The paper reviews the steady and widespread decline in income inequality which has taken place in most of Latin America over 2002-10 and which––if continued for another 2-3 years––would reduce the average regional income inequality to pre-liberalization levels. The paper then focuses on...

The paper analyses the changes in tax policy, tax/GDP ratios, tax incidence and income inequality which have taken place in Latin America during the last decade against the background of the changes observed in these variables during the liberal years of the 1980s and 1990s. The paper argues...

This paper deals with the earmarked taxation employed by local governments for fi…nancing public investments projects carried on with some Public-Private Partnerships con…figurations. First, we analyse the theoretical pro…files of earmarked taxation by using the tax-benefi…t approach, and...

The interbank market has a natural multiplex network representation. We employ a unique database of supervisory reports of Italian banks to the Banca d'Italia that includes all bilateral exposures broken down by maturity and by the secured and unsecured nature of the contract. We find that...

Africa's biofuel potential over the last ten years has increasingly attracted foreign investors’ attention. We estimate the determinants of foreign investors land demand for biofuel production in SSA, using Poisson specifications of the gravity model. Our estimates suggest that land...

The paper analyzes the optimal delegation and ownership structure in a setting where the owner of a firm hires a manager to run the firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Profits depend on...

The recent empirical literature on firms’ performance has focused on the multidimensional concept of firms’ managerial strategies. In this paper, we analyze the relationship between firms’ managerial strategies and firms’ performance, accounting for entrepreneur’s specific...

In this paper we consider two semimartingales driven by Wiener processes and (possibly infinite activity) jumps. Given discrete observations we separately estimate the integrated covariation IC from the sum of the co-jumps. The Realized Covariation (RC) approaches the sum of IC with the co-jumps...

This paper analyzes the effects on economic agents’ behaviour of an innovative environmental protection mechanism that the Public Administration of a tourist region may adopt to attract visitors while protecting the environment. On the one hand, the Public Administration sells to the tourists...

According to the aims of the labour market reforms of the 90s implemented in many European countries, workers may stay at their first job for a shorter time, but should be able to switch jobs easily. This would generate a trade-off between job opportunities and job stability. This paper...