Obiettivo del lavoro è verificare se, ed in quale misura, alcune norme fiscali introdotte nel periodo 1996 – 2006 (“Visco” Vs. “Tremonti”) abbiano determinato per le imprese un incentivo al finanziamento tramite ricorso all'indebitamento, ovvero tramite equity. Dopo una breve disamina...

This paper deals with the valuation of portfolios of insurances of the person. To this purpose, the basic aspects of the insurance business, i.e. the management of financial resources, the profitability and the management of the capital invested into the business are analysed, adopting a...

Recent mortality trends lead to the use of projected mortality tables when pricing and reserving for life annuities (as well as for other living benefits, such as Long Term Care benefits, whole life sickness benefits, etc.). However mortality patterns continuously evolve along time, so that any...

This paper proposes a new interpretation for the precautionary saving motive: when future income is uncertain, agents increase saving in order to cause a reduction in the disutility due to uncertainty. Furthermore the paper shows that the usual necessary and sufficient condition for...

The Italian economy is often said to be on a declining path. In this paper, we document that: (i) Italy’s current decline is a labor productivity problem (ii) the labor productivity slowdown stems from declining productivity growth in all industries but utilities (with manufacturing...

The role of quality is often stressed in explaining the Italian success in the international markets for consumption goods. Here the proxy for a quality led domain is a strong price rigidity of the demand in rich consuming countries for some food imports coming from Italy. Our analysis does not...

Pension system and labor market reforms are widely debated issues in all industrialized countries and especially in Europe; any change over these two aspects of the Social Security System indeed, can affect heavily the functioning of the whole economy.A preminent role in this sense is played by...

Il paper rappresenta un primo passo verso una riflessione organica sul tema del decentramento istituzionale in relazione al problema dello sviluppo locale in un’ottica temporale di lungo periodo (partendo cioè dall’unificazione del Regno d’Italia) e intreccia tra loro più piani di...

In order to cope with the stylized facts of financial time series, many models have been proposed inside the GARCH family (e.g. EGARCH, GJR-GARCH, QGARCH, FIGARCH, LSTGARCH) and the stochastic volatility models (e.g. SV). Generally, all these models tend to produce very similar results as...

We examine optimal saving in the presence of two small risks: income risk and a background risk. First, we compute the necessary and sufficient condition for a positive precautionary saving, showing that it depends on two terms capturing respectively the direct effect of income risk and the...