SPANO' MARCELLO

Nato a Catania, Italia, il 12 giugno 1971
Indirizzo di residenza: Via Quarto Cagnino, 2 - 20153 Milano, Italy
e-mail: marcello.spano@uninsubria.it
Tel: +39 3494975935


Formazione

. 1998-2004 PhD in Economics presso la University of York
Supervisore: Prof. John P. Hutton.
VIVA examiners: Prof. Antonios Antoniou and Prof. Peter Spencer.
Titolo della tesi: “Risk Management and Corporate Behaviour”.
. 1999-2002 Dottorato in Economia Politica presso l'Università di Pavia
Supervisori: Prof. Domenico Delli Gatti and Prof. Michele Bernasconi.
Titolo della tesi: “Risky Finance and Risk Management: Firm Behaviour and Macroeconomic Implications”.
. 1997-1998 Master of Science in Economics presso la University of York
Corsi ed esami sostenuti includono: International Macroeconomics, Intertemporal Macroeconomics, Financial Markets, Advanced Microeconomics.
MSc Dissertation: “An Empirical Investigation of the Relationship Between Leverage Level and Probability of Default”.
. 1990-1996 Laurea in Economia e Commercio presso l'Università di Pavia
Voto di laurea: 110/110 cum laude.
Relatore: Prof. Nicolò De Vecchi.
Titolo della tesi: “Il credito nella teoria economica: due interpreti a confronto (Stiglitz e Schumpeter)”.


Esperienza di lavoro:

. 2004-oggi. Ricercatore a tempo indeterminato presso l'Università dell'Insubria, Dipartimento di Economia. Corsi erogati::
(Macro)economia internazionale (2005 - oggi); Macroeconomia (2026); Economia monetaria e creditizia (2020-22); Microeconomia (2007); Critica di Sraffa alla teoria economica (2005-06)
. 2012- 2017 Membro del Research Group on Integrated Assessment Sociology, Technology and Environment - Institute of Environmental Science and Technology Autonomous University (ICTA) of Barcelona
. 2013-2016 Docente a contratto presso l'Università of Pavia, Dipartimento di Economia e Metodi Quantitiativi. Corso: Macroeconomia.
. 2005 Docente di un ciclo di seminari MBA in Innovazione e Management Aziendale, MIP Politecnico di Milano. Corso: Economia e politica monetaria
. 2003-2004 Teaching Fellow at the Politecnico of Milan, Department of Managerial Engineering
Course: Institutions of Economics.
. 2002-2004 Assegnista di ricerca e docente presso l'Università di Milan
Titolo del progetto: “International Trade, Industrialisation and Development”.
Corso erogato: Economia internazionale e dello sviluppo.
. 2001-2002 Docente a contratto alla University of York, Department of Economics
Corsi: Microeconomics 2; Introductory Economics (Macroeconomics); Applied Economics.
. 1999-2001 Assegnista di ricerca presso l'Università di Novara, Dipartimento di Economia
Titolo del progetto: “Competitività delle reti locali e ruolo dei distretti industriali".


Pubblicazioni

2025 Drive repression and modern apocalyptic cosmology; a meeting ground between psychoanalysis and anthropology, Thesis Eleven, http://doi.org/10.1177/07255136251401910; First published on line: December 2025.

2025 Bank credit, financial flows, and distribution of income in the Eurozone, Competition & Change, 2025, https://doi.org/10.1177/10245294251346945; First published online: June 10, 2025.

2025 Gli Stati Uniti sono una potenza creditizia (in declino), Moneta e Credito, 78 (310), pp.199-215. https://doi.org/10.13133/2037-3651/18696

2024 Balance-sheet restructuring in Italy: an empirical analysis based on monetary circuit theory, European Journal of Economics and Economic Policies: Intervention, Vol. 21 No. 3, 2024, pp. 440–460; First published on line: November 2022; https://doi.org/10.4337/ejeep.2022.0087

2023 The Dollar Centric Financial System and the Conflict in Ukraine, Real World Economics Review, 104, pp. 67-74, ISSN: 2055-3668

2022 Deleverage, balance sheet restructuring, and economic policy in Italy, Journal of Economic Issues, 56 (1), pp. 225-243, https://doi.org/10.1080/00213624.2022.2020593, ISSN: 0021-3624.

2020 Le imprese italiane tra eccesso di debiti e difetto di investimenti, Economia e Politica, anno 12 n.20 sem. 2, ISSN: 2281-5260.

2020 Corporate Hedging and Productivity Shocks: Implications on Investment and Debt
International Journal of Business and Social Research (IJBSR), 10(4), pp.10-21, ISSN: 2164-2540 (print)/2164-2559 (on line); https://doi.org/10.18533/ijbsr.v10i4.1321

2020 Il problema del debito privato e lo scopo del debito pubblico, Economia e Politica, anno 12 n.19 sem. 1, ISSN: 2281-5260.

