The aim of this work is to provide information of use in evaluating Italian local public entities from two angles. 1) computerization and supply of web-services; 2) �accounting transparency� and use of accounting information for internal control and benchmarking. The analysis is based...

The aim of this work is to provide information of use in evaluating Italian local public entities from two angles. 1) computerization and supply of web-services; 2) �accounting transparency� and use of accounting information for internal control and benchmarking. The analysis is based...

The supply chain of the real estate sector accounts for one fifth of Italian GDP; its importance for the banking system is even greater: lending to this sector accounts for more than one third of total loans to the private sector. The crisis in the construction and real estate sector started...

The paper reviews the supply of different mortgage instruments to Italian households by means of data obtained from a survey conducted in 2007 by the Bank of Italy over more than 300 banks. The results document significant innovations in housing finance in the last five years: a greater variety...

The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...

The real estate sector is of particular interest from a central bank's perspective; due to its size, it directly and indirectly affects economic developments, financial stability and the monetary policy stance. The volume collects the papers by economists of the Bank of Italy and the discussions...

In this paper I estimate the impact of changes in real and financial wealth � proxied by house and stock market prices � on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using recent econometric techniques for heterogeneous...

The ability of a two-sector model to quantify the contribution of the housing market to business fluctuations is investigated using U.S. data and Bayesian methods. The estimated model, which contains nominal and real rigidities and collateral constraints, displays the following features: first,...

During the last two decades, house prices in Italy have increased dramatically in real terms, particularly in large towns and cities; the rise in rents has been even more marked. This paper analyses home affordability for households, considering both the rent and the property markets. In...

This paper discusses the limitations of the price-income ratio, the price-rent ratio, and of affordability measures as indicators of housing market conditions. For the purpose of assessing whether house prices are misaligned, the most sensible approach is to calculate the user cost of ownership...