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German reunification and convergence policies

Oliva, Juan Carlos Martinez - Banca d'Italia - 2009

This paper examines German reunification from its inception. It shows that after the rapid expansion of the early years, former East Germany entered a phase of slow growth that made it impossible to bridge the gap with West Germany. Unemployment remains high, low growth rates appear ingrained,...

Persistent link: https://www.econbiz.de/10005092588

Competition and regulation in Italy

Bianco, Magda; Giacomelli, Silvia; Rodano, Giacomo - Banca d'Italia - 2012

Insufficient competition remains a major obstacle to growth in Italy. The main culprits include the institutional environment and the regulations governing some economic sectors subject to market failures. As to the former, relative neglect of economic efficiency has produced an unstable and...

Persistent link: https://www.econbiz.de/10011099603

Learning, incomplete contracts and export dynamics: theory and evidence from French firms

Aeberhardt, Romain; Buono, Ines; Fadinger, Harald - Banca d'Italia - 2012

model, we find that better legal institutions ease contracting frictions especially in sectors with serious contracting … institutions and decline with the age of the relationship, as unreliable partners are weeded out. …

Persistent link: https://www.econbiz.de/10011099716

Foreign direct investment and institutional quality

Borin, Alessandro; Cristadoro, Riccardo; Mattevi, Elena - Banca d'Italia - 2014

stability and country governance; and finally, the overall quality of institutions. According to our estimates, the quality of … institutions - measured by the World Bankï¿½s Doing Business indicators - has a positive and significant effect in attracting … allocation of investment. According to our analysis, if Italian institutions had been qualitatively in line with the euro …

Persistent link: https://www.econbiz.de/10011100396

Rules and institutions for sound fiscal policy after the crisis

Franco, Daniele - Banca d'Italia - 2012

the aftermath of the global crisis started in 2008, affording special consideration to rules and institutions. Session 1 … analysed the experiences that took shape in individual states thanks to their own budget frameworks and institutions. Session 2 … and budget institutions. …

Persistent link: https://www.econbiz.de/10011277930

Cross-country differences in self-employment rates: the role of institutions

Torrini, Roberto - Banca d'Italia - 2002

This paper examines the role of institutional variables in determining the large disparities observed in self-employment rates across OECD countries. Our findings suggest that a large public sector reduces the scope for independent work, while high levels of product market regulation are...

Persistent link: https://www.econbiz.de/10005609406

The pricing of government-guaranteed bank bonds

Levy, Aviram; Zaghini, Andrea - Banca d'Italia - 2010

We examine the effects of the government guarantee schemes for bank bonds adopted in the aftermath of the Lehman Brothers demise to help banks retain access to wholesale funding. We describe the evolution and the pattern of bond issuance across countries to assess the effect of the schemes. Then...

Persistent link: https://www.econbiz.de/10008626021

Bank heterogeneity and interest rate setting: what lessons have we learned since Lehman Brothers?

Gambacorta, Leonardo; Mistrulli, Paolo Emilio - Banca d'Italia - 2011

A substantial literature has investigated the role of relationship lending in shielding borrowers from idiosyncratic shocks. Much less is known about how lending relationships and bank-specific characteristics affect the functioning of the credit market in an economy-wide crisis, when banks may...

Persistent link: https://www.econbiz.de/10009364552

Do interbank customer relationships exist? And how did they function in the crisis? Learning from Italy

Affinito, Massimiliano - Banca d'Italia - 2011

Using 11 years of monthly Italian bank-by-bank data, this paper correlates the bilateral amounts and the identity of each interbank borrower and lender with a long list of explanatory variables. The results show that interbank customer relationships, i.e. stable and strong relationships between...

Persistent link: https://www.econbiz.de/10009364553

The interbank market after the financial turmoil: squeezing liquidity in a "lemons market" or asking liquidity "on tap"

Socio, Antonio De - Banca d'Italia - 2011

After August 2007 the plumbing system that supplied banks with wholesale funding, the interbank market, failed because toxic assets obstructed the pipes. Banks were forced to squeeze liquidity in a ï¿½lemons marketï¿½ or to ask for liquidity ï¿½on tapï¿½ from central banks. This...

Persistent link: https://www.econbiz.de/10009320176