This article examines the costs of banking pollution and the role of regulation and restrictions on the financial system in tackling it. It studies the benefits of such restrictions in terms of modularity, robustness and incentives, and the costs in terms of the economies of scale and the...

Risky investment projects make the coordination among small, uninformed investors hard to achieve, and generate inefficient low levels of investment. Several authors have pointed out the benefits to an economy from multiple avenues of financial intermediation. This paper explains endogenously...

Financial regulation is normally imposed in reaction to some prior crisis, rather than founded on theoretical principle. In the past, regulation has been deployed to improve risk management practices in individual banks. This was misguided. Instead, regulation should focus first on systemic...

The transmission mechanisms of volatility between markets can be characterized within a new Markov Switching bivariate model where the state of one variable feeds into the transition probability of the state of the other. A number of model restrictions and hypotheses can be tested to stress the...

I study the born and the development of the Torino financial area in the mid nineteenth century. In the second half of XIX Century, Torino was the capital of Piemonte’s State, and, for this reason, it was involved in political and economic events of great importance. In particular, before and...

El estudio de la relación entre el comportamiento de la productividad de las entidades bancarias y su capacidad de continuar en el mercado, constituye el objetivo de la presente investigación. Será por medio del empleo de los Índices de Malmquist, mismos que se derivan de la técnica...