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CeMaFiR - Centre for Macroeconomics and Finance Research - Arnone - Bellavite Pellegrini Foundation
CeMaFiR - Centre for Macroeconomics and Finance Research - Arnone - Bellavite Pellegrini Foundation

CeMaFiR Centre for Macroeconomics and Finance Research

Members of the CeMaFiR and Short Bios

  • Leonardo Borlini, PhD in Int'l Law & Econ (Bocconi U.), LLM (U. of Cambridge, UK);  BA Econ (Bocconi U.), BA Law (U. of Pavia). He is Research Fellow at the CeMaFiR and Bocconi U. Paolo Baffi Center on Central Banking and Financial Markets, and works on global legal frameworks against money laundering and corruption. His research includes also other institutional and governance issues, such as EU competition policy; international trade law; relationship between WTO and EU legal orders. He has published several research papers, taught at Bocconi U. (Milan, IT) and LIUC (Varese, IT) and has been Visiting Scholar at Wolfson College (U. of Cambridge, UK).

Email: Leonardo.Borlini@unibocconi.it


  • Alberto Brovida, BA Econ and Business Admin. (Milan Catholic U.), also studied at Columbia U. (NY) and Milan SDA Bocconi.  From 2007 is a Business Planner at the R&D Company of Ferrero Group, focusing on new project evaluation. In 2006 he joined the Corporate Development and M&A department of the Ferrero Group working with Luca Nikodimovich, Strategy and Development Director of De Agostini Group. Alberto is a Research Fellow at the CeMaFiR, working on accountability and transparency of central banks. He contributed to the  Laurens, Arnone and Segalotto book “Central Bank Independence, Accountability, and Transparency: A Global Perspective”, IMF Series, Palgrave Macmillan, UK, 2009.

Email: Brovidalberto@yahoo.it


  • Eleni Iliopulos, M.Sc. in Economics from the University of Warwick (UK) and Ph.D. in Economics jointly from the Universities of Pavia (IT) and Evry (Paris Sud, FR). She is Maitre de Conference at Sorbonne (Paris 1), and works also at CEPREMAP (Paris) with Michel Juillard and Ester Faia in the framework of the MONFISPOL project for the European Commission (other members of the project: A. Marcet, J. Pearlman, V. Wieland). She has been both a TA and an Assistant Professor (temporary) at the University of Evry and a Research Fellow at the American University (Washington DC). Eleni is Research Fellow at the CeMaFiR. Her research interests include open-economy macro, money & finance, the economics of corruption and immigration. Publications include: “UK external imbalances and the sterling: are they on a sustainable path?" (2007), Open Economies Review, vol. 18(5) (with M. Miller); The Cost of Corruption (2005 and 2007). Foreword by V. Tanzi, Preface by G. Forti, Milano: Vita e Pensiero (with M. Arnone). 

Email: eleni.iliopulos@univ-paris1.fr

Webpage: http://eleni.iliopulos.free.fr/



  • Alessandro Gambini, PhD U. Politecnica delle Marche (UPM) and MSc U. of Essex, is Research Fellow at: the UPM Department of Economics, the Centre for Macroeconomics & Finance Research (CeMaFiR), founded by M. Arnone, and the Money and Finance Research group (MoFiR), promoted by P. Alessandrini, M. Fratianni and A. Zazzaro. Alessandro is TA in Macroeconomics at UPM Dept. of Economics. His research interests focus on financial crises, banking and financial supervision, relationship-banking and firm growth. Recent publications include: “L’impatto della durata del legame banca-impresa sulla crescita dimensionale delle imprese marchigiane” (2008) Economia Marche - Review of Regional Studies, n° 1; "Governance in Banking Supervision: Theory and Practices" (with S. Darbar and M. Arnone) and "Architectures of Supervisory Authorities and Banking Supervision" (with M. Arnone), in D. Masciandaro and M. Quintyn (eds), (2007), Designing Financial Supervision Institutions, London: Edward Elgar; and ‘Banking Supervision: Quality and Governance’ (with M. Arnone and S. Darbar), IMF Working Paper 07/82.

Email: a.gambini@univpm.it


  • Laura Pellegrini received her Ph.D. in Economic Policy from the Catholic University of Milan in 2010. She is office manager of Fondazione Arnone Bellavite Pellegrini and a member of CeMaFiR (Centre for Macroeconomic & Finance Research). Her research interest are Corporate Governance, Corporate Finance, Law and Finance and Law and Economics, Political Connections and Corruption. Currently she works with Carlo Bellavite Pellegrini on academic and professional topics. She is the author of several articles on corporate governance and political connections and corruption, which include the following:

2011, “Does corruption matter? The impact of corruption on share returns of listed industrial companies in the Euro area”, with Carlo Bellavite Pellegrini. Discussion paper at SIDE-ISLE 2010, 10-11 December, Free University of Bolzano, available at: http://ssrn.com/abstract=1731047;

2011, “Politically connected firms in Italy: do political connections matter?” with Carlo Bellavite Pellegrini, contributed for a book by M. Arnone and L. Borlini, "Corruption-economic analysis and the transnational legal apparatus against it", Edward Elgar, forthcoming;

2010, “Alternative vs Traditional Corporate Governance Systems in Italy: An Empirical Analysis”, with Carlo Bellavite Pellegrini and Emiliano Sironi, 8(3), 4-15, ISSN: 1727-7051 Problems and Perspectives in Management;

2010, “Why Do Italian Joint Stock Companies Adopt One or Two Tier Board?” with Carlo Bellavite Pellegrini and Emiliano Sironi, Rivista Internazionale di Scienze Sociali, CXVIII, Gennaio-Marzo;

2009, “Le motivazioni dell’affidamento volontario del controllo contabile al Collegio Sindacale o al revisore esterno nelle società per azioni non quotate in Italia: un’indagine empirica”, with Carlo Bellavite Pellegrini and Emiliano Sironi, La Rivista delle Società, LIV, Fasc. 1, pp. 181-210, ISSN: 0035-6018, Giuffrè Editore, Milano.

