Since 2009 conditions in Italian credit market have been experiencing a dramatic worsening, reflecting the two most severe recessions since the Great Depression. Probability of default for non financial firms has reached unexpected values, while deterioration in credit portfolios has spread....

Level 2 (L2) and Level 3 (L3) assets and liabilities represent a substantial portion of European banks’ balance sheets, and valuing them is extremely difficult, since no liquid market prices are available. This paper relies on a large panel of euro-area banks between 2014 and 2019, and two...

This work examines the role of the Federal Reserve, the Bank of England and the European Central Bank in managing traditional and unconventional tools of monetary policy especially during the first years of the financial crisis. For the traditional approach we estimate a Taylor-type reaction...

In tourism statistics it is becoming more and more important to identify data sources that are more timely and cheaper than the traditional ones, such as surveys. In this paper, we investigate how mobile phone data (MPD), electronic payments data and internet search data (Google Trends) can...

Recent years have shown a significant acceleration in the adoption and development of blockchains or Distributed Ledger Technologies, particularly in the financial sector. Alongside the well-known and widely used Bitcoin, other cryptocurrencies have been developed and have become popular...

The mandate of the Task Force on Valuation of Foreign Direct Investment (FDI) Positions was to review the methods to value direct investment positions stated in Annex III of the Guideline ECB/2011/23 on External Statistics. In particular, the work of the Task Force was focused on reviewing...