His research focuses on the historical development of offshore financial centres, investment funds, and financial networks in small states (e.g., Luxembourg, Monaco, Tangier, etc.). Calabrese’s work combines archival research with quantitative methods to analyse the evolution of financial capitalism and its institutional foundations. He has published in leading journals including Business History Review, Contemporary European History, and Historical Methods, and is co-author of the book Innovation and Economic Development in Eurasia, 500 BCE–Present (Frontiers in Economic History, Springer Nature, 2025).