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Stefano Ungaro

stefano ungaro

Stefano Ungaro is a Senior Researcher in the research unit of the ACPR Research Directorate. His work focuses on banking, financial regulation, and economic history.

He holds a Ph.D. in Economics from Paris School of Economics and an M.Sc. in Economics and Social Science from Bocconi University.

Before joining the Banque, he taught financial and monetary economics at University Paris 1 Panthéon-Sorbonne, European Business School Paris, and Sciences Po Paris. He also worked as a research economist within two projects related to the creation, development, and exploitation of long-run historical financial datasets.

Personal website:

Current Position

Senior Research Economist, ACPR (since 2021)

Previous Positions

Research Economist, ACPR (2019-2021).

Postdoctoral Fellow, PSE. Project: Systemic Risk and Transmission of Banking Crises in the 1930s (2018-2019).

Research Economist, Equipex DFIH (2012-2017).

TA, Université Paris 1 Panthéon-Sorbonne (2017-2019).
Adjunct Professor, European Business School Paris (2015-2019).
TA, Sciences Po Paris (2012).


Ph.D Economics (Paris School of Economics and EHESS, 2018)

M.Sc. Economics (Paris School of Economics and EHESS, 2012)

M.Sc. Economics and Social Science (Bocconi University, 2012)

Research Interests

Banking, financial regulation, economic history.


ACPR, 066-2770 DEAR, 4 Place de Budapest, 75009 Paris

Publications Working Paper Series no. 698:

Flight-to-safety and the Credit Crunch: A new history of the banking crisis in France during the Great Depression

By Baubeau Patrice, Monnet Eric, Riva Angelo, Ungaro Stefano
  • Published on 11/16/2018
  • 59 pages
  • EN
  • PDF (3.02 MB)


  • "Flight‐to‐safety and the credit crunch: a new history of the banking crises in France during the Great Depression" (2021), with P. Baubeau, E. Monnet, and A. Riva. Economic History Review, 74(1). Pp. 223-250.
  • "Les crises bancaires en France pendant la Grande Dépression: une histoire renouvelée" (2020), with P. Baubeau, E. Monnet, and A. Riva. Revue d'Economie Financière, (1), pp. 329-336.



  • “The Real Effects of Bank Runs. Evidence from the French Great Depression (1930-1931)” (2021), with E. Monnet and A. Riva, CEPR Discussion Paper 16054.
  • ""Les Jours Noirs à la Bourse de Paris (Black Days on the Paris Stock Exchange): The Settlement of July 1914 and the Intervention of the Banque de France"" (2020), in O. Feiertag and M. Margairaz, Les Banques Centrales pendant la Grande Guerre, Presses de Sciences Po.
  • "Collecting and storing historical financial data: the DFIH project" (2018), with J. Ducros, E. Grandi, P.C. Hautcoeur, R. Hekimian, E. Prunaux, A. Riva, in C.M. Stuetze et al., Computational Social Science in the Age of Big Data", Herbert Von Halem Verlag.
  • "Le projet DFIH, humanités numériques et histoire financière" (2017), with J. Ducros, E. Grandi, R. Hekimian, A. Riva, in E. Cavalié et al., Expérimenter les humanités numériques: Des outils individuels aux projets collectifs, Les Presses de l'Université de Montréal.

Updated on: 09/16/2021 17:11