Current Position

Professor at “Universitat Pompeu Fabra” Barcelona

Faculty of Economics and Business Sciences

Department of Economics and Business

C/ Ramon Trias Fargas, 25-27 08005-Barcelona

Telephone: 93 542 27 26

Fax: 93 542 17 46

Electronic address: [email protected]


Investigation guidelines

Banking, Regulation, Imperfect Information, Financial Markets



PhD in Economics, University of Toulouse, 1978 (Thesis advisor, Jean-Jacques Laffont)

Bachelor in Mathematics, University of Toulouse, 1975

Bachelor in Economics, University of Toulouse, 1972


Other Current Academic Positions

Director of Master in Finances (BGSE-UPF), Barcelona

Director of Master in Banking and Finance (Barcelona School of Management-UPF), Barcelona

Director of Master in Financial Markets (Barcelona School of Management -UPF), Barcelona

Research Fellow, Center for Economic Policy Research (CEPR)

Member of the Advisory Board of European Banking Center (Tilburg).

Director, Financial Intermediation Research Society (FIRS)

Associate Editor of:

Journal of Financial Intermediation

Journal of Financial Stability

Member of the Advisory Board of:

Review of Finance


Previous Acrivities of Scientific Character

President of the European Finance Association, 2002

President of the Social Sciences Comisión AQU, 2008-2010

Academic Adviser for the European Central Bank Program: Macro-Prudential Research

Network (Mars)

Deutsch Bank Chair of European Financial Integration, Saïd Business School, Oxford University, Fall 2002

Invited professor University of Oslo, June 2002

Invited professor Doctoral program in finance, Frankfurt University

Bertil Danielsson invited scholar at the Stockholm School of Economics, 2001

Visiting Research Fellow, Financial Market Group, London School of Economics(July 1998-June 1999)

Houblon-Norman Senior Fellow of the Bank of England (July 1998-June 1999)

Invited Professor at The Wharton School of Economics, University of Pennsylvania. April 1996

Invited Professor Cambridge University, 1995

Invited Professor Universidad Carlos III de Madrid

Invited Professor at Financial Markets Group, London School of Economics, 1994

Vice-president of the Universitat Pompeu Fabra 1991-1994

Lecturer at CEMFI (Bank of Spain), 1990

Professor at University of Toulouse, 1987-1988

Lecturer at ENSAE (PARIS), 1987-90

Lecturer at Ecole des Hautes Etudes, 1986-88

Professor at University of Montpellier, 1984-87

Associate Professor, University of Toulouse, 1980-83

Invited Professor, Harvard University, fall 1979

Invited Professor, University of Illinois, Urbana-Champaign, fall 1978


Previous Non Academic Activities

Independent Board Member, Institut Català de Finances, 2015

Audit Organisationnel de la Banque Central du Congo. July 2007

Member of the ECB-CSF Research Network on “Capital Markets and Financial Integration in Europe”

Consultant for the Interamerican Development Bank, 2005

Consultant for The European Investment Bank, Tunisia, 2004

Consultant for The Federal Reserve Bank of New York, December 2000

Consultant for The European Central Bank, October 2000

Consultant for the Bank of England, April 2000

Consultant for the Interamerican Development Bank, Guatemala Financial Sector II, March 1997

Consultant for the Comisión Sistema Eléctrico Nacional (CSEN), for its securitization program, 1996

Consultant for the Interamerican Development Bank

Consultant for the World Bank, 1995

Member of the Commission “Risque de Crédit”, Conseil National du Crédit, Paris 1994-95

Commissariat General au Plan (Paris): analysis of the benefits of variable interest rate on mortgage loans, March-December 1988

Banque Nationale de Paris, (BNP) Department of International Financial Operations, January-April 1986

Deputy Executive Director Fundación de Estudios de Economía Aplicada FEDEA), 1989-1991


