Italian Abstract: Il rischio sistemico, che le politiche macroprudenziali hanno l'obiettivo di minimizzare, è in pratica assai difficile da identificare ex ante. La ricerca di indicatori che potrebbero consentire di attivare le politiche macroprudenziali con un anticipo sufficiente a evitare o...

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...

This paper investigates the effects of the increasing activity of foreign banks in Italy, distinguishing between credit granted to households and firms. Foreign banks display a differentiated degree of business expansion across the provinces, we exploit this variability to measure how foreign...