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SPANO' MARCELLO

SPANO' MARCELLO

Ricercatori
DIPARTIMENTO DI ECONOMIA
Course Catalogue:
https://uninsubria.coursecatalogue.cineca.it/docen...

Gruppo 13/ECON-01 - ECONOMIA POLITICA

Settore ECON-01/A - Economia politica
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  •  marcello.spano@uninsubria.it
  •  0332 39 5514
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Communications

Overview

Marcello Spanò (born 1971) is a Researcher in Economics at the Department of Economics, University of Insubria. He holds a PhD in Economics from the University of York (2004) and a Doctorate in Economics from the University of Pavia (2002). He currently teaches Macroeconomics and International Economics. His research focuses on Eurozone imbalances, the creation and circulation of financial flows across sectors and countries, currency hierarchy and transformations in the global monetary and financial system. He is also interested in interdisciplinary research at the intersection of economics, anthropology, sociology, psychoanalysis, and geopolitics. Marcello Spanò is a founding member of IdeeSottosopra, an Italian association dedicated to the development and dissemination of interdisciplinary knowledge. His main studies are published in Competition & Change, Thesis Eleven, Journal of Post-Keynesian Economics, Journal of Evolutionary Economics, Journal of Economic Issues, Panoeconomicus, European Journal of Economics and Economic Policies: Intervention.

Description

Personal Details

Born in Catania, Italy, 12, June 1971
Home Address: Via Quarto Cagnino, 2 - 20153 Milano, Italy
e-mail: marcello.spano@uninsubria.it
Tel: +39 3494975935

Education

. 1998-2004 PhD in Economics at the University of York
Supervisor: Prof. John P. Hutton.
VIVA examiners: Prof. Antonios Antoniou and Prof. Peter Spencer.
Thesis title: “Risk Management and Corporate Behaviour”.
. 1999-2002 Doctorate in Economics at the University of Pavia
Supervisors: Prof. Domenico Delli Gatti and Prof. Michele Bernasconi.
Thesis title: “Risky Finance and Risk Management: Firm Behaviour and Macroeconomic Implications”.
. 1997-1998 Master of Science in Economics at the University of York
Courses taken include: 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 First Degree in Economics at the University of Pavia
Final mark: 110/110 cum laude (distinction).
Supervisor: Prof. Nicolò De Vecchi.
Graduation thesis title: “Credit in Economic Theory: A Comparison Between Two Interpreters (Stiglitz and Schumpeter)”.


Work Experience

. 2004-present. Researcher at the University of Insubria. Lecturer of the following courses:
International (macro)economics (2005 - present); Macroeconomics (2026); Monetary Economics (2020-22); Microeconomics (2007); Sraffa’s criticism to economic theory (2005-06)
. 2012- 2017 Member of the Research Group on Integrated Assessment Sociology, Technology and Environment - Institute of Environmental Science and Technology Autonomous University (ICTA) of Barcelona
. 2013-2016 Lecturer at the University of Pavia, Department of Economic and Business Science. Course: Macroeconomics.
. 2005 Seminal Lecturer at the MBA in Innovation and Business Management, MIP Politecnico of Milan. Course: Monetary economics and policy
. 2003-2004 Teaching Fellow at the Politecnico of Milan, Department of Managerial Engineering
Course: Institutions of Economics.
. 2002-2004 Research Assistant and Teaching Fellow at the University of Milan
Project title: “International Trade, Industrialisation and Development”.
Course: International and Development Economics.
. 2001-2002 Teaching fellow at the University of York, Department of Economics
Courses: Microeconomics 2; Introductory Economics (Macroeconomics); Applied Economics.
. 1999-2001 Research assistant at the University of Novara, Department of Economics
Project title: “Competitiveness of the Local Network and the Role of Industrial Districts”.


Publications

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.



Conference and workshop participation

. 2023 Lille Post Keynesian Conference 2023: Economic possibilities for our grandchildren...90 years later. Lille 6-8 December. Presentation title: 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. Presentation title: Financialisation in the Eurozone.
. 2017 Grenoble post-keynesian & intitutionalist conference. Instability, growth ®ulation. Grenoble University, 7-9 December. Presentation title: 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. Presentation title: “Please do not shoot the wrong enemy!”.
. 2012 16th International Conference on Macroeconomic Analysis and International Finance (ICMAIF), Rethymno, Greece, 24-26 May. Presentation title: “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.


