The paper analyses the sharp divergence in the nineties between capital formation in the main euro area countries, on the one hand, and the United States, on the other. We have used data from the OECD's International Sectoral Data Base (ISDB), which includes data comparable across a certain...

In this paper we discuss procedural and contractual aspects of Public Private Partnerships (PPP) in Italy, in the light of the economic theory of contracts and of incentives. We emphasize the potential role for PPPs for infrastructure development in Italy and the inefficiencies that arise in...

This paper examines the results of a survey carried out in 2007 by the Bank of Italy concerning different characteristics of the organization of lending activities. Between 2003 and 2006 the physical distance between the headquarters and the branches increased, the limits to the decision-making...

Italian Abstract: La crisi finanziaria originata nel mercato dei mutui subprime nel 2011 ha contagiato il mercato dei titoli sovrani; la propagazione dei rischi (effetto contagio) è dovuta a cause economiche (i.e. eccessiva spesa pubblica e crescita povera) e per cause finanziarie (i.e....

Italian Abstract: Il lavoro analizza come la scelta della valuta di fatturazione usata nelle transazioni internazionali dalle imprese italiane influenzi la trasmissione degli shock sui tassi di cambio alle strategie di prezzo e all’attività d’azienda. Le imprese che fatturano in euro...

The literature on Markov switching models is increasing and producing interesting results both at theoretical and applied levels. Most often the number of regimes, i.e., of data generating processes, is considered known; this strong hypothesis is adopted to somewhat bypass the nuisance parameter...

In this paper we examine under what circumstances the information accumulated during market closing time and conveyed to the price formation at market opening may be exploited to predict where the stock price will be at the end of the trading day. In our sample of three financial time series, we...

This paper estimates a pricing-to-market equation for Italy over the period 1990-99 with the aim of assessing the degree of exchange rate pass-through (ERPT). As compared to previous works, we minimize aggregation and selection biases using export data on all products (about 700 from 4 digits of...

Italian Abstract: Il lavoro analizza i divari territoriali nell’accesso al credito delle imprese tra il 2008 e il 2019 e descrive il funzionamento del mercato del credito nel Mezzogiorno. Il settore produttivo meridionale è caratterizzato da un maggiore rischio di credito; anche a parità di...