2019 Measuring finance for the economy and finance for finance, in L.P. Rochon and V. Monvoisin (Eds.), Finance, Growth and Inequality: Post-Keynesian Perspectives, Elgar, pp. 12-35. ISBN: 9781788973687; https://doi.org/10.4337/9781788973694.00008

2018 Finance, energy and the decoupling: An empirical study
(with Z. Kovacic, S. Lo Piano and A. Sorman)
Journal of Evolutionary Economics, 28, pp.565-590. ISSN: 0936-9937 (print)/ 1432-1386 (on line); https://doi.org/10.1007/s00191-017-0514-8

2015 Financial assets overhang in Europe
Journal of Post Keynesian Economics, 37 (3), pp. 503-527. ISSN: 0160-3477 (print)/1557-7821 online; https://doi.org/10.1080/01603477.2015.1000199

2013 Foreign reserves as hedging instruments in emerging countries
Panoeconomicus, 60, pp. 203-230. ISSN: 2217-2386; https://doi.org/10.2298/PAN1302203S

2013 Theoretical explanations of corporate hedging
International Journal of Business and Social Research (IJBSR), 3, pp. 84-102. ISSN: 2164-2559

2012 The effect of openness on foreign reserves and growth in the emerging economies
Annals of the “Constantin Brâncuşi” University of Târgu Jiu, Economy Series, 1/2012, pp. 7-23. ISSN: 1844-7007

2012 Corporate hedging, financial structure and investment. A theoretical and empirical investigation on the use of derivative financial instruments by non financial companies.
Saarbrücken: Lambert Academic Publishing.

2011 Is it possible to reduce the stock of foreign reserves?
International Journal of Economics and Finance Studies, 3(2), pp.193-205. ISSN: 1309-8055

2007 Managerial Ownership and Corporate Hedging
Journal of Business Finance & Accounting, 34, pp. 1245-80, ISSN: 0306-686X; https://doi.org/10.1111/j.1468-5957.2007.02024.x

2006 Openness, Growth and Poverty (with G.Barba Navaretti), in D.Tarr et al., Trade Policy and WTO Accession for Economics Development: Application to Russia and CIS, Moscow: VES MIR Publishers, ISBN: 9785777703446.

2006 Hedging against Neutral and Non Neutral Shocks: Theory and Evidence
Journal of Derivatives Accounting, 3 (1). ISSN: 0219-8681

2005 Macroeconomic Effects of Stock Market Fluctuations
Rivista Italiana degli Economisti, 3, pp. 27-46. ISSN: 1593-8662, https://doi.org/10.1427/22133

2004 Determinants of Hedging and Its Effects on Investment and Debt
Journal of Corporate Finance, 10, 175-197. ISSN: 0929-1199, https://doi.org/10.1016/S0929-1199(02)00037-8

2003 (with E. Baici) Essays in Baici, E., (Ed), L’economia novarese, Interlinea edizioni, Novara, ISBN: 8882124142: (i) “L’Economia Novarese”, pp. 1-93; (ii) “L’evoluzione della struttura produttiva in provincia di Novara”, pp. 95-113; (iii) “I sistemi locali di imprese: studi teorici e interventi di politica economica”, pp.221-253.


Partecipazione a conferenze e workshop

. 2023 Lille Post Keynesian Conference 2023: Economic possibilities for our grandchildren...90 years later. Lille 6-8 December. Titolo della presentazione: Bank credit dependency, financial flows and distibution of income in the euro zone.
. 2023 Intersezioni. Oltre la crisi. Sottosopra 2023. Fiuggi (Roma) 14-17 September. Titolo della presentazione: Financiarizzazione nell'Eurozona.
. 2017 Grenoble post-keynesian & intitutionalist conference. Instability, growth ®ulation. Grenoble University, 7-9 December. Titolo della presentazione: Measuring finance for the economy and finance for finance.
. 2017 Summer School on Computational Methods and Simulation for Economics, Rhur Universitat Bochum, June 6-9.
. 2016 2016 Minsky Summer Seminar, Bard College (NY, US), June 9-19.
. 2016 Glasgow Economic Forum 2016, March 19-20.
. 2013 Developing Toolkits for Analyzing the Nexus between Land, Water, Food, Energy and Population across Scales. 8th LIPHE4 Summer School, July 8-12, Universitat Autònoma de Barcelona, Bellaterra Campus.
. 2013 3rd International Conference in Economics 2013: Causes and consequences of excessive sovereign debts – Centro de Investigação em Gestão e Economia (CIGE) – Universitate portucalense, Oporto, Portugal, 24 May. Titolo della presentazione: “Please do not shoot the wrong enemy!”.
. 2012 16th International Conference on Macroeconomic Analysis and International Finance (ICMAIF), Rethymno, Greece, 24-26 May. Titolo della presentazione: “Foreign reserves as hedging instruments in emerging countries”.
. 2012 Joint workshop of the European Central Bank and the Bank for International Settlements on “Global Liquidity and its International Repercussions”. Frankfurt, Germany, 6-7 February. Attendant.


Ricerca attuale

“Analisi degli squilibri finanziari settoriali nell'area euro attraverso dati sui flussi di fondi";
“Studio della gerarchia delle monete e della struttura del sistema finanziario internazionale centrato sul dollaro”;
“Connessioni tra la teoria economica e la cosmologia dell'uomo moderno.”