Prof. Angelo Ranaldo

Angelo Ranaldo is Professor of Finance and Financial Economics at the University of Basel. Professor Ranaldo has been a consultant and scientific advisor to international institutions such as the Bank of England, Bank of International Settlements, European Central Bank, and European Money Market Institute. He was recently appointed to the Bank Council of the Swiss National Bank.

Professor Ranaldo is studying the main frictions within the financial system that make it less efficient and less stable. In particular, he focuses on three interacting and mutually reinforcing frictions: market illiquidity, the balance sheet constraints of financial intermediaries, and institutional elements such as monetary regulation and policies. The rationale of his research agenda is that if the balance sheet capacity of financial intermediaries is depleted, their ability to intermediate markets and provide liquidity is reduced. This is especially true in over-the-counter markets heavily dependent on dealers, such as the currency market. In his current projects, he proposes innovative and accurate methods for measuring the liquidity of the currency market, showing its dependence on the financial health of dealers and demonstrating that illiquidity causes price inefficiency in the form of deviations from non-arbitrage conditions.

• Financial Markets
  • Central Banks and Monetary Policy
  • Financial Crises
  • Information and Market Efficiency
  • International Financial Markets and Emerging Markets
  • Systemic Risk and Regulation
• Portfolio Management and Asset Classes
  • Asset Pricing
  • Fixed Income
  • Foreign Exchange
  • Options and Other Derivatives
• Financial Institutions
  • Banks
  • Institutional Investors and Funds
  • Pension Funds
• Frontier Topics
  • Big Data and Fintech