An order flow model, where the coded identity of the counterparties of every trade is known, hence providing institution level order flow, is applied to both stable and crisis periods in a large and liquid overnight repo market in an emerging market economy. Institution level order flow is much...

At global economy level, changes occurred, consisting in transferring production abroad, owing to the comparative advantages of moving production to China or other developing countries, which translate into cost reductions at production level and, implicitly, into price advantages. The...

A speech delivered on January 15, 2014, at the Corridor Economic Forecast Luncheon in Coralville, IA.

Most economists expected that the "Great Recession" produced by the financial meltdown of 2008 would usher in a resurgence of traditional Keynesian economics and a decline of what has come to be called "market fundamentalism". By contrast, also due to the inadequate size of the 2009 stimulus...

This paper examines government policies aimed at rescuing banks from the effects of the great financial crisis of 2007-2009. To delimit the scope of the analysis, we concentrate on the fiscal side of interventions and ignore, by design, the monetary policy reaction to the crisis. The policy...

The present issue of PSL Quarterly Review includes three articles: by Mario Sarcinelli, on the need for structural regulations on financial institutions in order to avoid a new systemic crisis; by Mario Tonveronachi, on the limits of the official regulatory responses to the current crisis; by...

This paper investigates the effects of the tax system on the economic factors that triggered the financial crisis. We examine three cases in which the tax regime interacted with these factors, reinforcing them. First, we focus on the taxation of residential building: while the importance of...

The article is an introduction to the new issue of the Journal. It provides an overview of the current economic and financial situation and summarises the main topics dealt with by the following articles.

The article is a revised and updated version of that published on the March 2010 issues of Moneta e Credito. It was there claimed that, up to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary...

Liquidity crisis emerged in the U.S. market had a significant impact on the European financial markets. To restore confidence in the financial system, authorities took measures to reduce systemic risk and limit the impact on the economy. These measures were aimed at monetary stimulus,fiscal,...