Nicht auf Deutsch verfügbar.
Alessandro Santoni
On-site & Internal Model Inspections
- Division
Financial Risk Inspections
- Current Position
-
Head of Section
- Fields of interest
-
Macroeconomics and Monetary Economics,Financial Economics,Public Economics
- Education
- 2013-2015
EMBA, Columbia Business School, London Business School, Hong Kong University, United States, China
- 2009-2011
Phd in Cognitive Science, University of Siena, Italy
- 2006-2007
BA in Political Science, University of Siena, Italy
- 1998-2004
BA in History, University of Siena, Italy
- 1997-1998
MSc in International Economics, Bocconi University, Milan, Italy
- 1991-1995
Ba in Economics, University of Siena, Italy
- Professional experience
- 2023-2025
Head of Onsite Inspection Section (Credit Risk - AQR)-DGOMI, European Central Bank
- 2021-2023
Senior Financial Expert-MCM Financial Crisis, IMF, Washington, United States
- 2018-2021
Head of Onsite Inspection Section (Market Risk, Treasury, IT)-DGOMI, European Central Bank
- 2014-2018
Head of Crisis Management Section-DG4, European Central Bank
- 2006-2014
Head of Strategic Planning, IR and Research-BMPS, Siena, Italy
- 2002-2006
Head of Southern European Banks, Goldman Sachs, London, UK
- 2000-2002
Equity Analyst, ABN-Amro, London, UK
- 1996-1997
Army Officer (NATO), San Dona del Piave, Italy
- Teaching experience
- 2024-2025
Adjuct Associate Professor, ASB-MIT Sloan, Malesya
- 2023-2025
Financial Crimes, University of St. Gallen, Switzerland
- 2008-2023
Bank Valuation, Bayes School of Business, UK
- 2016-2023
Risk management, Frankfurt School of Management, Germany
- 8 October 2025
- OCCASIONAL PAPER SERIES - No. 375Details
- Abstract
- The IMF working paper, “Good Supervision: lessons from the field,” examines the effectiveness of On-site Inspections (OSIs) as a supervisory tool in advanced economies (AEs), drawing insights from 60 Basel Core Principles (BCPs) assessments conducted between 2012 and June 2023. Despite their critical role in ensuring financial stability, OSIs are identified as the second-largest weakness among supervisory techniques in AEs. The study highlights challenges such as limited supervisory resources, infrequent inspections of smaller banks, and an over-reliance on off-site monitoring, which cannot fully substitute the insights gained from in-person supervision. Key deficiencies include gaps in OSI scope, frequency, staffing, and enforcement mechanisms, as well as communication and structural issues. The paper underscores the need for supervisory authorities to balance on-site and off-site methods, enhance staffing and inspection practices, and strengthen enforcement capabilities. These improvements are deemed essential to align supervisory practices with BCP standards and foster a more resilient financial system.
- JEL Code
- G2 : Financial Economics→Financial Institutions and Services
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
- 21 April 2025
- WORKING PAPER SERIES - No. 3050Details
- Abstract
- The primary objective of this study is to explore the dynamic relationships between equity returns or volatility and sentiment factors in European markets during both the periods preceding the COVID-19 pandemic, the COVID-19 itself, and the Russia-Ukraine war. We achieve this by applying the network methodology initially introduced by Diebold & Yilmaz (2014), along with its extensions based on realized measures and generalized forecast error variance decomposition, as proposed by Baruník & Křehlík (2018) and Chatziantoniou et al. (2023). Additionally, we investigate how the global sentiment factor influences the overall connectedness index by employing a quantile-on-quantile approach, following the methods outlined by Sim & Zhou (2015) and Bouri et al. (2022). To conduct our analysis, we utilize daily-frequency data encompassing the period from January 1, 2011, to December 31, 2023, covering the entirety of the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict in 2022 across six European stock indices. Our primary discovery is the interconnectedness of both returns and sentiment. Furthermore, our resultsindicate that during the COVID-19 and Russia-Ukraine war, there is a notable increase in volatility spillovers among the analyzed stock indices, driven by the heightened interconnectedness between stock market returns.
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
G40 : Financial Economics
- 11 May 2023
- OCCASIONAL PAPER SERIES - No. 316Details
- Abstract
- This article focuses on some of the operational aspects of winding down a bank’s trading book portfolio and discusses the hidden exit costs that can sometimes exist. The article provides a deep dive on valuation principles and exit strategies currently considered by industry practitioners when designing a solvent wind-down plan. It also provides the reader with an overview of key underpinning valuation or pricing concepts, such as ‘fair value’, ‘realisable value’ and ‘solvent wind-down (SWD) value’.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
G15 : Financial Economics→General Financial Markets→International Financial Markets
G17 : Financial Economics→General Financial Markets→Financial Forecasting and Simulation
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
G33 : Financial Economics→Corporate Finance and Governance→Bankruptcy, Liquidation
G34 : Financial Economics→Corporate Finance and Governance→Mergers, Acquisitions, Restructuring, Corporate Governance
- 2023
- SpringerHow to value a Bank: from licensing to resolution
- 2022
- SpringerCorporate Governance in the Banking Sector
- 2013
- Economic Notes: Review of Banking, Finance and Monetary EconomicsAssessing Rating Agencies' Ability to Predict Bank Bankruptcy–The Lace Financial Case
- 2013
- The Journal of Beta Investment StrategiesBehavioral finance: an analysis of the performance of behavioral finance funds
- 2012
- The Journal of TradingTime Lags in Processing Market-Sensitive Information: A Case Study
- 2012
- LAP Lambert Academic PublishingApplying Behavioral Finance to Investing
- 2012
- CarocciIl declino dell’economia italiana tra realtà e falsi miti
- 2010
- Studi e Note di EconomiaUS Banks. Causes of Bank Failures in 2009 and Early Warning Indicators
- 2010
- University of Siena Department of Economic Policy, Finance and Development Working PaperIntra-day anomalies in the relationship between US futures and European stock indexes
- 2009
- BancariaThe financial crisis: what to do now and how to prepare for the future