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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

Financial inclusion - G20 initiatives and the role of the Bank of Italy

Gomel, Giorgio; Bernasconi, Fabio; Cartechini, … - Banca d'Italia - 2011

Financial exclusion concerns 2.5 billion individuals and more than 450 million enterprises. The G20 countries are committed to the reduction of this phenomenon. The Bank of Italy has a fundamental role in the field of financial inclusion, both on a national and an international scale through...

Persistent link: https://www.econbiz.de/10009193018

Price discovery in the Italian sovereign bonds market: the role of order flow

Girardi, Alessandro; Impenna, Claudio - Banca d'Italia - 2013

This paper analyses the price discovery process and the informational role of trading in the Italian wholesale secondary markets for Treasury bonds: the B2B MTS cash and the B2C BondVision trading venues. Using daily data for a representative set of fixed rate government bonds over the period...

Persistent link: https://www.econbiz.de/10011099620

What is a prime bank? A Euribor ï¿½ OIS spread perspective

Taboga, Marco - Banca d'Italia - 2013

Since the outbreak of the financial crisis in 2007, the level and volatility of Euribor ï¿½ OIS differentials have increased significantly. According to the extant literature, this variability is mainly explained by credit and liquidity risk premia. I provide evidence that part of the...

Persistent link: https://www.econbiz.de/10011099626

The management of interest rate risk during the crisis: evidence from Italian banks

Esposito, Lucia; Nobili, Andrea; Ropele, Tiziano - Banca d'Italia - 2013

by hedging with financial derivatives. But the complementary relationship between risk-management decisions differs …

Persistent link: https://www.econbiz.de/10011099623

Bank competition and firm creation

Patti, Emilia Bonaccorsi Di; Dell'Ariccia, Giovanni - Banca d'Italia - 2003

We investigate the effects of competition in the banking sector on the creation of firms in the non-financial sector … find evidence of a bellshaped relationship between bank competition and firm creation. In addition, consistent with models … finding that competition may reduce the availability of credit to informationally opaque firms, we find that bank competition …

Persistent link: https://www.econbiz.de/10005609373

Financial innovation oversight: a policy framework

Carlo, Gola; Antonio, Ilari - Banca d'Italia - 2013

This paper proposes a policy framework for intercepting, monitoring and containing the unintended harmful effects of financial innovation. The current approach, adopted by several authorities, makes extensive use of the tools of transparency and disclosure, mainly for consumer protection. It has...

Persistent link: https://www.econbiz.de/10011099606

Funzionamento della giustizia civile e struttura finanziaria delle imprese: il ruolo del credito commerciale

Carmignani, Amanda - Banca d'Italia - 2004

This paper empirically investigates the role of the efficiency of judicial enforcement in shaping firmsï¿½ financial structure, by focusing on the choice between trade credit and alternative external sources. Suppliers have an advantage over other short-term lenders in enforcing credit...

Persistent link: https://www.econbiz.de/10005467310

Family Succession and Firm Performance: Evidence from Italian Family Firms

Cucculelli, Marco; Micucci, Giacinto - Banca d'Italia - 2008

, successions by the founderï¿½s heirs, are further analyzed by assessing the impact of the sectoral intensity of competition on the …

Persistent link: https://www.econbiz.de/10005113644

The efficiency of infrastructure spending

Balassone, Fabrizio - Banca d'Italia - 2012

The volume collects the papers presented at the Conference on "Banks, Local Credit Markets and Credit Supply" held in Milan, on 24 March 2010. The papers presented at the two sessions of the Conference analyse how banks' lending activities are organized and how this affects the supply of credit...

Persistent link: https://www.econbiz.de/10011277933