Leonardo Gambacorta

Head, Emerging Markets

Monetary and Economic Department

leonardo.gambacorta@bis.org

Leonardo Gambacorta is the Head of the Emerging Markets unit at the BIS. Prior to his current role, he served as Head of Innovation and Digital Economy (2019-2024), Research Adviser (2014-2018) and Head of Monetary Policy (2010-12) in the Monetary and Economic Department. Before joining the BIS, he was Head of the Money and Credit Unit (2007-2009) and Head of the Banking Sector Unit (2004-2006) in the Research Department of the Bank of Italy. He was a visiting scholar at the National Bureau of Economic Research (2002–03). Leonardo holds an MSc in Economics from the University of Warwick and a PhD in Economics from the University of Pavia. His primary research interests include monetary transmission mechanisms, the effectiveness of macroprudential policies in curbing systemic risk, and the effects of technological innovation on financial intermediation. He is a research fellow of the Centre for Economic Policy Research.

Fields of interest

Finance
Monetary policy
Central banking

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Leonardo Gambacorta

Head, Emerging Markets

Fields of interest

All BIS publications (123)

The bank lending channel: lessons from the crisis

Securitization is not that evil after all

BASEL III: Long-term impact on economic performance and fluctuations

Countercyclical capital buffers: exploring options

Does monetary policy affect bank risk-taking?

Mutual guarantee institutions and small business finance

All external publications (140)

The AI supply chain

Who benefits from generative AI? Short-run growth effects across countries

Cambiamento climatico e banche centrali: implicazioni macroeconomiche e di policy

Climate Change and the Evolving Policy Challenges for Central Banks

How AI is affecting productivity and jobs in Europe

Intelligent financial system: How AI is transforming finance

Tokenisation: The promise and the perils

Generative AI: uneven adoption, labour market returns and policy implications

Gender diversity in bank boardrooms and green lending: Evidence from euro area credit register data

All speeches (1)

Welfare implications of digital financial innovation

All videos (2)

Session 5: Data governance and competition policy

Asymmetric information and the securitization of SME loans

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