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What Caused the Asian Currency and Financial Crisis?

Corsetti, Giancarlo; Pesenti, Paolo; Roubini, Nouriel - Banca d'Italia - 1998

The paper explores the view that the Asian currency and financial crises in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even though market overreaction and herding caused the plunge of exchange rates, asset prices and economic activity to be more...

Persistent link: https://www.econbiz.de/10005111544

Why is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?

Dedola, Luca; Leduc, Sylvain - Banca d'Italia - 2001

Since the adoption of flexible exchange rates, real exchange rates have been much more volatile than they were under Bretton Woods. However, the volatilities of most other macroeconomic variables have remained approximately unchanged. This poses a puzzle for standard international business cycle...

Persistent link: https://www.econbiz.de/10005609375

Expectations and Information in Second Generation Currency Crises Models.

Sbracia, M.; Zaghini, A. - Banca d'Italia - 2000

We explore the role of expectations in second generation currency crisis models, proving that sudden shifts in speculators' beliefs can trigger currency devaluations, even without any sizable worsening in the fundamentals. In our incomplete information game, mean-preserving changes in...

Persistent link: https://www.econbiz.de/10005671376

Expectations and information in second generation currency crises models

Sbracia, Massimo; Zaghini, Andrea - Banca d'Italia - 2000

Persistent link: https://www.econbiz.de/10005113631

The euro and firm restructuring

Bugamelli, Matteo; Schivardi, Fabiano; Zizza, Roberta - Banca d'Italia - 2009

We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected … the euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption … restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream …

Persistent link: https://www.econbiz.de/10005011988

The Reliability of EMU FIscal Indicators: Risks and Safeguards

Balassone, Fabrizio; Franco, Daniele; Zotteri, Stefania - Banca d'Italia - 2007

nominal debt (the other fiscal indicator used in EMU) can reduce the scope for window dressing. Simple comparison of deficit …

Persistent link: https://www.econbiz.de/10005111541

Rainy day funds: can they make a difference in Europe

Balassone, Fabrizio; Franco, Daniele; Zotteri, Stefania - Banca d'Italia - 2007

Rainy Day Funds (RDFs) have an important role in the USA. They allow States ï¿½ which usually have rules requiring a balanced budget for current revenue and spending ï¿½ to limit procyclical fiscal policies. This paper examines the possible role of RDFs in the European fiscal framework....

Persistent link: https://www.econbiz.de/10005609413

The policy response to macroeconomic and fiscal imbalances in Italy in the last fifteen years

Bassanetti, Antonio; Bugamelli, Matteo; Momigliano, Sandro - Banca d'Italia - 2013

This paper reviews the main macroeconomic trends and the debate on policy priorities in Italy since the end of the Nineties. In the decade up to the outbreak of the global crisis (1998-2007), in Italy the reform process came to a virtual standstill; this is partly due to the fragmentation of the...

Persistent link: https://www.econbiz.de/10011100354

Current account "core-periphery dualism" in the EMU

Cesaroni, Tatiana; Santis, Roberta De - Banca d'Italia - 2014

financial integration contributed to explain CA deterioration in the peripheral countries especially in the post-EMU period. The …

Persistent link: https://www.econbiz.de/10011105136

Real exchange rate volatility and disconnect: an empirical investigation

Cristadoro, Riccardo; Gerali, Andrea; Neri, Stefano; … - Banca d'Italia - 2008

model is estimated using data for the euro area and the U.S. and Bayesian methods. The analysis delivers the following …

Persistent link: https://www.econbiz.de/10005113550