Ferrando, Annalisa

Economics

Division

Monetary Policy

Current position

Principal Economist

Fields of interest

Microeconomics,
Financial Economics,
Law and Economics

Email

annalisa.ferrando@ecb.europa.eu

Other current responsibilities
Education
  • 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
Awards
  • 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 Occasional Paper Series

2016
2013
2007
2005
2004

ECB Working Paper Series

2017
2015
2014
2013
2012
2011
2009
2008
2006

Journal publications

2018
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 and M. Wolski
Investment of financially distressed firms: the role of trade credit
EIB Working Paper Series 2018/4,
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, 2018, forthcoming,
A. Ferrando and C. Preuss
What Finance for What Investment? Survey-Based Evidence for European Companies
Economia Politica, forthcoming and EIB Working Paper series, n. 1, 2018.,
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, 2018, forthcoming,
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. 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,
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,
P. Brutscher and A. Ferrando
EIBIS 2016/2017 Surveying Corporate Investment Activities, Needs and Financing in the EU
European Investment Bank, 2017,
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,
2016
A. Moro, D. Maresch and A. Ferrando
Creditor Protection, Judicial Enforcement and Credit Access
European Journal of Finance, 9 September 2016,
2015
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,,
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, 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,
2014
G. Calcagnini, A. Ferrando and G. Giombini
Does Employment Protection Legislation Affect Firm Investment? The European Case
Economic Modelling,
G. Calcagnini, A. Ferrando and G. Giombini
Multiple Market Imperfections, Firm profitability and investment
European Journal of Law and Economics,
2013
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 and K. Mulier
Do firms use the Credit Channel of Trade to finance growth?
Journal of Banking and Finance 37 (2013), pp. 3035-3046,
2012
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,
2011
C. Coluzzi, A. Ferrando and C. Martinez-Carrascal
Financing obstacles and growth: an analysis for euro area companies
The European Journal of Finance,
2010
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,
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,
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,
2008
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,
2007
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,
2005
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,
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,
2004
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,
2000
R. De Bonis, A. Ferrando
The Italian banking structure in the nineties: testing the multimarket contact hypothesis
Economic Notes, July, pp. 215-241,
1999
A. Ferrando
Gross Fixed Capital Formation in Europe: 1970-1998
DG Enterprise working paper n. 4,
A. Ferrando, I. Ganoulis
Business shock e dimensione d’impresa
La questione dimensionale in Italia, F. Traù (ed.), Il Mulino, Bologna,
1998
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,
1997
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, 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,
1996
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,
1995
A. Ferrando, I. Ganoulis
The cost of durable assets in structure-performance models
Innocenzo Gasparini Institute (IGIER) Working paper n.86,
1994
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,
1992
A. Ferrando
Patent policy and vertical product differentiation
Ricerche Economiche, n.3-4, Luglio-Dicembre , pp.221-242,