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Tax reforms to influence corporate financial policy: the case of the Italian business tax reform of 1997-98

Staderini, Alessandra - Banca d'Italia - 2001

In this paper company-level panel data are used to explore the role of tax changes on corporate financial policy. A panel model for the years 1993-98 is estimated confirming the explanatory power of the tax variable. The estimation also shows that firms reduced leverage in the last three years...

Persistent link: https://www.econbiz.de/10005770769

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

Fiscal Policy and Macroeconomic Imbalances

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014

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...

Persistent link: https://www.econbiz.de/10011277938

Real Exchange Rates, Trade, and Growth: Italy 1861-2011

Nino, Virginia Di; Eichengreen, Barry; Sbracia, Massimo - Banca d'Italia - 2011

What is the relationship between real exchange rate misalignments and economic growth? And what effect, if any, did undervaluations or overvaluations of the lira/euro have on Italy's growth? We address these questions by presenting, first, three main facts: (i) there is a positive relationship...

Persistent link: https://www.econbiz.de/10009364463

A Primer on Financial Contagion

Pericoli, Marcello; Sbracia, Massimo - Banca d'Italia - 2001

This paper presents a unified framework to highlight possible channels for the international transmission of financial shocks. We first review the different definitions and measures of contagion used in the literature. We then use a simple multi-country asset pricing model to cast the main...

Persistent link: https://www.econbiz.de/10005609346

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

Debt Restructuring with Multiple Creditors and the Role of Exchange Offers.

Detragiache, E.; Garella, P.G. - Banca d'Italia - 1996

Exploiting the analogy with the private provision of a public good, this paper studies debt restructuring with an arbitrary number of creditors using mechanism design.

Persistent link: https://www.econbiz.de/10005640925

Trade and finance: is there more than just 'trade finance'? Evidence from matched bank-firm data

Prete, Silvia Del; Federico, Stefano - Banca d'Italia - 2014

Using unique matched bank-firm data on export, import and ordinary loans for a large sample of Italian manufacturing exporters for the years 2007-2010, this paper investigates the role of trade finance in a credit shock. We find that the credit shock faced by exporters in the aftermath of the...

Persistent link: https://www.econbiz.de/10011099656

Correlation Analysis of Financial Contagion: What One Should Know before Running a Test

Corsetti, Giancarlo; Pericoli, Marcello; Sbracia, Massimo - Banca d'Italia - 2001

This paper presents a general test of contagion in financial markets based on bivariate correlation analysis ï¿½ a test that can be interpreted as an extension of the normal correlation theorem. Contagion is defined as a structural break in the data generating process of rates of return....

Persistent link: https://www.econbiz.de/10005467302

Monetary Policy Transmission, the Exchange Rate and Long-Term Yields under Different Hypothesis on Expectations.

Gaiotti, E.; Nicoletti-Altimari, S. - Banca d'Italia - 1996

The paper studies the transmission of monetary policy through its effects on the exchange rate and on long-term interest rates under different schemes of expectations formation, within the framework of the quaterly model of the Banca d'Italia (BIQM).

Persistent link: https://www.econbiz.de/10005671390