The last two years have stressed how special and important banks are. When the financial system fails, the whole economic system is affected. The financial sector has undergone an unprecedented wave of innovation, change, consolidation and now crisis. We now have a better understanding of the...

It is the time for rethinking the international institutional framework organization. The financial system is global and the integration of international financial markets must be protected because it is and will be an important developing factor. Institutions had to change in order to make on...

The current great financial crisis points out the weakness of the originate to distribute model based on the definition by the global banks of a selling chain that is opaque, elusive and unsustainable. The reaction to the crisis must be wide and global: de-engineering of financial instruments,...

In the international discussion about the change of the supervisory system, the strength of the approaches defined in Italy must be emphasized. If the model based on the board of statutory auditors could not be exported, some of the main characteristics could be preserved and replicated. The...

Worldwide financial, energetic and food crisis are empowering for the propitious geo-political context in which global and market cultures have failed. The speculation has a key role in the new crises and must be argue by Governments using new instruments. In Italy, the Government try to manage...

The financial crisis showed all the weakness of laws currently established and national supervisory fragmented frameworks not still applicable with the global dimension of financial markets and the cross border / sector activities of financial groups that can allow regulatory arbitrage. Is there...

The crisis had stressed the financial system and the supervisory model. It offers also the opportunity to strength the financial stability controls and to construct a more stable system that benefit from the market integration without increasing the overall risk. Among available solution for the...

The presence of possible distortions caused by a prolonged period of low interest rates indicates that policymakers should raise interest rates as soon as macroeconomic conditions allow. Low interest rates are good for macroeconomic stability in the short run, but could harm long-run financial...

The development of a long lasting relationship between banks and firms requires greater cooperation between the two parties, which must be based on transparency, availability of the right quantitative and qualitative information, the correct and complete use of these information by banks, in...

To estimate the probability of default of companies and the correlated rating classes, it is necessary to use efficiently the information contained in different databases. In this respect, we propose a novel approach, based on the recursive usage of Bayes theorem, that can be very helpful in...