Professor Santiago Carbo-Valverde

Division: Financial Studies

Location: Room 1.09, Hen Goleg

Telephone: 01248 38 8852


Twitter: @scarboval


Professor of Economics and Finance

Main area of research is economics of banking and finance, including topics such as financial regulation, industrial organization of the banking sector, efficiency, M&As, securitization, SME finance and the finance-growth nexus. He has been and, in some cases, still is a consultant/advisor for central banks as well as other international public bodies, several private consulting companies and financial institutions. He has been speaker in events organized by the G-20, the World Bank and several central banks and regulatory and antitrust bodies. He has also been a visiting research fellow for institutions such as the Federal Reserve Bank of Chicago and the European Central Bank.

Qualifications/Positions held/Memberships of Professional Bodies

  • Ph. D. in Economics, University of Wales, Bangor (UK), 1993
  • M.A. in Banking and Finance, University of Wales, Bangor (UK), 1990
  • B.A. in Economics, Universidad de Valencia (Spain), 1989
  • President of the International Banking, Economics and Finance Association (IBEFA). 2017
  • Consultant, European Central Bank (2009, 2011-2013)
  • Former Consultant, Federal Reserve Bank of Chicago (2008-2012)
  • Consultant, Bank of Ghana (2014-)
  • Member of the Group of Economics Advisers (GEA) of ESMA (European Securities and Markets Authority).
  • Member of the European Shadow Financial Regulatory Committee
  • Research affiliate, Spanish Savings Banks Foundation - Funcas (1996-)
  • Research affiliate, Instituto Valenciano de de Investigaciones Economicas (Spain) (2011-)
  • Former Dean of the School of Economics and Business at the University of Granada (2006-2008)
  • Former Head of the Department of Economics at the University of Granada (2004-2006)
  • Member of the following Associations/Organizations:
    • European Association de University Teachers of Banking and Finance (Wolpertinger).
    • Executive Committee of the Spanish Finance Association (AEFIN)
    • American Economic Association (AEA)
    • European Economic Association (EEA)
    • European Finance Association (EFA)
    • Financial Management Association International (FMA)
    • International Banking, Economics and Finance Association (IBEFA)
    • European Financial Management Association (EFMA)
    • Spanish Economic Association.      


Authored or co-authored a variety of books including: Bank Funding, Financial Instruments and Decision-Making in the Banking Industry (Palgrave McMillan), Liquidity Risk, Efficiency and New Banking Business Models (Palgrave McMillan), The Book of Payments. Historical and Contemporary View on the Cashless Society (Palgrave McMillan), Financial Innovation in Retail and Corporate Banking (Edward Elgar), Competition and Profitability in European Financial Services. Strategic, systemic and policy issues (Routledge), Investigating Diversity in the Banking Sector in Europe. The Performance and Role of Savings Banks (Centre for European Policy Studies, Competition and Profitability in European Financial Services. Strategic, systemic and policy issues, (Routledge), Financial Exclusion (Palgrave-MacMillan), Bank Strategies and Challenges in the New Europe (Palgrave), Shareholder Value Management in Banks (MacMillan Press), Strategic Challenges in European Banking (MacMillan Press Ltd).

Key Publications:

(2017) Do banks and industrial companies have equal access to reputable underwriters in debt markets?", Journal of Corporate Finance, vol 45, 176-202 (with P. Cuadros and F. Rodriguez)

(2017)"Disentangling the effects of household financial constraints and risk profile on mortgage rates", Journal of Real Estate Finance and Economics, vol 55, forthcoming (with S., Mayordomo and F. Rodríguez)

(2017) "The effects of bank market power in short-term and long-term firm credit availability and investment", Spanish Journal of Finance and Accounting, vol. 46, (1) 1-27. (with J.M. Mansilla and F. Rodríguez)

(2016)"The Role of Interchange Fees in Two-sided Markets: An Empirical Investigation on Payment Cards", Review of Economics and Statistics, vol. 98 (2), 367-381 (with S. Chakravorti and F. Rodriguez).

(2016)"Trade credit, the Financial Crisis and Firms Access to Finance", Journal of Money, Credit and Banking, vol. 48 (1), 113-143 (with F. Rodriguez and G. Udell).

(2016)"The diffusion pattern of non-cash payments: evidence from China", International Journal of Technology Management, vol. 70 (1), 44-57 (with Q. Ming and F. Rodriguez)

(2015)"The impact of securitization on credit rationing: empirical evidence", Journal of Financial Stability, vol. 20, 36-50 (with H. Degryse, and F. Rodríguez)

(2015) "Regulatory response to the financial crisis in Europe: recent developments (2010-2013)", Journal of Financial Economic Policy, vol. 7 (issue 1), 29-50 (with. H. Benink, T. Berglund, T. and C. Wihlborg)

(2014) "Trust in banks after the financial crisis", Journal of Financial Perspectives, vol. 2 (issue 2), July 2014.

(2014) "ATM withdrawals, debit card transactions at the point of sale and the demand for currency", SERIEs, vol. 5, 399-417 (with F. Rodriguez).

