F. (Francesco) Mazzola

Francesco Mazzola
Rotterdam School of Management (RSM)
Erasmus University Rotterdam
ERIM PhD Candidate
Field: Finance & Accounting
Affiliated since 2018

Francesco Mazzola is a PhD Candidate at Rotterdam School of Management, Department of Finance. Under the supervision of Prof. Wolf Wagner and Dr. Dion Bongaerts, Francesco is working on research that covers banking theory, financial regulation, and financial intermediation mechanisms.   Visit Francesco's personal webpage for more information.

PhD Track Banking and Financial Intermediation

The crisis of 2007-2008 has revealed a deep lack of understanding of the sources of fragility in the financial system. For example, regulation of the banking sector was tailored to prevent isolated bank failures, while ignoring the impact of such regulation on aggregate markets. Similarly, there was a severe lack of understanding of other, unregulated parties offering financial intermediation services, such as credit rating agencies, hedge funds, etc.

Now, a decade after the financial crash, it seems that the financial sector is much safer than prior to the crisis. Ad-hoc micro and macroprudential policies have led to stronger capital and liquidity ratios and have strengthened the financial system as a whole. But are these measures really enough to prevent the next financial crisis in such a fast-evolving and complex system? In this regard, new financial intermediaries arise that largely depend on information technology and big-data (Fintech). Understanding whether these parties engage in regulatory arbitrage or provide meaningful new or more efficient services than existing banks will be important for the future of this sector. The same holds for understanding how existing banks may respond to such competitive threats.

In the end, financial fragility may just have shifted to other financial intermediaries: shadow banking, non-bank financial institutions doing business of banks (e.g. lending, market making, etc.), asset management firms, hedge funds and insurance companies now carry those risks that were used to be intrinsic of banks.

Banking, financial intermediation, financial crises, regulation, systemic risk
Time frame
2018 -


  • Academic (1)
    • Bongaerts, D., Mazzola, F., & Wagner, W. (2021). Closed for business: The mortality impact of business closures during the Covid-19 pandemic. PLoS ONE, 16(5), e0251373. [e0251373]. https://doi.org/10.1371/journal.pone.0251373


Visiting address

Office: T08-56
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam