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Antonio Sánchez Serrano
ESRB Secretariat
- Current Position
-
Senior Lead Financial Stability Expert
- Fields of interest
-
Financial Economics,International Economics,Macroeconomics and Monetary Economics
- Other current responsibilities
- 2017
Secretary, ESRB Advisory Scientific Committee
- Education
- 2022-2023
PhD in Accounting, Economic and Finance, by publication of work, University of Portsmouth, Portsmouth, United Kingdom
- 2009-2020
Bachelor in English Studies, Universidad Nacional de Educación a Distancia, Madrid, Spain
- 2004-2008
BA (Hons) in Economics, Universidad Nacional de Educación a Distancia, Madrid, Spain
- 1996-2000
Bachelor in Business Administration, CUNEF, Madrid, Spain
- Professional experience
- 2001-2014
Assistant Economist and Economist, Banco de España
- 5 May 2026
- WORKING PAPER SERIES - No. 3223Details
- Abstract
- Using who-to-whom data for the last quarter of 2024, I build networks of financial interconnections in the euro area countries. After representing them in chord diagrams, I consider centrality metrics and find that banks dominate, with four exceptions: Cyprus, Ireland, Luxembourg and Malta. In these countries, other financial institutions and investment funds are at the core, with limited links to domestic sectors and strong ones with the rest of the world. A comparison across countries reveals substantial homogeneity between networks in the sixteen euro area countries and large differences with Cyprus, Ireland, Luxembourg and Malta. For each country, two communities are identified, one focused on the real economy and including banks, and the second comprising other financial intermediaries and the rest of the world. The consistent mapping of sectoral linkages and the accompanying descriptive analysis can be useful for policymakers and may also serve as platform for further analytical work.
- JEL Code
- D85 : Microeconomics→Information, Knowledge, and Uncertainty→Network Formation and Analysis: Theory
G10 : Financial Economics→General Financial Markets→General
G20 : Financial Economics→Financial Institutions and Services→General
G51 : Financial Economics
- 2025
- Latin American Journal of Central Banking
- 2025
- Revista de Estabilidad Financiera (Banco de España), 48: 84-106
- 2025
- ESRB Occasional Paper No. 27
- 2024
- International Journal of Finance and Economics
- 2024
- ESRB Occasional Paper No. 26
- 2022
- Spanish Journal of Finance and Accounting
- 2022
- Journal of Financial CrisesFrom lost turnover to non-performing loans: the impact of the COVID-19 pandemic on the economy and on the financial system
- 2022
- Latin American Journal of Central Banking
- 2022
- Revista de Estabilidad Financiera (Banco de España), 42: 11-29Digitalisation and banking: new risks and three scenarios for the European banking system of the future
- 2022
- Eurostat Statistical Working Paper Series
- 2021
- North American Journal of Economics and Finance
- 2020
- Research in International Business and Finance
- 2020
- Review of Economics
- 2020
- ESRB Occasional Paper No. 17Pension schemes in the EU: challenges and implications from a macroeconomic and financial stability perspective
- 2019
- Journal of Banking Regulation
- 2018
- Journal of Banking and Financial Economics
- 2018
- Revista de Estabilidad Financiera (Banco de España), 34: 81-99Financial stability consequences of the expected credit loss model in IFRS 9