If an economy runs a current account (CA) deficit and finances it via a corresponding net inflow of equity capital, the external debt (ED) does not change, i.e.: the CA deficit does not add to ED. This is no paradox. It simply comes from the definition of CA deficit and ED and points to...

Population ageing in Italy is more pronounced than in most of the other advanced countries. Given the very low employment rate for older workers, this is likely to have a negative effect on overall labour force participation in the near future. This paper describes the demographic and labour...

This paper tries to assess to what extent the still large differences in insurance markets across EU countries explain differences in individual firms' X-efficiency. I estimate cost and profit frontiers, using balance sheet data on a sample of European insurance companies for the period...

Population ageing in Italy is more pronounced than in most of the other developed countries. Given the very low employment rate for older workers, this is likely to have a negative effect on overall labour force participation in the near future. This paper describes the demographic and...