W O R K I N G  P A P E R S

Import Competition, Trade Credit and Financial Frictions in General Equilibrium

CEPR Discussion Paper 17926, Fenruary 2023

CEP Discussion Paper 1901, February 2023

With Federico Esposito

Revise and Resubmit, American Economic Journal: Macroeconomics

International Financial Flows and Misallocation (updated!)

CEPR Discussion Paper 17186, April 2022

With Federico Cingano.

Trade Shocks and Credit Reallocation(updated!)

CEPR Discussion Paper 14792, May 2020.
With Stefano Federico and Veronica Rappoport.

Featured in the LSE Business Review and VoxEU

Conditionally accepted, American Economic Review

Company profits in Italy

European Commission Discussion Paper 093 (2019).

With Massimo del Gatto, Gianmarco Ottaviano, and Fabiano Schivardi. 
Project financed by the DG ECFIN.

Financial Markets and the Allocation of Capital: The Role of Productivity,

CEP Discussion Paper 1555 (2018). 
With Filippo Di Mauro and Gianmarco Ottaviano.

Project financed by the ECB and the EIB.

Powering Education,

CEP Discussion Paper 1438 (2016).
With Paolo Lucchino.
The project was awarded the Coca-Cola Challenge Prize of the World Economic Forum, featured in the Guardian and the Wall Street Journal.


The Productivity Puzzle and Misallocation: an Italian Perspective
Economic Policy, volume 33, issue 96, pp. 635-684, 2018.
With Sara Calligaris, Massimo Del Gatto, Gianmarco Ottaviano, and Fabiano Schivardi.

Featured in CentrePiece Magazine 

Previous Versions: CEP, Discussion Paper 1520; European Commission, Discussion Paper 30 (Title: "Italy's Productivity Conundrum").

The Price of Development: the Penn-Balassa-Samuelson effect revisited 
Journal of International Economics, volume 102, pp 291-309, 2016.
FEEM Award of the European Economic Association

Featured in The Economist




with Gianmarco Ottaviano

Currency Unions
Edward Elgar Publishing
Edited book with Patrick Honohan and Davide Romelli


Foreign Capital Flows and Income Inequality in Emerging Countries

Multinationals and Monetary Policy Transmission

Banks' customer capital

Firms' hedging


Fiscal integration at the time of Brexit: the way forward for the eurozone, UniCredit Economics Special, September 2016.

Business Opportunities in Emerging Markets: which country and industry for exporters, UniCredit Global Themes Series, no. 36, July 2016, with Marco Valli (UniCredit).

Financial Times coverage

Brexit impact on EM currencies, UniCredit FX Perspectives, no. 11, July 2016, with Vasileios Gkionakis (UniCredit), Kathrin Goretzki (UniCredit).

Debt and Growth: from the Great Divergence to Secular Stagnation?, UniCredit Economics Thinking, no. 5, April 2016.

One year of quantitative easing,UniCredit Economics Special, March 2016.

La Repubblica coverage

Demographics and China, UniCredit Economics Special, January 2016.
Financial Times coverage

Global Challenges and Prospects for Emerging Markets: Commodity, China, and Capitals, UniCredit Global Themes Series, no. 30 , January 2016.
La Repubblica coverage

Fadi Hassan

Senior Economist, Bank of Italy

​Research Affiliate, CEPR

Research Associate, CEP-LSE