employment Protection Legislation Affect Firm Investment? The European Case
Economic Modelling
A. Ferrando and K. Mulier
Do firms use the Credit Channel of Trade to finance growth?
Journal of Banking and Finance 37 (2013), pp. 3035-3046
A. Ferrando, N. Griesshaber, P. Köhler-Ulbrich; S. Pérez-Duarte and N. Schmitt
Measuring the opinion of firms on the supply and demand of external financing in the euro area
BIS IFC Bulletin n. 36, February
A. Ferrando
Access to finance in the euro area: what are SMEs telling us about the crisis?
Small Businesses in the Aftermath of the Crisis, eds G. Calcagnini and I. Favaretto, eds, Springer Verlag
C. Coluzzi, A. Ferrando and C. Martinez-Carrascal
Financing obstacles and growth: an analysis for euro area companies
The European Journal of Finance
I. Alexopolou, I. Bunda, A. Ferrando
Sovereign bond spreads in Central and Eastern Europe
Sovereign Debt: From Safety to Default , Robert Kolb editor, John Wiley & Sons
I. Alexopolou, I. Bunda, A. Ferrando
Determinants of government bond spreads in new EU countries
Journal of Eastern European Economics (EEE), vol. 48, n.5,Sep-Oct, pp. 5-37
R. Pal, A. Ferrando
Financing constraints and Firms’ cash policies in the euro area
The European Journal of Finance, Vol. 16, No. 2, February 2010, 153–171
L. Baele, A. Ferrando, P. Hördahl, E. Krylova, and C. Monnet
Measuring European Financial Integration
Handbook of European Financial markets and Institutions, edited by X. Freixas, P. Hartmann and C. Mayer, Oxford University Press
A. Ferrando, P. Koehler-Ulbrich, R. Pal
Is the growth of euro area small and medium-sized enterprises constrained by financing barriers?
n 6, Industrial Policy and Economic Reform papers, DG Enterprise and Industry
A. Ferrando, J. Vesala
Concepts and measures of financial integration
Elements of the euro area: integrating financial markets, M. Grande, J. Berg and F. P. Mongelli (eds), Ashgate, Aldershot
L. Baele, A. Ferrando
Bond and Equity market integration
Elements of the euro area: integrating financial markets, M. Grande, J. Berg and F. P. Mongelli (eds), Ashgate, Aldershot
L. Baele, A. Ferrando, P. Hördahl, E. Krylova, and C. Monnet
Measuring the integration of euro area capital markets
Oxford Review of Economic Policy, vol. 20, no 4, pp. 509-530
R. De Bonis, A. Ferrando
The Italian banking structure in the nineties: testing the multimarket contact hypothesis
Economic Notes, July, pp. 215-241
A. Ferrando, I. Ganoulis
Business shock e dimensione d’impresa
La questione dimensionale in Italia, F. Traù (ed.), Il Mulino, Bologna
A. Ferrando
Gross Fixed Capital Formation in Europe: 1970-1998
DG Enterprise working paper n. 4
A. Ferrando, I. Ganoulis
Errori di misurazione del costo del capitale e redditività delle imprese: un’analisi panel di imprese italiane
Atti del Convegno SIS97 La statistica delle imprese, vol. 2, Tirrenia Stampatori, Torino
A. Ferrando, R. De Bonis
Le determinanti dei tassi di interesse sui prestiti nei mercati locali
Quaderni di Statistica e Matematica applicata alle Scienze Economico-Sociali, vol. XVIII, n.1-4, pp. 121-138
M. Bianco, P. Casavola, A. Ferrando
Pyramidal Groups and external finance: an empirical investigation
Nota di Lavoro 61.97, Fondazione ENI Enrico Mattei
A. Ferrando
The adoption of advanced technologies in the Italian industrial sectors: a map from the census data
Rivista Internazionale di Scienze Economiche e Commerciali, vol.XLIV, 1, March
A. Ferrando, I. Ganoulis
The cost of durable assets in structure-performance models
Innocenzo Gasparini Institute (IGIER) Working paper n.86
M. Bianco, A. Ferrando, G. Pellegrini and S. Trento
L’industria italiana all’inizio degli anni novanta: un’analisi su dati di bilancio
Quaderni di economia e finanza, anno III, n.1, pp. 107-139
A. Ferrando, I. Ganoulis
Capitalisation and structure-performance models
CSC Ricerche n.109
A. Ferrando
Patent policy and vertical product differentiation
Ricerche Economiche, n.3-4, Luglio-Dicembre , pp.221-242