Unlike in structural and reduced-form models, we use equity as a liquid and observable primitive to analytically value corporate bonds and credit default swaps. Restrictive assumptions on the firm’s capital structure are avoided. Default is parsimoniously represented by equity value hitting...

The aim of the paper is to analyse some issues of teaching basic Economics in the Italian universities. During this period the university reform is changing the structure and the characteristics of the undergraduate and post graduate curricula but that may or shall require a change in the same...

The purpose of this paper is to investigate the asymptotic null distribution of stationarity and nonstationarity tests when the distribution of the error term belongs to the normal domain of attraction of a stable law in any finite sample but the error term is an i.i.d. process with finite...

La suddivisione degli Stati del Mondo per reddito, area geografica, indebitamento, appartenenza alle organizzazioni internazionali

The Finance-Growth Nexus is a classical source of debate among economists. This contribution offers regional evidence on this issue in order to see if it can meet the data within a 140 years old economic union - Italy -, in the ideal context for its main competitor - New Economic Geography - and...

Vengono indagati gli aspetti più peculiari dell'attività sportiva collegandoli con il processo di sviluppo potenzialmente concernente una data zona. In tale contesto, si enfsatizza l'azione esercitabile dalle autorità locali per promuovere e favorire l'espressione sportiva, trainante virtuali...

This paper inquires into radical innovations and into their role to promote economic growth. Can an economic system grow only in quantitative terms, or the process of structural change, that underlines the emergence of new technologies, is an essential ingredient? To put it philosophically: is...

The paper analyzes the relationship between trade, financial integration and business cycle synchronization in the euro area. The introduction of the euro has had a noticeable impact on European financial markets: we find evidence that capital markets integration exerts a positive effect on...

A dramatically large number of corner solutions occur when estimating by (Gaussian) maximum likelihood a simple model for panel data with random effects and autocorrelated errors. This can invalidate results of applications to panel data with a short time dimension, even in a correctly specified...

I negoziati multilaterali in sede WTO si sono arenati e il nodo essenziale è il negoziato sull'agricoltura. L'esame delle molteplici posizioni dei vari Paesi