(2013) "Safety-net benefits conferred on difficult-to-fail-and-unwind banks in the US and EU before and during the great recession", Journal of Banking and Finance, vol. 37, 1845-1859, (with E. Kane and F. Rodriguez)

(2012) "Regulatory arbitrage in cross-border banking mergers within the EU", Journal of Money, Credit and Banking, vol. 44, 1609-1629. (with E. Kane and F. Rodriguez)

(2012) "Feedback Loop Effects in Payment Card Markets: Empirical Evidence ", Review of Network Economics, vol. 11, article 2. (with J.M. Liñares and F. Rodriguez)

(2012) "Securitization, risk transferring and financial stability: the case of Spain" Journal of International Money and Finance, vol. 31, 80-101. (with D. Marques and F. Rodriguez)

(2011) "How effective are rewards programs in promoting payment card usage? Empirical evidence", Journal of Banking and Finance, vol. 35, 3275-3291. (with J.M. Liñares)

(2011) "Exploiting Old Customers and Attracting New Ones: the case of Bank Deposit Pricing", European Economic Review, vol. 55, 903-915. (with T. Hannan and F. Rodriguez)

(2010) “Does the development of non-cash payments affect bank lending?”, The Manchester School, vol. 78, nº 5, 412-436. (with R. Lopez del Paso)

(2010) "Spatial Cournot equilibrium: do branches matter?", Annals of Regional Science, vol 44, 377-407. (with M.A. Fortes)

(2009) "Bank Lending Channel and Non-Financial Firms: Evidence for Spain", Spanish Economic Review, vol. 11, 125-140. (with R. López del Paso)

(2009) "Bank market power and SME financing constraints", Review of Finance, vol. 13, 309-340. (with F. Rodriguez and G. Udell)

(2009) "Cross-Country Comparisons of Competition and Pricing Power in European Banking", Journal of International Money and Finance, vol. 28, 115-134. (with D. Humphrey, J. Maudos and P. Molyneux)

(2008) "Evidence of Differences in the Effectiveness of Safety Net Management in European Union Countries", Journal of Financial Services Research, vol. 34, 151-176. (with E. Kane and F. Rodriguez)

(2008) "The Economics of Credit Cards, Debit Cards and ATMs: A Survey and Some New Evidence", Journal of Banking and Finance, vol 32, 1468-1483. (with B. Scholnick, N. Massoud, A. Saunders and F. Rodriguez)

(2007) "Opening the Black Box: Finding the Source of Cost Inefficiency", Journal of Productivity Analysis, vol. 27(3), June, 209-220. (with D. Humphrey and R. Lopez del Paso)

(2007) "Do Cross-Country Differences in Bank Efficiency Support a Policy of "National Champions"?", Journal of Banking and Finance, vol 31, 2173-2188. (with D. Humphrey and R. López del Paso)

(2007) "The determinants of bank margins in European banking", Journal of Banking and Finance, vol 31, 2043-2063. (with F. Rodriguez)

(2007) "Financial innovations in banking: impact on regional growth", Regional Studies, vol. 41 (3), 311-326. (with López del Paso, R. and F. Rodriguez)

(2007) "Examining the Relationships between Capital, Risk and Efficiency in European Banking", European Financial Management, vol. 13, nº1, 49-70. (with Y. Altunbas, E. Gardener and P. Molyneux)

(2007) "Financial Exclusion in Europe", Public Money and Management, Vol. 27, No. 1, February 2007, 21-27. (with E. Gardener and P. Molyneux)

(2005) "New Evidence of Scope Economies among Lending, Deposit-taking, Loan Commitments and Mutual Fund Activities", Journal of Economics and Business, vol. 57, 187-207. (with F. Rodriguez)

(2005) "Cournot Competition in a Two-Dimensional Circular City", The Manchester School, vol. 73, nº1 40-49. (with M.I. Berenguer and M.A. Fortes)

(2004) "The Finance-Growth Nexus. A Regional Perspective", European Urban and Regional Studies, vol. 11, nº 4, 339-354. (with F. Rodriguez)

(2004) "Predicted and Actual Costs rom Individual Bank Mergers", Journal of Economics and Business, vol. 56, 137-157. (with D. Humphrey)

(2003) "Bank Deregulation is Better than Mergers", Journal of International Financial Markets, Institutions and Money, vol. 13, nº 5, December, 429-449. (with D. Humphrey and F. Rodriguez)

(2003) "A Note on Technical Change in Banking: The Case of European Savings Banks", Applied Economics, vol. 35, nº 6, 705-719. (with E. Gardener and J. Williams)

(2003) "Deregulation, Bank Competition and Regional Growth", Regional Studies, vol. 37, nº 3, 227-237. (with D. Humphrey and F. Rodriguez)

(2002) "Efficiency in Banking: Empirical Evidence from the Savings Banks Sector", The Manchester School, vol. 70, nº 2, March 2002, 204-228. (with E. Gardener and J. Williams)

(2000) "CAR 2: the Impact of CAR on Bank Capital Augmentation in Spain", Applied Financial Economics, vol. 10, nº 5, 507-518. (with Y. Altunbas, and E. Gardener)

