In this paper we conduct a simulation run on a sample of Italian banks where a trigger shock, a one-off event fairly large in size, spreads through the interbank network in a set-up featuring among the actors both commercial banks and the authorities. The banks deleverage to comply with a...

This paper develops a methodology, based on Furfine (1999), for identifying unsecured interbank money market loans from the transaction data of the most important euro payment processing system TARGET2, for maturities ranging from one day (overnight) up to three months. The implementation has...

More than three years since the outbreak of the sovereign debt crisis in the euro area the banking systems of several countries remain exposed to the vagaries of government bond markets. The paper analyzes the different channels through which sovereign risk affects banking risk (and vice versa),...

The paper presents trade policy as in line with that of other continental European powers, with a move to moderate levels of tariff protection for politically sensitive sectors such as steel and textiles and clothing, but also in agriculture, with levels of protection falling slightly before the...

This paper reconstructs the series of the real returns on Italian equities, bank and PO deposits and long-term government bonds from 1860 to today. In the long-run the return on shares was much higher than that on government securities and also that on bank and PO deposits. However, this summary...

Since it became a united country, Italy was looked at with keen eyes by foreign economists, economic historians and policy makers. They wanted to see whether it would be possible for the economy of a country which had in the XVII and XVIII century regressed to the role of agricultural raw...

A great deal of new quantitative research has been produced over the last three decades which has radically changed the received interpretation of Italian economic development. Against this backdrop, the Bank of Italy, Istat and the University of Rome "Tor Vergata", together with academics from...

The research presented here is part of a wider project of revision of historical national accounts in Italy between 1891 and 1970. The reconstruction for 1951-1970 relies on a previous estimate of inter-sectoral (input-output) matrix for 1951 and on a new estimate of inter-sectoral matrix for...

Building on a new dataset on Italian banks and other financial institutions from 1861 to 2011, the novelty of this paper is to examine the patterns of the main items of bank's balance sheets, such as deposits, capital and reserves, bonds issued, bonds held in portfolio, and loans for a period of...

We exploit the new historical national accounts data for Italy over the period 1861-2010, built by Banca d'Italia and Istat, with the collaboration of the University of Rome "Tor Vergata". In the first part of the paper, a thorough study of the new data's statistical properties is presented...