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Date and Location

April 23, 2021
9:00 AM - 10:00 AM ET


Financial Factors in Regional Poverty and Inequality: An Analysis Using County-Level U.S. Data Photo

​This webinar will be given by M-RCBG research fellow Ignazio Angeloni. Co-authors of this study include Chantawit Tantasith and Johannes Kasinger.

The seminar will present preliminary results of a project analyzing whether bank behavior and performance help explain recent patters of poverty and inequality at the local level in the US.

The analysis links up with the recent literature on rising deterioration of economic and social conditions in certain US regions. This literature has not considered financial factors so far. Yet, a long-standing stream of research has demonstrated that finance is an important co-determinant of economic performance and growth.

County-level data on banking conditions do not exist in the US. Working (at least) with county-level disaggregation is necessary for this type of analysis, because in the US there exist widely different economic and social conditions across different parts of the same states. Therefore, the first part of the research (which is now at an advanced stage), was to build such data.

Next, we have collected a series of indicators of economic and social conditions at county level. This is relatively straightforward as several data sources exist with the appropriate geographical disaggregation (Census, BLS, etc.). The next step is to calculate descriptive statistics and charts describing this data, prior to conducting further analysis. This part is in progress and we count on presenting evidence at the webinar. Next, the nature of the data (short-medium time dimension but very large spatial dimension) allows to conduct reliable panel data analysis of the impact of banking characteristics on local economic and social conditions. This is now starting; we may or may not be able to present results in the webinar. Eventually, assuming the FDIC allows, we intend to put the banking data at the disposal of researchers as soon as our statistical work is finished and thoroughly checked.

PPT presentation:

Registration is required.

Speakers and Presenters

​Ignazio Angeloni was born in Milano and graduated from Bocconi University with a thesis in monetary economics supervised by Mario Monti. In 1985 he earned a PhD in Economics from the University of Pennsylvania with a thesis in monetary economics and econometrics supervised by Albert K. Ando. In the 1980s and 1990s he held several positions in the Banca d’Italia’s Research Department. In 1995 he was appointed Director of the Monetary and Financial Sector. In 1998 he joined the European Central Bank (ECB) as Deputy Director General of Research. In that position he launched and led several research initiatives, including the Eurosystem Monetary Transmission Network and the Eurosystem Inflation Persistence Network. In 2005 he joined Italy’s Ministry of Economy and Finance as Director for International Financial Affairs. In that role he also acted as G20 Finance Deputy; Deputy Governor for Italy in the World Bank, the European Bank for Reconstruction and Development, the Asian Development Bank and the African Development Bank; Chairman of the Board of SACE (Italy’s export-credit insurance agency); member of the Board of the European Investment Bank and of MTS SpA (screen-based government bond market); member of the Working Party 3 of OECD; member of the Bellagio group. In 2008 he re-joined the ECB as Advisor to the Executive Board, then Director General for Macro-Prudential Policy and Financial Stability. In this position he coordinated the ECB preparation for the banking union and the single supervisory mechanism. In March 2014 he was appointed member of the ECB Supervisory Board with a 5-year mandate. A former Fellow of Bruegel, Ignazio held teaching positions at the University of Pennsylvania, Bocconi and LUISS (Rome). He published books and articles in top US and European academic refereed journals. In April 2019 he was appointed Senior Fellow of SAFE (Sustainable Architecture for Finance in Europe) at Goethe University in Frankfurt for the 2019-20 academic year>