Scientific Documents and Publications


  1. "Relationship and Transaction Lending in a Crisis" Forthcoming Review of Financial Studies, (with Patrick Bolton,  Leonardo Gambacorta and Paolo Emilio Mistrulli)
  2. Taming Systemically Important Financial Institutions” (2013) Journal of Money, Credit and Banking. Volume 45, Issue s1, pages 37–58, August (2013.
  3. The Credit Ratings Game”. Patrick Bolton, Xavier Freixas and Joel Shapiro. The Journal of Finance, Volume 67, Issue 1, Pages: 85–112, 2012.
  4. Banking, finance, and the role of the state”. Xavier Freixas and Colin Mayer . Oxf. Rev. Econ. Policy; 27: 397 – 410; 2011.
  5. Bank resolution: a framework for the assessment of regulatory intervention”. Mathias Dewatripont and Xavier Freixas, Oxf. Rev. Econ. Policy; 27: 411 – 436, 2011.
  6. Bank Liquidity, Interbank Markets and Monetary Policy”. Xavier Freixas, Antoine Martin and David Skeie. The Review of Financial Studies, 24(8): 2656-2692. 2011
  7. Post-crisis challenges to bank regulation”. Xavier Freixas, Economic Policy, (62), p.375-399, 2010.
  8. “Monetary Policy in a Systemic Crisis”. Xavier Freixas,Oxford Review of Economic Policy, Vol 25(4), p.630-653, 2010.
  9. Systemic Risk and Prudential Regulation in the Global Economy”, in Evanoff, D., D. Hoelscher and G.Kaufman eds. Globalization and Systemic Risk, World Scientific , New Jersey 2009.
  10. The role of Interbank Markets in Monetary Policy: A model with rationing”, (with Jose Jorge) Journal of Money, Credit and Banking Vol. 40, No. 6 (September 2008), p. 1151-1176
  11. Regulating Financial Conglomerates” (with Gyongyi Loranth and Alan Morrison) Journal of Financial Intermediation 16, 2007, 479-514
  12. Conflicts of Interest, Information Provision and Competition in Banking”. Journal of Financial Economics, 85, August 2007, 297-330 (with Patrick Bolton and Joel Shapiro)
  13. Corporate Finance and the Monetary Transmission Mechanism”, (with Patrick Bolton) Review of Financial Studies, fall 2006; 19: 829 - 870. Michael Brennan Award
  14. The assessment: European Financial Integration Oxford Review of Political Economy, 20 (4),475-89 (with Phillp Hartmann and Colin Mayer)
  15. Guest Editors’ Introduction: Financial Structure and monetary policy channels Journal of Financial Intermediation, 13 (4),October 2004, 411-13 (with Anil Kashyap)
  16. Deconstructing Relationship Banking”, Investigaciones Economicas 2005, vol.29, issue 1 p. 3-31
  17. The Lender of Last Resort: A 21st Century Approach Journal of the European Economic Association, Vol 2(6) Dec 2004 (with Bruno Parigi and  Jean-Charles Rochet)
  18. Teoría y práctica de la regulación bancaria” (with Jesús Saurina) Moneda y crédito,(218)2004, p.111-158
  19. Interbank Market Integration under Asymmetric Information”, Review of Financial Studies, 2005 18(2):459-490 (with Cornelia Holthausen, ECB)
  20. The Lender of Last Resort: what have we learnt since Bagehot?” with Curzio Giannini, Glenn Hoggarth and Farouk Soussa, Journal of Financial Services Research, 18(1), October 2000, p.63-87. Reprinted in Charles Goodhart and Gerhard Illing editors, “Financial Crises, Contagion and the Lender of Last Resort”, Oxford University Press
  21. Systemic Risk, Interbank Relations and Liquidity Provision by Central  Banks”, Journal of Money Credit and Banking 32 (3, part 2), August 2000, 611-638 (with Bruno Parigi and Jean-Charles Rochet) Reprinted in Charles Goodhart and Gerhard Illing editors, “Financial Crises, Contagion and the Lender of Last Resort”, Oxford University Press
  22. Equity, Bonds and Bank Debt: Capital Structure and Financial Market Equilibrium under Asymmetric Information”, Journal of  Political Economy, 108(2), April 2000, p. 324-51 (With Patrick Bolton)
  23. Optimal Regulation of a Fully Insured Deposit Banking System” (with Emmanuelle Gabillon), Journal of Regulatory Economics, 16(2), Sepember 1999, p. 111-134
  24. Fair Pricing of Deposit Insurance. Is It Possible? Yes. Is It Desirable? No” (with Jean Charles Rochet), Research in Economics, nº52(3), September 1998, p.217-32
  25. Regulación financiera”. Moneda y Crédito, no. 206, 1998, pp. 11-42
  26. Contagion and Efficiency in Gross and Net Interbank Payment Systems” (with Bruno Parigi). Journal of Financial Intermediation, 7 (1), January 1998, pp. 3-31. D. P. Jacobs Prize to the most significant paper in 1998
  27. Infrastructure Financing with Unbundled Mechanisms” (with José A. Trujillo, Remy Cohen y Robert Sheehy), Inter-American Development Bank, Sustainable Development Department Technical Paper, nº IFM-109, December 1997
  28. Comments at the article of Ayuso, J. y Núñez, S.: “¿Desestabilizan los activos derivados el mercado al contado?: la experiencia española en el mercado de deuda pública”, Moneda y Crédito, nº 200, 1995, pp. 200-202
  29. Determinantes macroeconómicos de la morosidad bancaria: un modelo empírico para el caso español”, Moneda y Crédito, nº 199, 1994, pp. 125-156. (with J. de Hevia y A. Inurrieta)
  30. La titulización y el mercado de crédito hipotecario”, Perspectivas del sistema financiero, nº 44, 1993, pp. 53-59
  31. Comportamiento de la cotización en las nuevas salidas a bolsa”, Perspectivas del sistema financiero, nº 42, 1993, pp.97-108 (with A. Inurrieta)
  32. Las nuevas posibilidades de la titulización hipotecaria en España”, Perspectivas del sistema financiero, nº 42, 1993, pp. 77-86 (with F.J. Valero)
  33. Estructura intertemporal de los tipos de interés: hipótesis teóricas y resultados empíricos”, Investigaciones Económicas, vol. XVI, nº 2, 1992, p.187-203
  34. Primas de riesgo y cambio de hábitat”, Revista Española de Economía, Monographic, Mercados Financieros Españoles, 1992, p. 135-162 (with A. Novales)
  35. Teoría de la regulación en información imperfecta”, Investigaciones Económicas (supplement 1992), p. 13-39
  36. Equilibrio y racionamiento en el mercado de crédito”, Cuadernos economicos de I.C.E, nº 49, 1991/3, p. 223-235
  37. Fundamentación teórica de la regulación de los mercados financieros”, Moneda y Crédito, nº 190, 1990, p. 11-33
  38. Le partage de risque preteur emprunteur: une approche en termes de contrats contingents”, Finance, vol 11, 1, 1990, p. 7-28 (with P.Artus)
  39. Refinancement, liquidation et rationnement du crédit: une approche bayésienne”, Annales, nº 15/16, 1989, p. 231-266 (with B.Belloc)
  40. “L'effet d'irréversibilité dans le choix des grands porjets” Revue Economique, Vol.38, no.1 (January 1987), pp., 149-155
  41. Le role de la garantie dans les contrats de pret bancaire”, Finance Vol.8, June 1987, pp. 7-32 (with M.Deshons)
  42. Engel Curves leading to the Weak Axiom in the Aggregate” Econometrica, Vol. 55, no. 3 (May 1987), pp. 515-532 (with A. Mas-Colell)
  43. Planification de la distribution en présence d'effets externes Revue d'Economie Politique, no. 4, (July-August 1986), pp. 636-646 (with Michael Moreaux)
  44. L'apport du modèle d'arbitrage, analyse du marché boursier français” Cahier de l'IAE de Toulouse, no. 38 (November 1985) (with M. Domeon)
  45. Average Cost Pricing versus Marginal Cost Princing under Moral Hazard” Journal of Public Economics Vol. 26, no.2 (March 1985), pp. 135-146 (with J.J. Laffont)
  46. Planning under Incomplete Information and the Ratchet Effect” Review of Economic Studies, Vol. 52(2), no. 169 (April 1985), pp. 173-192 (with R. Guesnerie and J. Tirole)
  47. A cardinal approach to Straithforward Probabilstic Mechanisms” Journal of Economic Theory, vol. 34 no.2 (December 1984), pp. 227-251
  48. Tarification au cout marginal ou équilibre budgétaire?” Les annales de l´INSEE, august 1982 (with Jean-Jacques Laffont)
  49. Révélation des préférences dans l'allocation de bien public O-1 Les annales de l'I.N.S.E., August 1982
  50. Une analyse cout-avantage des mécanismes d'allocation: l'approche prix-quantités” Revue Economique, vol. 32, no. 6 (November 1981), pp. 1074-1086
  51. Comparaison de mécanismes de planification” Revue Economique, vol. 32, September 1981, pp. 1074-1086
  52. “Optimal growth with experimentation” The Journal of Economic Theory, vol. 24, no. 2 (April 1981), pp. 296-309
  53. Monopolistic behaviour, prices and quantities” The Review of Economic Studies, vol. XL VII (July 1980), pp. 747-753