Current research

“Analysis of sectoral financial imbalances in the euro area using data on capital flows”;
“Study of the currency hierarchy and the structure of the dollar-centred international financial system”;
“Connections between economic theory and cosmology of modern man.”

Concepts (5)


Goal 10: Reduced inequalities

Goal 16: Peace, justice and strong institutions

Goal 1: No poverty

Goal 3: Good health and well-being

Goal 8: Decent work and economic growth

Keywords (4)

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ENDOGENOUS MONEY THEORY
INTERNATIONAL FINANCE AND INSTITUTIONS
SECTORIAL FINANCIAL FLOWS
collective imaginary
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Publications (35)

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Awards and honors

CCIAA di Varese - Premio ai prodotti della ricerca, conferred by CCIAA di Varese - 2011
No Results Found

Doctoral college (4)

Università degli Studi INSUBRIA Varese-Como - METODI E MODELLI PER LE DECISIONI ECONOMICHE-2018 (cycle: 34 - Year: 2018 2018 )
Università degli Studi INSUBRIA Varese-Como - METODI E MODELLI PER LE DECISIONI ECONOMICHE-2017 (cycle: 33 - Year: 2017 2017 )
Università degli Studi INSUBRIA Varese-Como - METODI E MODELLI PER LE DECISIONI ECONOMICHE-2016 (cycle: 32 - Year: 2016 2016 )
Università degli Studi INSUBRIA Varese-Como - METODI E MODELLI PER LE DECISIONI ECONOMICHE-2015 (cycle: 31 - Year: 2015 2015 )
No Results Found

Courses (3)

ECO0133 - INTERNATIONAL ECONOMICS

Secondo Semestre (15/02/2027 - 28/05/2027) - 2026
6 CFU
50 hours

ECO0252 - MOD. 2 ECONOMICS OF MONEY AND BANKING

Secondo Semestre (15/02/2027 - 28/05/2027) - 2026
6 CFU
50 hours

ECO0382 - MOD. 2 MACROECONOMICS

Secondo Semestre (15/02/2027 - 28/05/2027) - 2026
9 CFU
88 hours
No Results Found

Third Mission (23)

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Partecipazioni attive a incontri pubblici organizzati da altri soggetti (Organizzatore/Organizzatrice) - Navigare la crisi: il post pandemia e la guerra tra recessione e finanziarizzazione
DIPARTIMENTO DI ECONOMIA
Fiuggi Hotel Fiuggi Terme Resort & Spa (14/09/2023 - 17/09/2023) 20230914
Altre iniziative di Public Engagement (Organizzatore/Organizzatrice) - Ciclo di incontri tra esperti e pubblico
DIPARTIMENTO DI ECONOMIA
Arci Bellezza, Milano. (04/02/2019 - 25/05/2019) 20190204
Altre iniziative di Public Engagement (Organizzatore/Organizzatrice) - Ciclo di incontri tra esperti e pubblico
DIPARTIMENTO DI ECONOMIA
ARCI Bellezza, Milano (17/02/2018 - 12/05/2018) 20180217
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - Articolo di giornale
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - Articolo su rivista cartacea
DIPARTIMENTO DI ECONOMIA
19000101
Altre iniziative di Public Engagement (Organizzatore/Organizzatrice) - Ciclo di incontri tra esperti e pubblico
DIPARTIMENTO DI ECONOMIA
19000101
Altre iniziative di Public Engagement (Organizzatore/Organizzatrice) - Ciclo di incontri tra esperti e pubblico on line
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su blog
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su rivista on line
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su rivista on line
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su rivista on line
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su rivista on line
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Responsabile scientifico) - articolo su rivista on line
DIPARTIMENTO DI ECONOMIA
19000101
Pubblicazioni (cartacee e digitali) dedicate al pubblico non accademico (Organizzatore/Organizzatrice) - pubblicazione su blog
DIPARTIMENTO DI ECONOMIA
19000101
Altre iniziative di Public Engagement (Responsabile scientifico) - video intervista
DIPARTIMENTO DI ECONOMIA
19000101
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