(2000) "Efficiency & Technical change in Europe’s Savings Banks Industry" Revue de la Banque, vol. 6/2000, 381-394. (with E. Gardener and J. Williams)

(1997) "European Savings Banks: Facing Up to the New Environment", International Journal of Bank Marketing, vol. 15 (7), 43-254 (with E. Gardener, P. Molyneux, and J. Williams)

Work in Progress:

The Pricing of Financial Products in Retail Banking: Competition, Geographic Proximity and Credit Limits (with H. Perez)

Underwriting as certification of bank bonds (with A. Saunders and F. Rodriguez)

Trust in Banks: Evidence from the Spanish Financial Crisis (with E. Maqui and F. Rodriguez)


  • ASB-2307 Microeconomics
  • ASB-4450 Financial Stability
  • ASB-4850 Financial Stability (London campus)

Academic and Research activities

Consultancy for public bodies and Policy Advice:

He has been and, in some cases, still is a consultant/advisor for central banks as well as other international public bodies, such as the Federal Reserve Bank of Chicago (2008-2012), the European Central Bank (2009, 2011-2013), the European Commission (2001-2002), the Bank of Ghana (2014-), the Spanish Ministry of Science and Innovation (2009-2012), Bank of Spain (2011-) and the Spanish Ministry of Labor (2007-2008). He has been national coordinator of the research project grants for the Spanish Ministry of Science and Innovation (2009-2011). He is (or has been) referee and/or member of Committee for competitive research grants funded by the European Science Foundation, the ANEP (Agencia Nacional de Evaluación y Prospectiva) or the BBVA Foundation, among others.

Journal Editorials Membership:

  • Editor in Chief, Journal of Financial Management, Markets and Institutions (JFMI). 2016-2019
  • Associate Editor of the "Journal of Financial Stability".
  • Editorial Advisory Board of the “Journal of Financial Regulation and Compliance”
  • Editorial Board of the Review of Financial Stability (Revista de Estabilidad Financiera) of the Bank of Spain.
  • Editorial Board of "Papeles de Economía Española", "Spanish Economic and Financial Outlook" (SEFO),  "Perspectivas del Sistema Financiero" and "Cuadernos de Información Económica".

Ad-hoc refereeing:

European Economic Review, Review of Finance, World Development, Journal of Public Economics, Journal of Money, Credit and Banking, Economic Geography, Journal of Social Policy, Regional Studies, Environmental and Planning A, Annals of Regional Science, Journal of Applied Economics, Journal of Banking and Finance, Journal of Financial Services Research, Annals of Finance, Journal of Economics and Business, The Manchester School, Applied Economics, Eurasian Economic Review, Managerial and Decision Economics, Growth and Change, European Journal of Finance, SERIEs (Journal of the Spanish Economic Association), Spanish Economic Review, Journal of International Markets, Institutions and Money, Quarterly Review of Economics and Finance, Omega- International Journal of Management Science, Financial Services Review, International Economics, Investigaciones Económicas, Revista de Economía Aplicada, Hacienda Pública Española, Moneda y Crédito, Trimestre Económico.

Selected conference/guest presentations:

  • American Economic Association/ASSA meetings (2009, 2011, 2013, 2017)
  • Western Economic Association International (WEAI) (2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016)
  • Financial Management Association (FMA) (2009, 2011, 2012, 2013, 2014, 2016)
  • Midwest Finance Association (MFA) (2008, 2009, 2011, 2013, 2014, 2017)
  • European Economic Association meetings (2006, 2009)
  • European Finance Association meetings (2001, 2006)
  • Bank Structure & Competition Conference- Federal Reserve Bank of Chicago (2006, 2007, 2008, 2011, 2012)
  • European Association for Research in Industrial Economics-EARIE meetings (2002, 2003, 2007)
  • Industrial Organization Society meetings (2007, 2008, 2009, 2011, 2012)
  • G-20 Conference (2008)
  • European Central Bank (2010, 2011, 2012, 2013, 2014, 2015)
  • Board of Governors of the Federal Reserve System (2006, 2012)
  • Bank of Canada (2011)
  • World Bank/World Savings Banks Institute (2004, 2006, 2015)
  • Federal Reserve Bank of New York (2012)
  • Federal Reserve Bank of Boston (2009)
  • Federal Reserve Bank of Philadelphia (2006)
  • New York Chapter of the Risk Management Association (2012)

Organisation of conferences:

Organiser of several international conferences on economics, banking and Finance such as the European Association of University Teachers of Banking and Finance, the Spanish Economic Association Meetings, the Spanish Finance Association Meetings, the Spanish Industrial Organization Research Meetings, and a number of workshops conferences for institutions such as the Spanish Savings Bank Foundation.  He has been program committee member of several international conferences.

Other indicators of the impact of research

He frequently contributes to or is quoted in press journals such as Financial Times, The New York Times, International Herald Tribune, Business Week, The Guardian, El Pais, Miami Herald, Handelsblatt or Asahi Shimbun and he has made several appearances in media just as BBC World, BBC-UK, National Public Radio-US and several Spanish media.