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Tax Deferral and Mutual Fund Inflows : Evidence from a Quasi-Natural Experiment
Cappelletti, Giuseppe - 2014
switch from an accrual-based to a realization-based tax regime. We use quasi-experimental data from Italy where, starting …
Persistent link: https://www.econbiz.de/10013057580
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The Rise of Risk-Based Pricing of Mortgage Interest Rates in Italy
Magri, Silvia - 2011
The paper assesses the extent to which mortgage rates in Italy are priced according to credit risk as proxied by the …
Persistent link: https://www.econbiz.de/10013128110
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Bridging the Gap Between Migrants and the Banking System
Albareto, Giorgio - 2011
banks to sole proprietorships based in Italy. We find that migrants pay, on average, almost 70 basis points more for credit … than natives. The interest rate differential is lower for entrepreneurs born in Italy whose parents were natives of other … countries (“second generation” migrants) and for migrants whose parents were natives of Italy (“Italian migrants”). These …
Persistent link: https://www.econbiz.de/10013125742
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Long-Term Interest Rate Convergence in Europe and the Probability of EMU
Angeloni, Ignazio; Violi, Roberto - 2008
Using a simple method, based on forward interest spreads, we analyse the recent movements in the 10-year yield differentials between three currencies (Italian lira; Spanish peseta; Swedish krona) and the DM in order to gauge the extent to which the reduction in these differentials was due to...
Persistent link: https://www.econbiz.de/10014214618
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What is a Prime Bank? A Euribor – OIS Spread Perspective
Taboga, Marco - 2013
Since the outbreak of the financial crisis in 2007, the level and volatility of Euribor – OIS differentials have increased significantly. According to the extant literature, this variability is mainly explained by credit and liquidity risk premia. I provide evidence that part of the...
Persistent link: https://www.econbiz.de/10013086476
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On Secular Stagnation and Low Interest Rates : Demography Matters
Ferrero, Giuseppe - 2017
Nominal and real interest rates in advanced economies have been decreasing since the mid-1980s and reached historical lows in the aftermath of the global financial crisis. Understanding why interest rates have fallen is essential for both monetary policy and financial stability. This paper...
Persistent link: https://www.econbiz.de/10012945853
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Simple Banking : Profitability and the Yield Curve
Alessandri, Piergiorgio - 2014
How does bank profitability vary with interest rates? We present a model of a monopolistically competitive bank subject to repricing frictions, and test the model's predictions using a unique panel data set on UK banks. We find evidence that large banks retain a residual exposure to interest...
Persistent link: https://www.econbiz.de/10013056569
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The Interest-Rate Sensitivity of the Demand for Sovereign Debt. Evidence from OECD Countries (1995-2011)
Grande, Giuseppe - 2015
Public debt levels in advanced economies have increased dramatically over recent years and they could put considerable upward pressure on market yields. Using a novel identification approach based on financial accounts and focusing on panel regressions for 18 advanced economies over the period...
Persistent link: https://www.econbiz.de/10013027903
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Estimating the Money Market Microstructure with Negative and Zero Interest Rates
Rainone, Edoardo - 2016
Money market microstructure is fundamental to studying bank behaviour, to evaluating monetary policy and to assessing the financial stability of the system. Given the lack of granular data on interbank loans, Furfine (1999) proposed an algorithm to estimate the microstructure using data from the...
Persistent link: https://www.econbiz.de/10012992534
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Declining Natural Interest Rate in the US : The Pension System Matters
Bonchi, Jacopo; Caracciolo, Giacomo - 2021
The natural interest rate is the level of the real interest rate compatible with potential output and stable prices. We develop a life-cycle model and calibrate it to the US economy to quantify the role of the public pension scheme for the past and future evolution of the natural interest rate....
Persistent link: https://www.econbiz.de/10013232808