Economics serving society
Stefano Ungaro

Stefano Ungaro


Campus Jourdan – 48, boulevard Jourdan, 75014 Paris

Building PSE, 4th floor, office 49

  • Money, Credit, Finance in the long run

I am an economist specialized in quantitative financial and monetary history.

I hold a M.Sc. from Paris School of Economics and a M.Sc. from Bocconi University.

I will defend my PhD thesis at Paris School of Economics in May 2018 (supervisor: Pierre-Cyrille Hautcoeur).


My main theme of interest is credit. I therefore study the multiple interactions among money, the financial instruments that substitute money, and the financial institutions that provide money.


My research can be declined in three branches:

  1. My PhD thesis is dedicated to the interactions between money and financial markets in France in the period between 1880 and 1914. In particular, I study in detail the functioning of the markets for collateralized borrowing. There were two main types of borrowing against securities in France: advances on securities, granted by the central bank and the banking sector, and reports or repos, happening inside the stock exchange. In my thesis I study both markets, and the plurality of actors and institutions that interacted in this setting. I study both the long run evolution of these instruments, and some moments of freeze in the money market.
  2. A new project on which I am currently working on deals with the banking crisis of the 1930s in France. This is a joint project with Angelo Riva (PSE and EBS), Eric Monnet (Bank of France, PSE and CEPR), and Patrice Baubeau (University Paris 10 Nanterre). We constructed a new database of banks’ balance sheets during the interwar period, and we are currently studying the 1930s crisis in France from an original and quantitative point of view.
  3. Since 2011, I work in projects of data collection and database building. High-quality historical financial data are essential to both economists and historians. To financial economists, because long-run high-quality data allow to test both theories and policies. To economic historians, because quality of historical research is strictly dependent on quality of historical data. I have two publications summarizing the work I have done together with my colleagues in building DFIH, a historical financial database collecting high-quality data on Paris Stock Exchange stocks, bonds and issuers from 1795 to 1976. See my CV for details.


Last but not least, I teach and I love to do so. This year I am a teaching and research fellow (ATER) at University Paris 1 Panthéon-Sorbonne. During the fall semester, I was TA for the Monetary and Financial Economics course (Pr. Jézabel Couppey-Soubeyran). During the spring semester, I am TA for the International Monetary Relations course (Pr. Agnès Bénassy-Quéré).

In the past I was an adjunct professor at European Business School in Paris, where I taught Financial Regulations in English and in French to fourth-year students from 2015 to 2017.

Before that, I worked as a TA at Sciences Po Paris.