  1.  “Systemic Risk, Crises, and Macroprudential Regulation” (2015) with Luc Laeven and José Luis Peydro, MIT press
  2.  “Norges Bank Watch 2014 An Independent Review Of Norwegian Monetary Policy” with Knut Anton Mork and Kyrre Aamdal
  3.  “Bailing out the banks: Reconciling stability and competition” (With Freixas X; BeckT; Coyle D; Dewatripont M; Seabright), Edited by the Centre for Economic Policy Research (CEPR) London, ISBN: 978-1-907142-03-1; 2010.
  4.  “Handbook of European Financial Markets and Institutions”. (With Philipp Hartmann and Colin Mayer). Oxford University Press, 2008
  5. “One Money, Many Countries: monitoring the European Central Bank 2”. (With Carlo Favero, Torsten Persson and Charles Wyplosz). Center for Economic Policy Research, London, 2000
  6. Microeconomics of Banking”. (With Jean-Charles Rochet). MIT Press, 1997 (2nd edition 2007), translated to Spanish, Polish and Chinese
  7. “Los límites de la competencia en la banca española”. Fundación BBV, 1996
  8.  “El mercado hipotecario español situación actual y proyecto de reforma”. Colección Estudios FEDEA, 1991
  9. Futuros Financieros”. Alianza Editorial, Madrid, 1990
  10. Planification en environnement aléatoire”. Awarded with the Association Française de Economique (1979) Editions du CNRS, 1981
  11. La banque et les groupes industriels à l'heure des nationalisations”. F. Morin Editor - Calmann Levy (1977) - pp. 46-43


Chapters in books

  1. Freixas X; Parigi B.,“Lender of last resort and bank closure policy” Chapter 11 in “The Oxford Handbook of banking” edited by Allen Berger; Philip Molyneux and John Wilson, Oxford University Press, 2010.
  2. “How can emerging market economies benefit from a corporate bond market?” in the book Bond Markets in Latin America (with Patrick Bolton) p. 29-49. Borensztein, Cowan, Eichengreen and Panizza editors. The MIT Press. Massachusetts Institute of Technology 2008
  3. “European Integration of Payments Systems” in the book Handbook of European Financial Markets and Institutions (with Cornelia Holthausen), p. 436-450. Freixas, Hartmann and Mayer editors. Oxford University Press 2008.
  4. “Regulation of Financial Intermediaries, A Discussion”, p.424-448 in S. Bhattacharya, A. Boot and A. Thakor, editors, Credit, Intermediatioand the Macroeconomy, Models and Perspetives Oxford University Press,  Oxford, New York, 2004 (with Anthony Santomero)
  5. “Crisis Management in Europe”, Chapter 4 in J. Kremers, D. Schoenmaker and P. Wierts, editors, Financial Supervision in Europe, Edward Elgar, Cheltenham, 2003
  6. “El euro y los mercados financieros”. In Barea, J. et al. Europa de las regiones. Barcelona: Planeta-De Agostini, 1998, pp. 27-28
  7. “Rentabilidad y riesgo en la teoría de la gestión de carteras”. Chapter 1 of the book “La evaluación de los fondos de inversión en España” (with José M. Marín, Miguel Angel Martínez and Gonzalo Rubio). Madrid: Civitas, 1997. (Biblioteca Civitas de Economía y Empresa. Colección Economía)
  8. “El Estado frente al sector bancario” in Salvador Barberà (Ed.): Estado y Economía. Elementos para un debate., Fundación BBV, 1995, pp. 291-310
  9. “Mercado y seguro sanitario” in Lopez Casanovas (Dir.): Análisis Económico de la Sanidad. Departament de Sanitat i Seguretat Social, 1994, pp.77-94
  10. “A reflection on securitization in the Spanish Market”, in Asset Securitization: Theory and practice in Europe, Euromoney books, 1992
  11. “Contratos de deuda con información iperfecta: una visión panorámica” en Invitación a la teoría económica, R.Marimón y X. Calsamiglia eds., Ariel Economía, 1991
  12. “Certainty Equivalent” in the New Palgrave edited by Eatwell, J., Milgate, M. and Newman, P. 1990
  13. “Debt contracts under imperfect information: a survey” Ouvrage collectif Monetary Theory and Policy, pp. 103-115, Springer-Verlag, 1989
  14. “Contrats bancaires optimaux” dans Mélanges Economiques, Essais en l'honneur d'Edmond Malinvaud, Economica 1988 pp. 381-412, (with J.J. Laffont)
  15. “L'effet d'irréversibilité généralisé” Marchés, capital e Incertitude Essais en l'honneur de Maurice Allais Economica (1986), pp. 141-153
  16. “Risk aversion and information demand” Bayesian Models in Economic Theory, M.Boyer et R.Kihlstrom, Eds North Holland, (1984), pp. 93-104 (with R.Kihlstrom)
  17.  “On the irreversibility effect” Bayesian Models in Economic Theory, North Holland (1984),  pp. 105-114 (with J.J. Laffont)


