Professor of Economics and
Financial Management

Abertis Chair of Regulation, Competition and Public Policy

• Ph.D. in Economics, University of California, Berkeley
• Doctor en Ciencias Económicas y Empresariales, Universidad Autónoma de Barcelona
• M.A. Economics, University of California
• Licenciado en Ciencias Económicas, Universidad Autónoma de Barcelona

Xavier Vives is professor of Economics and Finance, Abertis Chair of Regulation, Competition and Public Policy, and academic director of the Public-Private Research Center at IESE Business School. He holds a Ph.D. in Economics from UC Berkeley.

He is Research Fellow of CESifo, and was member of its European Economic Advisory Group from 2001 to 2011. Research Fellow of the Center for Economic Policy Research, where he served as Director of the Industrial Organization Program in 1991-1997. Fellow of the Econometric Society since 1992 and elected member of its Council in 2006-2008; of the European Economic Association since 2004 and elected member of its Council 1991-1995; and Research Associate of the European Corporate Governance Institute. He was member of the Advisory Board for Economic Recovery of the Government of Catalonia (2011-2015), and from 2011 to 2014 he was Special Advisor to the Vicepresident of the European Commission and Commissioner for Competition, Mr Joaquín Almunia. President of the Spanish Economic Association in 2008, Duisenberg Fellow of the European Central Bank in 2015, and President of EARIE for 2016-18 and current vicepresident of EFA.

From 2001 to 2005 he was Professor of Economics and Finance and The Portuguese Council Chaired Professor of European Studies at INSEAD, and from 1991 to 2001, Director of the Institut d’Anàlisi Econòmica, CSIC. He has taught at Harvard University, Universitat Autònoma de Barcelona, Universitat Pompeu Fabra, the University of California at Berkeley, the University of Pennsylvania, and New York University (King Juan Carlos I Chair). From 2003 until 2013, he was member of the Economic Advisory Group on Competition Policy at the European Commission.

His fields of interest are industrial organization and regulation, the economics of information, and banking and financial economics. He has published in the main international journals and is the author of “Competition and Stability in Banking: the Role of Regulation and Competition Policy” (Princeton University Press, 2016), “Information and Learning in Markets: the Impact of Market Microstructure” (Princeton University Press, 2008), “Oligopoly Pricing: Old Ideas and New Tools” (MIT Press, 1999), editor of “Competition Policy in Europe: Fifty Years on from the Treaty of Rome” (OUP, 2009), “Corporate Governance: Theoretical and Empirical Perspectives” (CUP, 2000), and co-editor of “Capital Markets and Financial Intermediation” (CUP, 1993). He has been editor of the International Journal of Industrial Organization in 1993-1997, of the Journal of the European Economic Association in 1998-2008 and of the Journal of Economic Theory in 2013-2020. Currently he is co-editor of the Journal of Economics and Management Strategy.

His current research interests include dynamic rivalry, innovation and competition, banking crisis and regulation, information and financial markets, and competition policy.

He has received several research awards: King Juan Carlos I Prize in 1988; the Catalan Society for Economics Prize in 1996; the Narcís Monturiol Medal in 2002; the Catalonia Economics Prize in 2005; an European Research Council Advanced Grant in 2008 and in 2017, the Jaime I Prize in Economics in 2013 and the Premio Nacional de Investigación Pascual Madoz 2020. He is member of the Institut d’Estudis Catalans since 2011 and of the Academia Europaea since 2012.

Dr. Vives has been an advisor and consultant on competition, regulation, and corporate governance issues for the World Bank, the Inter-American Development Bank, the European Commission, the Federal Reserve Bank of New York, as well as for major international corporations. He has been a member of the board of CaixaBank from 2008 to May 2020. He is a columnist for La Vanguardia and Project Syndicate, and occasionally for Expansión, El País, VoxEU, Financial Times and The Wall Street Journal.

