This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...

In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...

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...

Establishing a European Banking Union offers clear opportunities: to break bank-fiscal interactions, national supervisory silos and home biases, to reduce fragmentation and improve single market, to stabilize the euro. Nonetheless it involves also risks related to the crisis management...

The proposal for a Directive and the related impact study presented by Ec in 2012 have the purpose to reorganize the financial systems crisis regulation, with particular emphasis on bank recovery and resolution. The new harmonized rules identify three groups of measures relating to prevention,...

Regulation has an economic impact on banks causing high costs bothdirect and deriving from the use of resources and operating structures, undermining their competitiviness. Alternative solutions, equally effective, are needed, to avoid conflict between firms, regulators and supervisors

After the crisis and recent State interventions, the private nature of banks and their role in terms of public interest has been strongly questioned. In the new scenario, is there a scope for public banks? And what should be the regulatory framework to ensure that their strategy and management...

Ratings measure the counterparty risk for an issuer or an issue while Cds are a market evaluation of the same risk exposure. The market evaluation could be not aligned with the rating agencies’ judgment and the difference could be relevant. The article presents an empirical analysis on a...

The Aml (Anti money laundering) function in banks should be viewed not only as mere compliance with legislative requirements but as an investment aiming to guarantee stability in the bank’s core business. The article highlights the development of Aml legislation and illustrates how the Aml...

The traditional commercial banking model - based on accepting deposits and bonds and originating loans – is no longer sustainable. A new intermediation model, based on a separate management of monetary liabilities, on short-term credit and on long-term loans securitization, can be outlined,...