Alejandro Casado

ALEJANDRO CASADO joined the Financial Stability Division at the Banco de España in September 2023. He holds a Ph.D. in Finance from Universidad Carlos III de Madrid (July 2023). Prior to his doctoral studies, Alejandro obtained his MSc in Business and Finance and an undergraduate degree in Economics from the same institution. Additionally, Alejandro has experience as a lecturer and teaching assistant of undergraduate courses such as Bank Management and Financial Management at Universidad Carlos III de Madrid. During his Ph.D. studies, he also spent two years at the Banco de España as a Visiting Researcher.

Alejandro’s primary research field is Finance, with a particular interest in financial intermediation. He works on empirical projects to better understand the functioning of deposit and credit markets, leading to more informed policy decisions.

In his Job Market Paper, “Local Lending Specialization and Monetary Policy” (joint work with David Martinez-Miera), he investigates how banks specialize their lending activities in specific geographical markets, emphasizing their role in transmitting monetary policy changes to the economy. In a related paper, “Deposit Market Competition and (Low) Monetary Policy Rates”, he shows how the level of monetary policy rates affects the relevance of deposit market competition for the transmission of monetary policy, consistent with the presence of zero lower bound constraints in the deposit market. In a third project Alejandro investigates the role of firms’ financial reporting quality in the transmission of bank credit supply shocks to the economy. He uses data from the credit registry of the Banco de España and shows that after an adverse bank credit supply shock, firms with lower financial reporting quality experience a sharper contraction in bank credit compared to firms with higher financial reporting quality.