Dr Carmela D’AVINO

Associate Professor

Department: Finance and Accounting


Expertise liée aux objectifs de développement durable des Nations unies:

UN Sustainable logo 5 UN Sustainable logo 16


  • Financial Analysis
  • Financial Economics
  • International Financial Regulation


  • PhD in Economics, University Cà Foscari, Venice, Italy. (2011)
  • MSc in Economics and Finance, University of Naples Federico II, Italy. (2004)
  • BSc in Economics, University of Surrey, UK. (2003)

Research interests

  • Global banking
  • International and offshore financial centers
  • Ethics in banking
  • Financial Regulation
  • International finance

Work Experience


  • Associate Professor in Finance (September 2022- present)
  • Associate Professor in Finance – ICN Business School (2018- August 2022)
  • Senior Lecturer in Financial Economics – University of East London (2015-2018)
  • Research Fellow- GREQAM- University Aix-Marseillle (2008-2010)

Non Academic

  • Macroeconomist – Research Department- Banque de France (2010-2013)

Intellectual contributions


Refereed Articles – Discovery Scholarship

  • C. D’AVINO (2023) Money laundering and AML regulatory and judicial system regimes: investigation of FinCEN files. European Journal of Law and Economics. Volume 55 issue 2, pp 195–223
  • C. D’AVINO, (2023) Counteracting offshore tax evasion: Evidence from the foreign account tax compliance act. International Review of Law and Economics, Volume 73, 2023, 106126.
  • D’AVINO, C., SHABANI, M. (2023) Booking positions in small offshore financial centers: Focus on US global banks. International Journal of Banking, Accounting and Finance
  • SHABANI, M., C. D’AVINO, E., GIRARDIN, (2022). “Bank Liquidity creation: A new global dataset for emerging and developing countries”, Review of World Economics, 158, 529-570
  • D’AVINO, C., (2020). “Global Banking and Macroprudential Policy: New Evidence on U.S. Banks”, Journal of Economic Issues, vol. 54, no. 4, pp. 1095-1121
  • SHABANI, M., C. D’AVINO (2020). “A new approach to measuring universal banking”, Bulletin of Economic Research, vol. 72, no. 4, pp. 353-379
  • LYSANDROU, P., M. SHABANI, C. D’AVINO (2020). “The explosive growth of the US ABCP market between 2004 and 2007: An integrated empirical analysis”, Quarterly Review of Economics and Finance, November 2020
  • D’AVINO, C., (2019). “Extraterritoriality of swaps regulation and regulatory arbitrage”, Journal of Regulatory Economics, vol. 56, no. 1-2, pp. 167 – 187
  • CERPA VIELMA, N., H.COMERT, C.D’AVINO, G.DYMSKI, A.KALTENBRUNNER, E.PETRATOU, M.SHABANI, (2019). “Too big to manage: US megabanks’ competition by innovation and the microfoundations of financialization”, Cambridge Journal of Economics, vol. 43, no. 4, pp. 1103-1121
  • D’AVINO, C., (2018). “Quantitative easing, global banks and the international bank lending channel”, Economic Modelling, vol. 71, pp. 234-246
  • D’AVINO, C., (2017). “Banking Regulation and the changing geography of off-balance sheet activities”, Economics Letters, vol. 157(C), pp. 155-158
  • D’AVINO, C., (2016). “US Banks’ International Balance Sheet Linkages: A Data Survey”, Journal of Financial Economic Policy, November 2016, vol. 8, no. 4, pp. 514-531
  • D’AVINO, C., (2015). “Net Interoffice Accounts of Global Banks: The Role of Domestic Funding”, International Journal of Financial Studies, vol. 3, no. 3, pp. 177-193

Presentations of Refereed Papers


  • C. D’Avino, M. Shabani. « Internal capital markets and spatial dependence », Finance seminars series, University Aix-Marseille, Aix-en-Provence, December 2021.
  • C. D’Avino, M. Shabani. “On the measurement of spatial dependence and spillovers in banking”, International Finance and Banking Society, Angers, June 2019.


  • Carmela D’Avino, Maria Tselika. Penalties and Misconduct in the US banking industry. International Conference in Finance, Banking and Accounting, Montpellier, France, 8-9 September 2023
  • D’Avino, Shabani and Girardin. The comeback of the Yen carry trades. 28th Forecasting Financial Markets, Rennes, France, 14-16 June 2023
  • Vanwalleghem Dieter, D’Avino Carmela. The formal and informal institutional determinants of US banks’ foreign branch activities. 30th Global Finance Conference, Treviso, Italy, 12-14 June 2023
  • D’Avino, C., Tselika, M..Penalties and Misconduct in the US banking industry . 30th Global Finance Conference, Treviso, Italy, 12-14 June 2023
  • D’Avino, C., Tselika, M..Penalties and Misconduct in the US banking industry. 12th International Conference of the Financial Engineering and Banking Society. Chania, Greece, 1-4 June 2023
  • C. D’Avino, Eric Girardin and Mimoza Shabani. The comeback of the Yen-funded carry trades. 5th Annual conference on the JEN Japanese Economic Network (Columbia Business School). New York, USA, 23-24 March 2023
  • C. D’Avino, M. Shabani. “An entropy-based measure for geographical diversification in banking” Forecasting Financial Markets, Milan, July 2022.
  • C. D’Avino, M. Shabani. “Geographical Diversification in Banking” Financial Engineering and Banking Society, Portsmouth, June 2022.
  • C. D’AVINO, M. Shabani. “Beyond non-interest income: The Universal Banking Index”, University of Portsmouth, June 2017.
  • C. D’AVINO, E. GIRARDIN. “Liquidity creation in developing and emerging countries”, Taiyuan, China, June 2016.
  • C. D’AVINO, “Internal capital markets and liquidity spillovers”, World Economic Conference, Rio de Janeiro, June 2012.