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Externalities in interbank network: results from a dynamic simulation model

Manna, Michele; Schiavone, Alessandro - Banca d'Italia - 2012

authorities. The banks deleverage to comply with a regulatory capital (leverage) ratio, roll off interbank loans, bid for central …

Persistent link: https://www.econbiz.de/10011099690

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

EU bank deleveraging

Bologna, Pierluigi; Caccavaio, Marianna; Miglietta, Arianna - Banca d'Italia - 2014

find that the leverage ratio (measured as assets to equity) has declined on average from 28.6 to 25.0. Its standard …

Persistent link: https://www.econbiz.de/10011100352

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

Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices

Giannetti, Mariassunta - Banca d'Italia - 2000

, are associated with higher leverage, but also with greater availability of long-term debt. …

Persistent link: https://www.econbiz.de/10005113552

Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment

Locarno, Alberto; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2013

This paper briefly reviews the literature on fiscal multipliers and then presents results for the Italian economy obtained by simulating a dynamic general equilibrium model that allows for the possibility (a) that the zero lower bound may be binding and (b) that the initial public debt-to-GDP...

Persistent link: https://www.econbiz.de/10011099679

Inflation, debt and the zero lower bound

Neri, Stefano; Notarpietro, Alessandro - Banca d'Italia - 2014

This paper analyses the macroeconomic effects of a protracted period of low and falling inflation rates when monetary policy is constrained by the zero lower bound (ZLB) on nominal interest rates and the private sector is indebted in nominal terms (debt-deflation channel). In this scenario, even...

Persistent link: https://www.econbiz.de/10011100378

Structural reforms and zero lower bound in a monetary union

Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2015

We assess the short- and medium-term macroeconomic effects of competition-friendly reforms in the service sector when the monetary policy rate is stuck at the zero lower bound (ZLB) in a monetary union. We calibrate a large-scale multi-country multi-sector dynamic general equilibrium model to...

Persistent link: https://www.econbiz.de/10011184261

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