Based on a connection between network analysis and B-VAR models, this paper provides a first empirical evidence of the relationships between capital centralization expressed in terms of network control on one hand and monetary policy guidelines and business cycles on the other. Our findings...

We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult...

This book highlights the achievements and challenges of the ongoing process of financial integration in Europe. This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment banks,...

Between the end of 2013 and the beginning of 2014, a radical reform of Banca d'Italia – the Italian central bank and banking supervisory authority – was enacted. It was the last chapter of a historical evolution, started in 1893 with its incorporation as a joint-stock-corporation under...