It has been argued that economies with more independent central banks experience lower inflation over time. In this paper we show that this relationship is sensitive to the methodology through which central bank independence indices are constructed. We stress the importance of employing dynamic...

This paper presents an empirical analysis of the operational efficiency of microfinance institutions. Using a cross section of 750 microfinance institutions operating in Asia, Latin America and Sub-Saharan Africa, the analysis shows that operating costs and efficiency are negatively related....

La scelta di localizzazione di investimenti segue un complesso processo di valutazione nel quale molte variabili devono essere conosciute e sintetizzate. In questo lavor le regioni del Mezzogiorno vengono analizzate singolarmente e poste a confronto con alcune aree europee, e con la Lombardia....

This paper is a review of the different approaches on external debt sustainability. The Heavily Indebted Poor Country (HIPC) Initiative was launched to assure a permanent exit from debt dependence. However, the IMF-World Bank program is not without faults, in particular for what concerns debt...

In questo paper vengono presentati i principali meccanismi di incentivazione in Italia ed in alcuni paesi europei, in termini sia di descrizione delle iniziative che di analisi del loro impatto economico. E’ importante tenere presente che il design italiano degli incentivi analizzati si...

Vengono presentati I principali meccanismi di incentivazione in Italia ed in alcuni paesi europei, in termini sia di descrizione delle iniziative che di analisi del loro impatto in termini di investimenti complessivi e di nuova occupazione. Per I singoli strumenti proposti vengono presentati...

This paper provides a survey of recent theories of herding behaviour, bridging two rather distants strands of literature (roughly, American and European). In the first part of the paper the explanation is based on the idea of asymmetric information and principal-agent approach; these could lead...

This discussion paper critically reviews a new book by Aoki and Yokishawa and presents some of the techniques adopted by the authors as a new approach to the foundations of macroeconomics. The paper discusses some of the main techniques of statistical mechanics relevant in this context, namely...

Purpose – The purpose of this paper is to present an empirical assessment and outline issues in criminal regulation relating to international anti‐money laundering (AML) programs. Design/methodology/approach – In the first part, this paper outlines the serious threats posed by...