Discussions Papers

  1.  “Financial Architecture in Emerging markets” (with Patrick Bolton)
  2.  “Book vs. Fair Value Accounting in Banking, and Intertemporal Smoothing”(with Dimitrios Tsomocos)
  3. Optimal Bail-Out, Conditionality and constructive ambiguity”. Financial Market Group Discussion Paper 237, London School of Economics 1999
  4. "Banking competition and stability: The role of leverage" Economics Working Papers 1440, Department of Economics and Business, Universitat Pompeu Fabra.(with Kebin Ma).
  5. "Public Development Banks and Credit Market Imperfections " (with Marcela Eslava), Barcelona GSE Working Paper Series Working Paper nº 874


Participation in Projects (National/International)

Grants as IP

Nationwide (MICINN¹, AGAUR² and CIDEM³) 

2011-2014: “Programa de Excelencia del Banco de España

2010: CEPR Scientific leadership of the “Financial Stability and Regulation”.

2010-2015: “Icrea Academia Program” AGAUR (Research Development in the area of Banking).

2008-2013: “Instituciones y Mercados Financieros en Información Asimétrica” MICINN.

2008-2014: “Grup de Recerca en Finances i Comptabilitat” AGAUR.

2008-2010: “Sistema de visualitzación para la ayuda a la toma de Decisiones” CIDEM1

2003-2008: “Grup de Gestió Empresarial” AGAUR.

2002-2007: “Decisiones Financieras en Información Imperfecta” MICINN.

1999-2002: “Intermediación Financiera y Diseño de Contratos y Mecanismos de Negociación en Mercados Financieros bajo Asimetrías de Información” MICINN.

1998-2000: “Regulación de los mercados financieros” MICINN.

1997-2000Contratos financieros y equilibrio de mercado en presencia de asimetrías de información”  MICINN (Dirección General de Investigación Ciencia y Técnica).



2009-2013: “Risk Management and Risk Reporting Research Network” FP7 Marie Curie InitialTraining Network.

2002-2006: “Financing Retirement in Europe: Public Sector Reform and Financial Market Development” European Commission Research Training Network.

2000-2002: “Innovation technologique et systèmes financiers” Foundation Banque de France.


Other research activities

Member of the Board of Journal of Financial Stability.

President of the Risk Based Regulation Program of the Global Association of Risk Professionals (GARP).

Member of the scientific committee on the” Finance and Consumption Program” of the European Universitary Institute of Florence.

Steering committee of Research network European Central Bank for financial studies about “Capital markets and financial integration in Europe”.

Member of the Scientific Committee of the Economics Studies Service of the "Caisse des Dépôts et Consignations" at France.

Member of the Editorial Board:”Revista Española de Economía”.

Referee for : The Review of Economic Studies, American Economic Review, the Journal of Finance, Journal of Economic Theory, Journal of Public Economics, Econometrica, The European Economic Review, La Revue Economique, Finance, Journal of Risk and Insurance, The Scandinavian Journal of Economics, Investigaciones Económicas.

Referee for: the Comité National d'Evaluation (France), the University of Strasbourg and the Research Council of Canada and of Sweden.

Member of the Executive Committee of the European Finance Association (1997-2004).

Member of AEFIN (Asociación Española de Finanzas)


Some Conference Contributions

Keynote address Joint Banco de México, CEMLA, University of Zurich and Journal of Financial Stability conference, "Network models, stress testing and other tools for financial stability monitoring and macroprudentialpolicy design and implementation"

Keynote address at the joint workshop by the Research Task Force of the Basel Committee on Banking Supervision, the Centre for Economic Policy Research (London) and the Journal of Financial Intermediation “Banking and regulation: the next frontier”, January 23 2015 Basel

American Finance Association, 2014.  "Banking competition and stability: The role of leverage"

European Finance Association, 2013 (Cambridge, UK) “Relationship and Transaction Lending in a Crisis"

Keynote panelist "Towards a better regulation of the shadow banking system",  European Commission, Brussels, April 2012.

