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The paper assesses the extent to which mortgage rates in Italy are priced according to credit risk as proxied by the probability of household mortgage delinquency estimated using the EU-Silc database. For reasons of data availability we restrict the analysis of mortgage pricing to Italian...
Persistent link: https://www.econbiz.de/10008692066
This paper evaluates the causal effect of issuing equities on the probability that a firm will engage in R&D activity. Equity is a preferable source of external finance for innovation than debt. It does not require collateral, does not exacerbate moral hazard problems connected with the...
Persistent link: https://www.econbiz.de/10011099688
In the absence of any correlation between wealth and entrepreneurial talent, initial net wealth should have an explanatory power in the decision to become an entrepreneur only for households that are financially constrained; further, its importance should decrease with wealth. I test these...
Persistent link: https://www.econbiz.de/10005011989
In this paper we test different theories on debt maturity that can be ascribed to either the demand or the supply side of the market. Firm risk, asymmetric information, agency costs are all aspects that should be considered in the analysis. We also include leverage in the firm decision process...
Persistent link: https://www.econbiz.de/10005609336
Poverty is generally defined as income or expenditure insufficiency, but the economic condition of a household also depends on its real and financial asset holdings. This paper investigates measures of poverty that rely on indicators of household net worth. We review and assess two main...
Persistent link: https://www.econbiz.de/10008626024
Small firms encounter difficulties in raising external finance owing to greater information problems. For small innovative firms, whose activity is more difficult to evaluate, the cost of external finance could be even higher. This paper examines special features of the financial structure of...
Persistent link: https://www.econbiz.de/10005111559
This paper analyzes the determinants of Italian households� participation in the debt market, considering both demand and supply effects and using the Bank of Italy�s Survey of Household Income and Wealth. The probability of debt is positively influenced by age (until 35 years), which...
Persistent link: https://www.econbiz.de/10005113535
This paper investigates the existence of cross-sectional differences in the response of lending to monetary policy and GDP shocks owing to a different degree of bank capitalization. The effects on lending of shocks to bank capital that are caused by a specific (higher than 8 per cent) solvency...
Persistent link: https://www.econbiz.de/10005467288
This paper analyzes the effect of transaction technology innovation on demand deposits.Using panel data for Italy we have two results. First, transaction technology innovation has a positive effect on demand deposits. Second, accounting for this innovation in the regressions significantly...
Persistent link: https://www.econbiz.de/10005467289
This paper analyzes the macroeconomic consequences of the establishment of a monetary union in the presence of unionized labor markets. It is shown that the effects of the formation of a monetary union depend on several labor market features, such as the degree of centralization of wage...
Persistent link: https://www.econbiz.de/10005467290