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Real exchange rate volatility and disconnect: an empirical investigation

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

A two-country model that incorporates many features proposed in the New Open Economy Macroeconomics literature is developed in order to replicate the volatility of the real exchange rate and its disconnect with macroeconomic variables. The model is estimated using data for the euro area and the...

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

What Caused the Asian Currency and Financial Crisis?.

Corsetti, G.; Pesenti, P.; Roubini, N. - Banca d'Italia - 1998

The paper examines the view that the Asian currency and financial crisis 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/10005640918

The transmission of monetary policy shocks from the US to the euro area

Nobili, Andrea; Neri, Stefano - Banca d'Italia - 2006

This paper studies the transmission of monetary policy shocks from the US to the euro-area using a two-country structural VAR with no exogeneity assumption. The analysis reveals the following results. First, in response to an unexpected increase in the Federal funds rate, the euro immediately...

Persistent link: https://www.econbiz.de/10005770775

Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices

Giannetti, Mariassunta - Banca d'Italia - 2000

, are associated with higher leverage, but also with greater availability of long-term debt. …

Persistent link: https://www.econbiz.de/10005113552

Financial sector pro-cyclicality: lessons from the crisis

Panetta, Fabio; Angelini, Paolo; Albertazzi, Ugo; … - Banca d'Italia - 2009

We analyze the main forces affecting financial system pro-cyclicality (the fact that developments in the financial sector can amplify business cycle fluctuations). We first review some major structural developments in financial markets that may influence pro-cyclicality and that have been...

Persistent link: https://www.econbiz.de/10005029282

Externalities in interbank network: results from a dynamic simulation model

Manna, Michele; Schiavone, Alessandro - Banca d'Italia - 2012

authorities. The banks deleverage to comply with a regulatory capital (leverage) ratio, roll off interbank loans, bid for central …

Persistent link: https://www.econbiz.de/10011099690

Does corporate taxation affect cross-country firm leverage?

Socio, Antonio De; Nigro, Valentina - Banca d'Italia - 2012

We evaluate the relation between firm leverage and taxation of corporate income using a dataset of mostly unlisted … regressors. We also apply quantile regressions to evaluate a possible differential impact of taxation on leverage across firms …. Our results suggest that corporate income taxation is positively related to leverage and explains part of the cross …

Persistent link: https://www.econbiz.de/10011099709

EU bank deleveraging

Bologna, Pierluigi; Caccavaio, Marianna; Miglietta, Arianna - Banca d'Italia - 2014

find that the leverage ratio (measured as assets to equity) has declined on average from 28.6 to 25.0. Its standard …

Persistent link: https://www.econbiz.de/10011100352

Central bank and government in a speculative attack model

Cappelletti, Giuseppe; Esposito, Lucia - Banca d'Italia - 2013

This paper studies the interaction between monetary and fiscal authorities while investors are coordinating on a speculative attack. The authorities want to achieve specific targets for output and inflation but also to avoid a regime change (i.e. sovereign default). They use the traditional...

Persistent link: https://www.econbiz.de/10011099682

Heterogeneous "Credit Channels" and Optimal Monetary Policy in a Monetary Union.

Gambacorta, L. - Banca d'Italia - 1998

The process of European monetary integration has prompted interest in the study of differences in financial systems and their consequences for monetary transmission mechanisms. This paper analyses the case of a monetary union composed of countries with heterogeneous "credit channels". In order...

Persistent link: https://www.econbiz.de/10005671384