The appreciation of the dollar in the aftermath of the euro launch came as a surprise to most observers; furthermore, the traditional models fail to capture its dynamics. Is this a confirmation of Mussa's, Meese's and Rogoff's results, according to which no structural model can perform better...

The appreciation of the dollar in the aftermath of the launch of the euro came as a surprise to most observers; furthermore, traditional models do not seem to be able to capture the fluctuations of the dollar/euro exchange rate. Is this a confirmation of earlier research according to which no...

With the aim of contributing to the use of stress testing techniques, by now a commonly-used practice adopted by the financial community to understand the determinants of financial instability, and to measure the size of financial risk, this work represents an application of macro stress testing...

With the aim of contributing to the use of stress testing techniques, by now a commonly used practice adopted by the financial community to understand the determinants of financial instability, and to measure the size of financial risk, this paper represents an application of macro stress...

This paper discusses the main potential sources of instability of money demand in Europe originating from institutional changes in the financial system and currency substitution. Money demand equations might appear unstable if the dynamic specifications are too rigid. This can largely be...

The paper outlines the evolution of the financial industry across industrialised countries since liberalisation gathered momentum in the 1980s and assesses its implications for prudential regulation and supervision, paying particular attention to changes in the degree of compartmentalisation...

The recent debate on the markets turmoil has been focused also on the responsibilities of regulatory framework and the limited effectiveness of supervision to monitor events with systemic implications. A deep revision of rules and supervisory approaches is necessary, both in the United States...

The radical change, induced by the crisis, which is affecting the distribution has produced a greater supply of products and services to customers, stressing the importance of factors such as the growth in services revenues and the need to cut costs. In the new context, the supply of products...

The commitment to strengthen retail investor protection and to raise the transparency of markets and financial products are strong objectives of recent Eu action aimed to review the MiFid, the Ucits, the Prospectus Directives. Improving investor protection has become a priority following...