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Mutual Guarantee Institutions (MGIs) and small business credit during the crisis

Mistrulli, Paolo Emilio; Vacca, Valerio; Corbisiero, Gennaro - Banca d'Italia - 2011

The recent economic and financial crisis has drawn attention to how mutual guarantee institutions (MGIs) facilitate small and medium enterprises in accessing bank financing. The aim of this paper is twofold. First, we describe the structural features of the Italian market for mutual guarantees...

Persistent link: https://www.econbiz.de/10009350681

Risk allocation and incentives for private contractors: an analysis of Italian project financing contracts

Cori, Rosalba; Giorgiantonio, Cristina; Paradisi, Ilaria - Banca d'Italia - 2010

Technical Unit with a view to monitoring public-private contract partnerships. Overall, the analysis reveals the backwardness of … employment of penalties for breach of contract by the concessionaire, especially in the management phase, and ï¿½ conversely ï … supervisory activity of the grantor during the various phases of the contract. …

Persistent link: https://www.econbiz.de/10008764022

Incentives through the cycle: microfounded macroprudential regulation

Iasio, Giovanni di; Quagliariello, Mario - Banca d'Italia - 2013

We provide a micro-based rationale for macroprudential capital regulation by developing a model in which bankers can privately undertake a costly effort and reduce the probability of adverse shocks to their asset holdings that force liquidation (deterioration risk). Low fundamental risk of...

Persistent link: https://www.econbiz.de/10011099706

Information acquisition and learning from prices over the business cycle

Taneli Mï¿½kinen; Bjï¿½rn Ohl - Banca d'Italia - 2014

We study firmsï¿½ incentives to acquire costly information in booms and recessions to understand the role of endogenous information in explaining business cycles. We find that when the economy has been in a recession in the previous period, and firms enter the current period with a...

Persistent link: https://www.econbiz.de/10011099646

The Eurosystem’s monetary, banking and financial statistics: some reflections on results and future steps

Bonis, Riccardo De - Banca d'Italia - 2013

This paper summarizes the results attained by the Eurosystem in harmonizing the statistics used for the conduct of monetary policy. Since the creation of the euro area, in January 1999, significant progress has been made in the harmonization of data on banks’ balance sheets, central banks and...

Persistent link: https://www.econbiz.de/10011277926

First-time corporate bond issuers in Italy

Accornero, Matteo; Russo, Paolo Finaldi; Guazzarotti, … - Banca d'Italia - 2015

The paper looks at the characteristics of Italian non-financial firms that accessed the bond market for the first time between 2002 and 2013. The results of logit estimations indicate that first-time bond issuers are significantly larger and more frequently listed on the stock exchange than...

Persistent link: https://www.econbiz.de/10011265437

Risk measures for autocorrelated hedge fund returns

Cesare, Antonio Di; Stork, Philip A.; Vries, Casper G. de - Banca d'Italia - 2011

Standard risk metrics tend to underestimate the true risks of hedge funds because of serial correlation in the reported returns. Getmansky, Lo, and Makarov(2004) derive mean, variance, Sharpe ratio, and beta formulae adjusted for serial correlation. Following their lead, we derive adjusted...

Persistent link: https://www.econbiz.de/10009364554

A public guarantee of a minimum return to defined contribution pension scheme members

Grande, Giuseppe; Visco, Ignazio - Banca d'Italia - 2010

The recent financial crisis has clearly demonstrated the exposure of defined contribution (DC) pension scheme members to extreme financial market risks. This paper argues that the government might offer DC plan members a minimum return guarantee, funded by risk based premia. Option pricing...

Persistent link: https://www.econbiz.de/10008560236

Style, Fees and Performance of Italian Equity Funds

Cesari, Riccardo; Panetta, Fabio - Banca d'Italia - 1998

supports Grossman and Stiglitz's (1980) view of market efficiency, suggesting that informed investors (investment funds) are …

Persistent link: https://www.econbiz.de/10005113570

The effect of age on portfolio choices: evidence form an Italian pension fund

Cappelletti, Giuseppe; Guazzarotti, Giovanni; … - Banca d'Italia - 2010

Optimal Portfolio Theory prescribes that investors reduce their exposure to financial market risk as they get near to retirement. To assess the effect of ageing on portfolio choices, we study the case of an Italian defined contribution pension fund during the period 2002-08. We find that on...

Persistent link: https://www.econbiz.de/10008605944