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The Political Economy of Investor Protection

Tommasino, Pietro - Banca d'Italia - 2006

Why do some countries suffer from backward financial institutions and weak corporate governance rules? We show that, even if, overall, the economy would benefit corporate governance reforms, not all the agents would stand to gain from the improvement. In particular, entrepreneurs and firms that...

Persistent link: https://www.econbiz.de/10005609341

Managerial incentives, financial constraints and ownership concentration

Protopapa, Marco - Banca d'Italia - 2011

This work investigates the role of equity ownership for the purpose of committing the management to the pursuit of shareholder value in the presence of separation between ownership and control. By rooting the conflicts of interests between managers and shareholders upon the control of internal...

Persistent link: https://www.econbiz.de/10008917792

Efficiency vs. agency motivations for bank takeovers: some empirical evidence

Vincenzo, Alessio De; Doria, Claudio; Salleo, Carmelo - Banca d'Italia - 2006

Bank takeovers result on average in little improvements in performance. This may be due to conflicting driving forces behind them; however these have seldom been studied. We study directly the motivations for bank acquisitions by analyzing the prices paid for them, under the assumption that...

Persistent link: https://www.econbiz.de/10005113643

Assessing the effects of monetary and fiscal policy

Neri, Stefano - Banca d'Italia - 2001

This paper has two objectives: the first is to jointly analyse monetary and fiscal policy with a structural VAR model, evaluate the dynamic impact of policy shocks on U.S. output and prices and the contributions of these two sources to fluctuations in these variables. The second objective is to...

Persistent link: https://www.econbiz.de/10005113519

What is the Optimal Institutional Arrangement for a Monetary Union?

Gambacorta, Leonardo - Banca d'Italia - 1999

The aim of this paper is to design the optimal institutional arrangement for a monetary union. Using a two-country rational expectations model, the study analyses how the conservatism of the area-wide central bank and the penalty system for fiscal deviation (Stability and Growth Pact) should be...

Persistent link: https://www.econbiz.de/10005609368

Macroeconomic effects of simultaneous implementation of reforms after the crisis

Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2014

This paper evaluates the macroeconomic effects of simultaneously implementing fiscal consolidation and competition-friendly reforms in a country of the euro area by simulating a large-scale dynamic general equilibrium model. We find, first, that the joint implementation of reforms has additional...

Persistent link: https://www.econbiz.de/10011103310

Revisiting the empirical evidence on firmsï¿½ money demand

Lotti, Francesca; Marcucci, Juri - Banca d'Italia - 2006

In this paper we estimate the demand for liquidity by US non financial firms using data from COMPUSTAT database. In …

Persistent link: https://www.econbiz.de/10005113526

Central bank refinancing, interbank markets, and the hypothesis of liquidity hoarding: evidence from a euro-area banking system

Affinito, Massimiliano - Banca d'Italia - 2013

This paper tests the hypothesis of liquidity hoarding in the Italian banking system during the 2007-2011 global …¿½ interventions are ineffective because banks hoard the liquidity injected rather than channelling it on to other banks and the real … the crisis, and, contrary to widespread conjecture, the liquidity injected by the Eurosystem was intermediated among banks …

Persistent link: https://www.econbiz.de/10011099633

Exploring agent-based methods for the analysis of payment systems: a crisis model for StarLogo TNG

Arciero, Luca; Biancotti, Claudia; Leandro Dï¿½Aurizio; … - Banca d'Italia - 2008

Persistent link: https://www.econbiz.de/10005113651

The effects of fiscal shocks with debt-stabilizing budgetary policies in Italy

Caprioli, Francesco; Momigliano, Sandro - Banca d'Italia - 2011

We study the effects of fiscal policy on macroeconomic developments in Italy over the period 1982-2010 with a Structural Vector Autoregression (SVAR) model. We include public debt and impose the government budget constraint in the estimation. In contrast with previous research we also include...

Persistent link: https://www.econbiz.de/10009386396