Italian Abstract: Nel periodo compreso fra giugno 2020 e dicembre 2021, il ricorso alle misure a sostegno della liquidità delle imprese introdotte a seguito della pandemia di Covid-19 ha presentato una distribuzione non uniforme sul territorio nazionale. Le differenze sono riconducibili solo in...

Interchange fees (IF) are fees that a cardholder's bank (issuer) receives from the merchant's bank (acquirer) when a card payment is executed. Interchange fees are an important part of the fees charged to merchants by acquirers. Because of their level and fragmentation, interchange fees can...

This paper explores the effect of taxation on the capital structure of banks. For identification, we exploit exogenous regional variations in the rate of the Italian tax on productive activities (IRAP) using administrative, confidential data on regional banks provided by the Bank of Italy...

This paper provides an assessment of the costs of complying with Basel III for the Italian economy. The main findings are the following. For each percentage point increase in the capital ratio implemented over an eight-year horizon, the level of GDP would decline by 0.00-0.33% (0.03-0.39% if...

In line with developments at the global level, the attention of financial regulators on ESG factors, particularly on environmental and climate-related risks, has significantly increased over recent years. In this context, disclosure of relevant climate-related information plays a key role, for...

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...

Italian Abstract: Il principio contabile IFRS 9, entrato in vigore nel 2018, ha introdotto profonde innovazioni ed è stato sinora declinato in maniera diversificata dagli intermediari bancari e finanziari, per cui in alcuni casi sono state adottate soluzioni relativamente semplici, in linea con...

Level 2 (L2) and Level 3 (L3) assets and liabilities represent a substantial portion of European banks’ balance sheets, and valuing them is extremely difficult, since no liquid market prices are available. This paper relies on a large panel of euro-area banks between 2014 and 2019, and two...

Italian Abstract: La necessità di incrementare il livello di efficienza dell'azione amministrativa ha spinto il legislatore italiano, a partire dagli anni novanta, ad estendere alla Pubblica amministrazione alcuni strumenti gestionali tipici delle realtà aziendalistiche, in linea con le...

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...