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Real effects of banking crises: a survey of the literature

Carpinelli, Luisa - Banca d'Italia - 2009

The literature is unanimous in highlighting that banking crises have a negative impact on GDP, usually more pronounced in developing economies. The magnitude of the losses is more controversial: the quantitative results of studies on the repercussions of banking crises on economic activity, in...

Persistent link: https://www.econbiz.de/10008546340

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

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

The riskiness of corporate bonds

Taboga, Marco - Banca d'Italia - 2009

When the riskiness of an asset increases, then, arguably, some risk-averse agents that were previously willing to hold on to the asset are no longer willing to do so. Aumann and Serrano (2008) have recently proposed an index of riskiness that helps to make this intuition rigorous. We use their...

Persistent link: https://www.econbiz.de/10008527060

The cost of firmsï¿½ debt financing and the global financial crisis

Pianeselli, Daniele; Zaghini, Andrea - Banca d'Italia - 2014

We provide an assessment of the determinants of the risk premium paid by non-financial corporations on long-term bonds. By looking at 5,500 issues in the period 2005-2012, we find that the turbulence in the sovereign debt market has been a major driver of corporate risk in recent years. Compared...

Persistent link: https://www.econbiz.de/10011099704

The market for corporate debt private placements

Branzoli, Nicola; Guazzarotti, Giovanni - Banca d'Italia - 2015

The paper describes the characteristics of the market for private placements and discusses the necessary conditions for their uptake in Europe. A private placement is a method of financing used mainly by medium-sized companies which, unable to access the public bond market, turn to one or more...

Persistent link: https://www.econbiz.de/10011206252

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

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

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

Il sistema finanziario nel Mezzogiorno : numero speciale dei Contributi all'analisi economica 1990

Galli, Giampaolo (contributor) - 1990

Persistent link: https://www.econbiz.de/10000802085