Angelo Ranaldo is Professor of Finance and Systemic Risk at the University of St. Gallen. He also holds the Swiss Finance Institute Senior Chair and he is an adjunct professor at the University of Zurich. Before joining the University of St. Gallen in 2012, Angelo worked for several years as an Economic Adviser and member of senior management at the Swiss National Bank. His professional experience also includes a visiting position as Senior Economist at the Federal Reserve of New York and several years in the banking areas of asset allocation and risk management. He obtained his doctoral degree from the University of Fribourg and was a Visiting Scholar at the New York University – Stern School of Business. His main research interests are money markets, international finance, market microstructure, asset pricing, and systemic risk and financial stability issues. His work is published in various finance and economics journals such as Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Financial & Quantitative Analysis, or Review of Finance.