Education

• PhD in Finance, 2024-2028 (expected)

Universidad Carlos III de Madrid (Spain)

• MRes in Business and Finance, 2022-2024

Universidad Carlos III de Madrid (Spain)

• BSc in Economics, 2016-2022

Universidad Nacional de Córdoba (Argentina)

The demand for banks, shadow banks and NDFIs (2026)

with Augusto Hasman and Margarita Samartín

Abstract

In this paper, we develop a framework in which the competition of financial intermediaries for heterogeneous depositors results in a menu of contracts analogous to those offered by traditional banks, shadow banks and non-depository financial intermediaries (NDFIs). We show that while a safe liquidity contract fails to emerge in the laissez-faire equilibrium due to a commitment problem, it is welfare-improving for individuals with high liquidity shocks, thereby motivating regulation. We demonstrate that the policy that implements this first-best contract is a reserve requirement, whereas a capital requirement produces a second-best contract when it is strict, but induces an increase in total risk when it is too lax.