Areas of interest

* Dynamic games of complementarities
* Innovation and competition
* Banking crisis and regulation,
* Information and financial markets
* Competition policy
* The location of headquarters


Journal Articles (refereed)

CESPA, G., VIVES, X. (2022). Exchange competition, entry, and welfare. The Review of Financial Studies, 35 (5), 2570-2624. doi:10.1093/rfs/hhab101.
MONDRIA, J., VIVES, X., YANG, L. (2022). Costly interpretation of asset prices. Management Science, 68 (1), 52-74. doi:10.1287/mnsc.2020.3871.
MANZANO, C., VIVES, X. (2021). Market power and welfare in asymmetric divisible good auctions. Theoretical Economics, 16 (3), 1095-1137. doi:10.3982/TE3675.
VIVES, X., AZAR, J. (2021). General equilibrium oligopoly and ownership structure. Econometrica, 89 (3), 999-1048. doi:10.3982/ECTA17906.
BAYONA, A., BRANDTS, J., VIVES, X. (2020). Information Frictions and Market Power. A Laboratory Study. Games and Economic Behavior, 122, 354-369. doi:10.1016/j.geb.2020.04.014.
VIVES, X. (2020). Common Ownership, Market Power, and Innovation. International Journal of Industrial Organization, 70. doi:10.1016/j.ijindorg.2019.102528.
VIVES, X. (2019). Digital Disruption in Banking. Annual Review of Financial Economics, 11, 243 - 272. doi:10.1146/annurev-financial-100719-120854.
LÓPEZ, Á. L., VIVES, X. (2019). Overlapping Ownership, R&D Spillovers, and Antitrust Policy. Journal of Political Economy, 127 (5), 2394 - 2437. doi:10.1086/701811.
VIVES, X. (2019). Competition Policy in Banking in the European Union. Review of Industrial Organization, 55 (1), 27 - 46. doi:10.1007/s11151-019-09687-5.
VIVES, X. (2019). Competition and Stability in Modern Banking: A Post-Crisis Perspective. International Journal of Industrial Organization, 64, 55 - 69. doi:10.1016/j.ijindorg.2018.08.011.

Working Papers

BANAL-ESTAÑOL, A., SELDESLACHTS, J., VIVES, X. (2022). Ownership diversification and product market pricing incentives.
VIVES, X., VRAVOSINOS, O. (2022). Free entry in a Cournot market with overlapping ownership.
AZAR, J., VIVES, X. (2018). Oligopoly, Macroeconomic Performance, and Competition Policy (WP-1220-E).
CESPA, G., VIVES, X. (2017). High Frequency Trading and Fragility (WP-1161-E). Barcelona: IESE.
MANZANO, C., VIVES, X. (2017). Market Power and Welfare in Asymmetric Divisible Good Auctions (WP-1162-E). Barcelona: IESE.


VIVES, X., BANAL-ESTAÑOL, A., SELDESLACHTS, J. (2020). Diversification, common ownership, and strategic incentives. (pp. 561 - 564). AEA Papers and Proceedings.
AZAR, J., VIVES, X. (2019). Common Ownership and the Secular Stagnation Hypothesis. AEA Papers and Proceedings, Vol. 109 (pp. 322 - 326). American Economic Association.
VIVES, X. (2010). Competition and Stability in Banking. A New World for Competition Policy? In Sylvester C. W. Eijffinger (Ed.), The CEPR/ESI 13th Annual Conference on "Financial Supervision in an Uncertain World"; 25-26 September 2009; Venice International University, Italy.
VIVES, X., TORRENS, L. (2009). La geografia econòmica de la Unió Europea i el potencial de l'Euroregió Pirineus-Mediterrània. Aportacions a la Recerca i al Debat en Economia a Catalunya. Jornada Acadèmica i Commemorativa de la Societat Catalana d'Economia; Barcelona, dimarts 5 de juny de 2007 (pp. 85 - 109).

CESPA, G., VIVES, X. (2022). Market opacity and fragility. Market Design Working Group Meeting, Fall 2022. Cambridge, MA: National Bureau of Economic Research.
VIVES, X. (2022). Market opacity and fragility. Finance Seminar. Los Angeles, California: UCLA Anderson School of Management.
VIVES, X. (2022). (In)efficiency in information acquisition and aggregation through prices. Ulric B. and Evelyn L. Bray Social Sciences Seminar. Pasadena, California: Caltech - California Institute of Technology.
VIVES, X. (2022). (In)efficiency in information acquisition and aggregation through prices. Economics Seminar (Theory). Tucson, Arizona: UA - Eller College of Management.

