一、主題：The Interbank Network Across the Great Financial Crisis: Evidence from Italy

二、主講人：Alberto Franco Pozzolo，意大利莫裡斯大學（University of Molise）經濟學教授。他的研究成果曾在Journal of Monetary Economics、Journal of International Economics、和Journal of Business等國際著名經濟學期刊發表。他目前的研究課題是關于銀行與FDI的研究。他曾在意大利銀行研究部任經濟學家職位，還訪問過全球多所大學，包括美國芝加哥大學、英國卡斯商學院和北京師範大學等。

三、時間：2015年6月3日（周三），12：30-13：30

四、地點：主樓913會議室

五、主持人：黃志剛，bevictor伟德官网副教授

Abstract: We study the effects of the great financial crisis on interbank market connectivity using the tools of network analysis. More specifically, using data on each bilateral interbank position of all Italian banks between 1998 and 2013, we analyze the impact on banks network centrality of the following events: the liquidity crisis of August 2007, Lehmans default in September 2008, the Eurosystem's Long Term Refinancing Operations that took place between 2009 and 2012, the Sovereign debt crisis of July 2011, and the announcement of the Outright Money Transactions in 2012. The results show that the 2007 liquidity crisis and especially the default of Lehman Brothers caused a strong reduction of the interconnectedness within the Italian banking sector, but that in the following years the system progressively recovered the initial level of integration, thanks also to the Eurosystem's monetary policy interventions. However, the average effect hides different impacts across banks, depending on their characteristics and initial positions within the system.