In the euro area, macroprudential policy can be a powerful complement to monetary policy. However, its coordination with microprudential policy is a particularly delicate task. The coexistence of two supervisory regimes that rely on similar tools to pursue different objectives may at times give...

Italian Abstract: Il lavoro descrive le caratteristiche dei private placement e discute le condizioni necessarie per la loro diffusione in Europa. Il private placement è una modalità di finanziamento usata principalmente da imprese di medie dimensioni che, non potendo accedere al mercato...

Italian Abstract: Il tema del finanziamento degli investimenti a lungo termine è al centro dell'agenda delle autorità di politica economica; è tra le priorità della Presidenza italiana dell'Unione Europea. Il lavoro presenta le principali iniziative internazionali in materia e mette in rilievo...

Italian Abstract: Il lending-based crowdfunding (LBC) è un canale di finanziamento, alternativo rispetto a quello rappresentato dagli intermediari creditizi, per mezzo del quale famiglie e piccole imprese sono finanziate direttamente da una moltitudine di investitori. L'incontro tra domanda e...

Shadow banking is the creation or transfer – by banks and non-bank intermediaries – of bank-like risks outside the banking system. In Italy the shadow banking system is fully regulated, mostly following the principle of same business-same rules or ‘bank-equivalent regulation'. After an...

In this paper we describe an analytical framework to assess financial stability risks in the Italian economy. We use a large number of indicators, selected to take into account the peculiarities of the Italian economy, to monitor risks in seven areas: interlinkages, the credit markets, the...

We identify two categories of potentially ‘bad investors’ in TLAC-eligible bonds for the purpose of bail-in, i.e. households and hedge funds. The exposure of households may create political economy problems for policy makers when they have to decide about bail-in, while holdings by hedge...

We investigate the valuation risk affecting financial instruments classified as L2 and L3 for accounting purposes. These are instruments that are not directly traded in active markets and are often relatively complex, opaque and illiquid. There is a huge volume of L2 and L3 instruments in the...

We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothers' default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...

The Basel III regulation explicitly prescribes the use of Hodrick-Prescott filters to estimate credit cycles and calibrate countercyclical capital buffers. However, the filter has been found to suffer from large ex-post revisions, raising concerns over its fitness for policy use. To investigate...