E-mail: laura.pellegrini@unicatt.it


  • Andrea F. Presbitero (PhD Università Politecnica delle Marche, MA University of Sussex) is Assistant Professor at the Department of Economics of the Università Politecnica delle Marche (Italy) and he is affiliated to the Centre for Macroeconomics & Finance Research (CeMaFiR) and to the Money and Finance Research group (MoFiR). He has served as a consultant for the World Bank and the Inter-American Development Bank on debt relief and debt sustainability issues. He is managing editors of the Review of Economics and Institutions, and has published in the Journal of Financial IntermediationJournal of Economic GeographyReview of Finance,Development Policy Review, and other peer-reviewed international journals on banking & finance, development economics, and international economics. He is author, with M. Arnone, of the book Debt Relief Initiative: Policy Design and Outcomes (Ashgate 2010) and, with A. Niccoli, of the book Microcredito e macrosperanze: opportunità, limiti e responsabilità (EGEA 2010). 


Homepage: sites.google.com/site/presbitero/


  • Diego ScaliseBA and PhD Econ (Milan Catholic U.), MSc  Econ (U Pompeu Fabra, Barcelona, SP), has been Visiting Scholar at Harvard University and is Research Fellow at the CeMaFiR.  He is an Economist at the Research Department of the Bank of Italy in Milan. Before joining the Bank of Italy, Diego has been working in a London-based economic consultancy, where he advised both private and public clients on macro and microeconomic issues, and at the International Monetary Fund, at the Research Department. At the IMF his research projects included liberalization in the energy and telecom sectors in over 100 developing and emerging countries, and competition policy. His research covers both theoretical and empirical micro and macroeconomic effects of deregulation policies in factor and product markets, and their interactions with monetary policy. Academic writings include: “The Political Economy of Agricultural Reforms in Developing Countries” (2009), with P. Giuliano (UCLA), The B.E. Journal of Economic Analysis & Policy: Vol. 9 : Iss. 1 (Contributions), Article 33; “Macroeconomic Effects of Deregulation in Goods Market with Heterogeneous Firms”, with M. Arnone (Catholic University and CeMaFiR), Catholic University of Piacenza WP in Economics 34/2006; “What Determines Structural Reforms in Developing Countries?”, with A. Spilimbergo and P. Mishra (both IMF), mimeo.


  • Jean-Francois Segalotto,BA Econ & Business Admin. from the Catholic University (Milan, IT) where he is a research scholar in political economy. He is an analyst and a consultant in the Internet, Media and Telecoms sectors with ThinkTel, an international telecom think-tank based in Milan. Jean-Francois is a Research Associate at the Center for Macroeconomics & Finance Research (CeMaFiR). His research work with the CeMaFiR focuses on monetary economics and institutions. Publications on these topics include: “Central Bank Autonomy, Macroeconomic Performance, and Monetary Frameworks: a Global Comparison”, with M. Arnone and M. Sommer, in M. Mazzoli and F. Arcelli (eds.), Essays in Honour of Mario Arcelli (Rubbettino Editore, 2005); “The Measurement of Central Bank Autonomy: Survey of Models, Indicators, and Empirical Evidence”, with M. Arnone and B. Laurens, IMF working paper 06/227; “Measures of Central Bank Autonomy: Empirical Evidence for OECD, Developing, and Emerging Market Economies”, with M. Arnone and B. Laurens, IMF working paper 06/228; “Central Bank Autonomy: Lessons from Global Trends”, with M. Arnone, B. Laurens, and M. Sommer, IMF Staff Papers, September 2008; Central Bank Independence, Accountability, and Transparency: A Global Perspective, IMF Series, Palgrave Macmillan, 2009.

Email: jf_segalotto@yahoo.it


  • Daniele Siena, 3rd-year PhD Econ student at Bocconi U., holds a MSc Econ (U Pompeu Fabra, Barcelona, SP), a BA Econ & Businesses Admin (Milan Catholic U.) His research interests focus on monetary economics, international macroeconomics and political economy from both an empirical and theoretical perspective. He is a member of the Centre for Macroeconomics & Finance Research (CeMaFiR), where he worked on accountability and autonomy of central banks, contributing to the Laurens, Arnone and Segalotto book "Central Bank Independence, Accountability, and Transparency: A Global Perspective", IMF Series, Palgrave MacMillan, UK, 2009. In 2010 he has been an intern at the OECD.

Email: daniele.siena@phd.unibocconi.it


  • Martin Sommer, since graduating with Ph.D. from the Johns Hopkins University, he has worked as an economist at the International Monetary Fund, covering global issues such as volatility of inflation and business cycle, central bank autonomy, and commodity markets. He was a Japan specialist in the IMF's Asia and Pacific Department; currently, he works on the USA desk at the Western Hem Dept. For his webpage and publications, please, click here.