Member of the Steering Committee of the ECB-CFS Research Network on “Capital Markets and Financial Integration in Europe”,2010.

Conferences: Procyclicality and Financial Regulation” EBC, Tilburg 2010.

Bailing out the Banks: Reconciling Stability and Competition” (Brussels) 2010.

Economic Policy Panel” (Madrid), 2010

Bailing out the Banks: Reconciling Stability and Competition” (London), 2010

“Bank Crisis Prevention and Resolution”, Amsterdam 2010.

“The Governance and Regulation of Financial Institutions Lessons from the Crisis “, (Madrid) 2010.

“Transparency, Disclosure and Market Discipline in Banking Regulation “(Rome) 2010.

CEPR-DSF-EBC: “Cross-Border Banking in Europe after the Crisis” (Amsterdam) 2010.

“Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments”  (Frankfurt) 2010.

“Banking Competition and Consumer protection”(Brussels) 2010.

Center for Central Banking Studies, Bank of England, September 2009.

BEPA, European commission round table, September 2009

Alghero, Crenos conference, September 2009

SUERF, Utrech  September 2009

European Finance Association, Bergen August 2009

Tilburg, June 2009

Barcelona May 2009

Bank for International Settlements, Basle November 2008

Deutsche National Bank, October 2008

University of Konstanz, October 2008

Santiago de Chile, September 2008

Bundesbank, Frankfurt, May 2008

Tokyo, March 2008

CESifo, Munich, March 2008

Frankfurt  February 2008

New York Fed July 2007

IMF Seminar, Washington March 2007

Atlanta Fed June 2007

Chicago Federal Board September 2007

Foro de Finanzas November 2007

European Central Bank November 2007

Fondation Banque de France November 2007

ECB-CFS-Bank of Spain conference, Madrid, 2006

Key note speaker Journées de l'Association Française de Science Economique, 2006

IDB Workshop: “The Development of Latin American Bond Markets”, Berkeley, 2006

Banca d’Italia, 2006

European Finance Association meeting 2006, Zurich

Österreichische Nationalbank (Austrian Nationalbank) October, Austria, Central Bank, presented “Financial Architecture in Emerging markets”

  • European Central Bank. Frankfurt. 2001
  • Asociación Española de Economía. Alicante. 2001
  • 28th Meeting of the European Finance Association. Barcelona. 2001
  • The Hague, Ministry of Finance Conference. 2001
  • The Regulation of Financial Institutions. La Laguna (Tenerife). 2001
  • Finnish Economic Association Meeting. Helsinki. 2001 


PhD Thesis Advisor For:

“A Theory on the Interbank Market with an application to the Mexican case”. Fabricio López-Gallo. Universitat Pompeu Fabra. 2005

“Essays on Macroeconomics of Banking”. Jose Jorge. Universitat Pompeu Fabra. 2005

“Financial Intermediation in Europe”. Cornelia Holthausen. Universitat Pompeu Fabra. 1999

“Utilización de procesos ARCH en la modelización del riesgo financiero”. Alban Thomas. University of Tolouse. 1989

“Mercados de futuros de materias primas”. Michaele Delonde. University of Tolouse. 1987


Awards and Honours

Institut d’Estudis Financers award 2013

ICREA Academia award to research excellence, 2010

President of AQU Social Sciences Commission.

President of the European Finance Association (since 2002-2003).

Member of the Advisory Committee of the “Federal Reserve Bank of Atlanta”.

Distinction of Generalitat de Catalunya to the promotion of the university research (2002-2008).

Barclays Global Investors (BGI) Michael Brennan Award. Best papers published in Volume 19 of The Review of Financial Studies.

P.D. Jacobs 1998 prize for the most significant paper published in the Journal of Financial Intermediation.


Referee Activities


  •  Econometrica
  • The Review of Economic Studies
  • Journal of Political Economy
  • The Rand Journal of Economics
  • Review of Financial Studies
  • Journal of Economic Theory
  • Journal of Public Economics
  • Journal of Money Credit and Banking
  • International Economic Review
  • The European Economic Review
  • La revue Economique
  • Finance
  • Journal of Risk and Insurance
  • The Scandinavian Journal of Economics
  • Investigaciones Económicas
  • Revista Española de Economía



  • Comité National d'Evaluation (France)
  •  Comisión Asesora de Investigación Científica y Técnica (Spain)
  • Research Council of Canada
  • Economic& Social Research Council



1 Centre of Innovation for the business development of the Catalan Government.