In financial economics, co-movements between equity returns are generally interpreted as a measure of equity market integration. In line with this idea, the paper investigates whether the euro equity markets have become less segmented over the last decade referring to three different estimates...

Relying on the common statement that New York is a leader market in the world, this paper investigates whether the American market drives the performance of other world's stock markets and whether the interdependence becomes higher in periods of economic downturn and poor market performance...

In this paper we analyze the new geography of the Italian banking system that has arisen after the integration of banking structures in recent years. The analysis of the evolution of the banking system is based on the concept of distance. In particular, we do not only refer to the traditional...

We study the costs and benefits of additional information in agency contracts, when there is the possibility of renegotiation. The literature to date assumes that contractual simplicity, i.e. the omission of informative contractual contingencies, can only arise in multi-period environments, and...

We study jointly the roles of aggregate and idiosyncratic uncertainty shocks in driving business cycle fluctuations. By decomposing total stock return volatility of approximately 30,000 publicly-listed US firms from 1962 to 2012, we construct distinct measures of aggregate and idiosyncratic...

This paper provides new insights into the relationship between the supply of credit and the macroeconomy. We present evidence that credit shocks constitute shocks to aggregate supply in that they have a permanent effect on output and cause inflation to rise in the short term. Our results also...

This paper presents evidence from a panel investigation of OECD countries that inflationary pressures tend to be stronger during recovery from financial crises compared to recovery from non-crisis economic downturns, indicating impairment in productive potential