After an earlier career focused on non-financial corporations, accounting and supervisory reporting, since 2015 I work as Principal Economist at the European Systemic Risk Board.

You can read more about me and my publications in my profiles in LinkedIn (link), ORCID (link) and Ideas (link).

Below you can find publications related to my work as economist.

Publications in refereed journals

Sánchez Serrano, A. 2024. Banks in an environment of higher interest rates. Latin American Journal of Central Banking, in press: 100158.  https://doi.org/10.1016/j.latcb.2024.100158 

Sánchez Serrano, A. 2024. Corporate price dynamics during and after the COVID-19 pandemic: insights from a partial equilibrium model. International Journal of Finance & Economics, 29(4): 4660-4680. https://doi.org/10.1002/ijfe.2899 

Sánchez Serrano, A. 2022. Loan renegotiation and the long-term impact on total factor productivity.  Latin American Journal of Central Banking, 3(4): 100074.  https://doi.org/10.1016/j.latcb.2022.100074 

Sánchez Serrano., A. 2022. From lost turnover to non-performing loans: the impact of the COVID-19 pandemic on the economy and on the financial system. Journal of Financial Crises, 4(3): 99-164. https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1421&context=journal-of-financial-crises 

Sánchez Serrano, A. 2022. Expected credit losses under imperfect foresight: insights from a partial equilibrium model. Spanish Journal of Finance and Accounting, 51(4): 444-483. https://doi.org/10.1080/02102412.2021.2006028 

Sánchez Serrano, A. 2021. The impact of non-performing loans on bank lending in Europe: an empirical analysis. North American Journal of Economics and Finance, 55: 101312. https://doi.org/10.1016/j.najef.2020.101312

Sánchez Serrano, A. 2020. High-frequency trading and systemic risk: a structured review of findings and policies. Review of Economics, 71(3): 169-195. https://doi.org/10.1515/roe-2020-0028 

Lepers, E. and A. Sánchez Serrano. 2020. Decomposing financial (in)stability in emerging economies. Research in International Business and Finance, 51: 101068. https://doi.org/10.1016/j.ribaf.2019.101068

Basten, M. and A. Sánchez Serrano. 2019. European banks after the global financial crisis: a new landscape. Journal of Banking Regulation, 20(1): 51-73. https://doi.org/10.1057/s41261-018-0066-3

Sánchez Serrano, A. 2018. EU banks after the crisis: sinners in the hands of angry markets. Journal of Banking and Financial Economics, 1(9): 24–51. https://doi.org/10.7172/2353-6845.jbfe.2018.1.2

Occasional papers and articles

Andersen, I., and A. Sánchez Serrano. 2024. A map of the euro area financial system. ESRB Occasional Paper No. 26.

Sánchez Serrano, A. 2022. Market prices and the evolution of corporate leverage in the euro area. Eurostat Statistical Working Paper Series. 

Beck, T. and A. Sánchez Serrano. 2022. Digitalisation and banking: new risks and three scenarios for the European banking system of the future. Revista de Estabilidad Financiera, 42: 11-29.

Sánchez Serrano, A. and T. Peltonen. 2020. Pension schemes in the EU: challenges and implications from a macroeconomic and financial stability perspective. ESRB Occasional Paper No. 17.

• Media coverage: participation in the podcast "From overzealous clergymen to underfunded benefit", The OUTThinking Investor (link).

Sánchez Serrano, A. 2018. Financial stability consequences of the expected credit loss model in IFRS 9. Revista de Estabilidad Financiera, 34: 81-99.

Alves, I., S. Ferrari, P. Franchini, J.C. Heam, P. Jurca, S. Langfield, S. Laviola, F. Liedorp. A. Sánchez, S. Tavolaro and G. Vuillemey. 2013. The structure and resilience of the European interbank market. ESRB Occasional Paper No. 3.

Policy reports

Beck, T., V. Ioannidou, E. Perotti, A. Sánchez Serrano, J. Suarez and X. Vives. 2024. Addressing banks’ vulnerability to deposit runs: revisiting the facts, arguments and policy options. Report of the Advisory Scientific Committee No. 15, August. 

• VoxEU column: Addressing banks’ vulnerability to runs, part 1: Facts, arguments, and policy challenges (link)

• VoxEU column: Addressing banks’ vulnerability to runs, part 2: Policy options (link)

• Media coverage: Les Echos (link), Expansion (link)

Beck, T., T. Peltonen, E. Perotti, A. Sánchez Serrano and J. Suarez. 2023. Corporate credit in the EU: recent evolution, main drivers and financial stability implications. Report of the Advisory Scientific Committee No. 14. June.

• VoxEU column: Corporate credit and leverage in the EU: A long-term view (link)

Buiter, W., S. Cecchetti, K. Dominguez and A. Sánchez Serrano. 2023. Stabilising financial markets: lending and market making as a last resort. Report of the Advisory Scientific Committee No. 13. January.

• VoxEU column: Stabilising financial markets: Lending and market making as a last resort (link)

Beck, T., S. Cecchetti, M. Grothe, M. Kemp, L. Pelizzon and A. Sánchez Serrano. 2022. Will video kill the radio star? Digitalisation and the future of banking. Report of the Advisory Scientific Committee No. 12. January.

• VoxEU column:  Video might kill the radio star: Digitalisation and the future of banking (link)

Portes, R., T. Beck, W. Buiter, K. Dominguez, D. Gros, C. Gross, S. Kalemli-Ozcan, T. Peltonen and A. Sánchez Serrano. 2020. The global dimensions of macroprudential policy. Report of the Advisory Scientific Committee No. 10. February.

Gai, P., M. Kemp, A. Sánchez Serrano and I. Schnabel. 2019. Regulatory complexity and the quest for robust regulation. SUERF Policy Note No. 86. July.

Pagano, M., A. Sánchez Serrano and J. Zechner. 2019. Can ETFs contribute to systemic risk? Report of the Advisory Scientific Committee No. 9. June.

• Media coverage: Central Banking (link), Morningstar Canada (link), Investors' Chronicle (link), Yahoo! Finance (link), ETF Stream (link) and ETF Express (link).

Gai, P., M. Kemp, A. Sánchez Serrano and I. Schnabel. 2019. Regulatory complexity and the quest for robust regulation. Report of the Advisory Scientific Committee No. 8. June.

Suárez, J. and A. Sánchez Serrano. 2018. Approaching non-performing loans from a macroprudential angle. Report of the Advisory Scientific Committee No. 7. September.

Books, monographs and other publications

Grothe, M. and A. Sánchez Serrano. 2022. Two questions on the banking sector after the pandemic hit, in Boubaker, S., and D. Nguyen (eds), Financial transformations beyond the Covid-19 health crisis, World Science (link).

Laskos, D. and A. Sánchez Serrano. 2015. Towards consistent and effective risk indicators in M. Quagliariello (ed.), Europe's New Supervisory Toolkit: Data, Benchmarking and Stress Testing for Banks and their Regulators. Risk Books.

Sánchez Serrano, A. 2009. Creating common statistical taxonomies in Europe: taxonomy of the financial modules of the Structural Business Statistics (SBS). Paper presented at the 57th Session of the International Statistical Institute, Durban.

Unpublished papers and work in progress

Sánchez Serrano, A. 2021. Credit losses under IFRS 9, regulatory capital requirements and banks’ profits: a counterfactual analysis. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4207761

Referee/Reviewer activity

International Journal of Finance & Economics

Working Paper Series of Czech National Bank