Find out more about my research projects

Research interests & ongoing projects

I am currently working in the credit risk methodology team of UBS as a specialist for climate change risk. As such, I am investigating approaches to quantify and incorporate climate-related risks in the banks’ models.

In addition to the above, I am also fascinated by recent developments in AI and its applications to macroeconomic forecasting and issues in international and environmental economics.

Notes and scientific papers

Bellelli, F.S. and Xu, A. (2023) From Policy to Progress: The Impact of Environmental Measures on Trade and Innovation, (Currently under review at Environmental and Resource Economics).

Xu, A., Tresa, E., Bellelli, F.S., Bacchetta, M., Monteiro, J.A.. Trade and the transfer of climate-related technologies. World Trade Organization, Trade and climate change information brief (Under internal review).

Bellelli, F.S., Xu, A. Why should we fish for an agreement? An economic analysis of fisheries subsidies. (to be published as WTO discussion paper)

Bellelli, F.S., Monteiro, J.A. and Xu, A. Assessing the environmental effectiveness of environmental provisions in Regional Trade Agreements. (Drafting in progress)

Bellelli, F.S., Scarpa, R. and Aftab, A. (2023) An empirical analysis of participation in environmental agreements. Journal of Environmental Economics and Management, 118, 102783.

Bellelli, F.S., Scarpa, R. and Aftab, A. (2023) The participation dilemma: A survey of the empirical literature on international environmental agreement ratification, Review of Environmental Economics and Policy, 17(1).

Bellelli, F.S. and Xu, A. (2022) How do environmental policies affects green innovation and trade? Evidence from the WTO environmental database (EDB), WTO Staff Working Paper, ERSD-2022-23.

Xu, A., Tresa, E., Bacchetta, Bellelli, F.S., M., Monteiro, J.A. (2021) Carbon content of international trade. World Trade Organization, Trade and climate change information brief, n°4. Available online at:

Bellelli, F.S. (2019) An overview of the main climate change agreements and the process that led to their formation. The Foundation Journal, Vol.XI, pp 1–15.

Contribution to books and reports

WTO (2022) World Trade Report 2022; Cliamte change and international trade. World Trade Organization. Available at:

Bellelli, F.S. (2022) The Determinants of Environmental Policy and Diplomacy: An Analysis of Participation in Environmental Treaties, Elivia Press.

WTO (2021) World Trade Report 2021; Economic resilience and trade. World Trade organization. Geneva, Switzerland. Available at:

Other publications

Bellelli, F.S. (2022) The fascinating world of Voronoi diagrams. Built in. April 2. Available at: Previous version featured in Towards Data Science, available at:

Data visualisation selected for: Smith, A. (2019) Ten charts that tell the story of 2019. Financial Times. December 29. Available at:

Data visualisation for: Johnson, S. (2019) The great haul of China, illustrated. Financial Times. November 19. Available online at:

Bellelli, F.S. (2019) Understanding climate change. New Vision. April 11. Available online at:

Bellelli, F.S. (2019) The determinants of environmental policy and diplomacy; An empirical investigation of participation in environmental treaties and the influence of domestic groups. Doctoral thesis, Durham University. Available at:

Bellelli, F.S. (2015) The dynamic relationship of income with health and education spending. Theses, Oxford Brooks University. Available at:

Bellelli, F.S. (2014) Del principio della domanda effettiva in Keynes e Kalecki. Tesi, Università degli Studi di Roma Tre.