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Background UNcertainty and the Demand for Insurance Against Insurable Risks.
Guiso, L.; Jappelli, T. - Banca d'Italia - 1996
Theory suggests that people facing higher uninsurable background risk buy more insurance against other risks that are … insurance increases with earnings uncertainty. …
Persistent link: https://www.econbiz.de/10005671377
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Insurance within the Firm
Guiso, Luigi; Pistaferri, Luigi; Schivardi, Fabiano - Banca d'Italia - 2001
The full insurance hypothesis states that shocks to the firm's performance do not affect workers' compensation. In … principal-agent models withmoral hazard, firms trade off insurance and incentives to induce workers to supply the optimal level … of insurance varies by type of worker and firm in ways that are consistent with principal-agent models but are hard to …
Persistent link: https://www.econbiz.de/10005113536
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Micro Enterprise and Macro Policy.
Townsend, R. - Banca d'Italia - 1996
This paper is about how to evaluate credit and insurance programs like the Gramee Bank in Bangladesh; Accio, Prodem …
Persistent link: https://www.econbiz.de/10005640922
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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 �lemons market� or to ask for liquidity �on tap� from central banks. This...
Persistent link: https://www.econbiz.de/10009320176
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On the interaction between market and credit risk: a factor-augmented vector autoregressive (FAVAR) approach
Fiori, Roberta; Iannotti, Simonetta - Banca d'Italia - 2010
The aim of the paper is to understand the interaction between market and credit risk. Using a comprehensive set of Italian data, we apply a factor model to identify the common sources of risk driving fluctuations in the real and financial sectors. The common latent factors are then inserted in a...
Persistent link: https://www.econbiz.de/10008692068
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An analysis of the determinants of credit default swap spread changes before and during the subprime financial turmoil
Cesare, Antonio Di; Guazzarotti, Giovanni - Banca d'Italia - 2010
This paper analyzes the determinants of credit default swap spread changes for a large sample of US non-financial companies over the period between January 2002 and March 2009. In our analysis we use variables that the literature has found have an impact on CDS spreads and, in order to account...
Persistent link: https://www.econbiz.de/10008626020
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Dynamic provisioning: rationale, functioning, and prudential treatment
Burroni, Marco; Quagliariello, Mario; Sabatini, Emiliano; … - Banca d'Italia - 2009
Current policy debate has renewed interest in countercyclical provisioning policies; dynamic provisions are regarded as a valuable device for pursuing this goal. Last July, Ecofin supported "the introduction of forward-looking provisioning, which consists in constituting provisions deducted from...
Persistent link: https://www.econbiz.de/10008472087
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Credit risk and business cycle over different regimes
Marcucci, Juri; Quagliariello, Mario - Banca d'Italia - 2008
In the recent banking literature on the relationship between credit risk and the business cycle, the presence of asymmetric effects both across credit risk regimes and through the business cycle has been generally neglected. Employing threshold regression models both at the aggregate and the...
Persistent link: https://www.econbiz.de/10005609366