Articles in other publications

VIVES, X. (2022). Cuatro pasos para hacer frente a la crisis energética. IESEconomics.
IESE INSIGHT, (2022). Winter is coming in Europe. IESEconomics.
IESE INSIGHT, (2022). Se acerca el invierno en Europa. IESEconomics.
IESE INSIGHT, (2020). The Big Picture. What's the future of banking? IESE Business School Insight (155).
IESE INSIGHT, (2020). Quién dominará el nuevo ecosistema financiero. IESE Business School Insight (155).


VIVES, X. (2016). Competition and Stability in Banking: The Role of Regulation and Competition Policy. Oxford: Princeton University Press.
VIVES, X. (2012). Information and Learning in Markets. The Impact of Market Microstructure. China: Social Sciences Academic Press.
VIVES, X. (2008). Information and Learning in Markets. The Impact of Market Microstructure. Oxford: Princeton University Press.
VIVES, X. (1999). Oligopoly Pricing. Old Ideas and New Tools. Cambridge, MA: MIT Press.
GUAL, J., VIVES, X. (1992). Ensayos sobre el sector bancario español. Madrid: Fedea.

Edited books

VIVES, X. (2009). Competition Policy in the EU. Fifty Years on from the Treaty of Rome. Cape Town: Oxford University Press.
DE LA FUENTE, Á., VIVES, X. (2003). Políticas públicas y equilibrio territorial en el estado autonómico. Bilbao: Fundación BBVA.

Book Chapters

VIVES, X. (2018). Strategic Complementarities in Oligopoly. In L. Corchon and M. Marini (Ed.), Handbook of Game Theory and Industrial Organization (pp. 9 - 39). Cheltenham: Edward Elgar Publishing.
VIVES, X. (2017). Regulatory Reform: Where to from Here?. In D. Evanoff, G. Kaufman, A. Leonello, S. Manganelli (Eds.), Achieving Financial Stability: Challenges to Prudential Regulation (pp. 361 - 366). New Jersey: World Scientific Publishing.
MAUDOS, J., VIVES, X. (2016). Banking in Spain. In Thorsten Beck and Barbara Casu (Ed.), The Palgrave Handbook of European Banking (pp. 567 - 601). Basingstoke [England]: Palgrave Macmillan.
VIVES, X. (2011). La industria financiera y la crisis. el papel de la innovación. En Francisco González, ... [et al.] (Eds.), Innovación: perspectivas para el siglo XXI (pp. 323 - 331). Bilbao: Fundación BBVA.
VIVES, X., FEDERICO, G. (2011). Los Retos de la Política Energética en Europa. En Juan Luis López Cardenete; José Luis Curbelo; Eloy Álvarez Pelegry (Coord.) (Ed.), Los retos del sector energético (pp. 44 - 60). Madrid: Marcial Pons.


VIVES, X., DUFFIE, D., FOUCAULT, T., VELDKAMP, L. (2022). Technology and finance.
VIVES, X., BOLTON, P., HONG, H., KACPERCZYK, M. (2021). Resilience of the financial system to natural disasters.
CARLETTI, E., CLAESSENS, S., FATÁS, A., VIVES, X. (2020). The Bank Business Model in the Post-Covid-19 World.
BARCELÓ, S. P., CORONA, J. F., PUIG, M., ARGANDOÑA, A., CANALS, J., DÍAZ GIMÉNEZ, J., ... VIVES, X. (2020). El impulso del empleo y el relanzamiento de la empresa. algunas reflexiones para la acción.
VIVES, X., HERNÁNDEZ, M., GUARDANS I CAMBÓ, P., CAMPISTOL, J. M., CONESA, P., GRANDES, A., MAS-COLELL, A. (2019). El reto de sumar para multiplicar: la colaboración público-privada como eje de transformación de Barcelona.