Bank of Italy Research Paper Series最新文献

{"title":"Relative Price Dynamics in the Euro Area: Where Do We Stand?","authors":"Pietro Cova, Maria Lisa Rodano","doi":"10.2139/ssrn.3435121","DOIUrl":"https://doi.org/10.2139/ssrn.3435121","url":null,"abstract":"We propose a novel metric to evaluate price developments within the euro area (EA), which involves the decomposition of the overall variability of cross country inflation rates into common and idiosyncratic labor cost and markup components. The analysis yields several interesting results. First, over the period 1978-2015, inflation variability in the EA reflects most of all idiosyncratic (country-specific) developments in unit labor costs (ULC). This sharply contrasts with what we find for the US states, where price dynamics to a much greater extent reflects common developments in costs and profits, consistently with the role played by the greater mobility of capital and labor. Second, when we apply our approach to data for two subgroups of countries, namely Core and Non-core countries, we find that they both display higher intra-group homogeneity, in that the role of the subgroup-specific common components in explaining inflation variability increases, while idiosyncratic developments in ULC become correspondingly less relevant. Third, over the more recent period (1999-2015) in the Core countries the idiosyncratic component due to price markups has become the dominant driver of the variability of inflation, a pattern similar to the one we detect for the US. Our analysis also sheds light on the adjustment mechanisms to asymmetric, or country specific, shocks. Using a panel VAR approach we find that price changes driven by diverging developments of ULC are reflected into trade balance adjustments that are costly from the point of view of the smooth functioning of the currency area.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122286413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Safety Traps, Liquidity and Information-Sensitive Assets","authors":"M. Loberto","doi":"10.2139/ssrn.3432434","DOIUrl":"https://doi.org/10.2139/ssrn.3432434","url":null,"abstract":"We investigate the implications of a scarcity of safe assets in a framework in which the safety of an asset is an equilibrium outcome. The intrinsic characteristics and supply of the assets determine their liquidity properties and degree of safeness. The equilibrium can be inefficient even if assets are plentiful and information insensitive. Only a sufficiently broad expansion of a particular class of safe information-insensitive assets can achieve the first-best allocation, while a marginal increase in their supply can be ineffective. We conclude that microfounding assets safety is fundamental to understand the effects and policy implications of safe assets scarcity.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129705141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"U.S. Shale Producers: A Case of Dynamic Risk Management?","authors":"Fabrizio Ferriani, Giovanni Veronese","doi":"10.2139/ssrn.3432412","DOIUrl":"https://doi.org/10.2139/ssrn.3432412","url":null,"abstract":"Using more than a decade of firm-level data on U.S. oil producers’ hedging portfolios, we document for the first time a strong positive link between net worth and hedging in the oil producing sector. We exploit as quasi-natural experiments two similarly dramatic oil price slumps, in 2008 and in 2014-2015, and we show how a shock to net worth differently affects risk management practices among E&P firms. The link between net worth and hedging decisions holds in both episodes, but in the second oil slump we also find a significant role of leverage and credit constraints in reducing the hedging activity, a result that we attribute to the marked increase in leverage following the diffusion of the shale technology. Finally, we test if collateral constraints also impinge the extensive margin of risk management. Though in this case the effect is less apparent, our results generally points to a more limited use of linear derivative contracts when firms’ net worth increases.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132974142","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fluttuazioni del cambio e valuta di fatturazione: evidenze dalle imprese esportatrici italiane (Household Wealth in Italy and in Advanced Countries)","authors":"A. Borin, Andrea Linarello, E. Mattevi, Giordano Zevi","doi":"10.2139/ssrn.3429870","DOIUrl":"https://doi.org/10.2139/ssrn.3429870","url":null,"abstract":"Italian Abstract: Il lavoro analizza come la scelta della valuta di fatturazione usata nelle transazioni internazionali dalle imprese italiane influenzi la trasmissione degli shock sui tassi di cambio alle strategie di prezzo e all’attività d’azienda. Le imprese che fatturano in euro tendono a non aggiustare i listini dei beni esportati; in questo caso le oscillazioni del cambio si trasmettono quasi interamente sui prezzi di questi beni nei paesi di destinazione, inducendo anche una marcata risposta dei volumi esportati. Le imprese che fatturano in valuta locale trasmettono invece in misura più contenuta le fluttuazioni del cambio ai prezzi praticati nei mercati di sbocco e attenuano le variazioni delle quantità vendute. La decisione di fissare i prezzi in valuta estera risulta più frequente fra le aziende più grandi e più produttive, che quindi tendono a scaricare gli shock del cambio soprattutto sui margini unitari. Nel complesso, pur a fronte di canali di trasmissione differenti, l’effetto delle fluttuazioni del cambio sul fatturato realizzato all’estero, espresso in euro, risulta simile tra le diverse strategie di pricing. English Abstract: The paper analyzes how the choice of the invoicing currency used in international transactions by the Italian companies influences the transmission of exchange rates shocks to their price strategies and business activity. Companies invoicing in euros tend to not adjusting the prices of exported goods; in this case the exchange rate fluctuations are transmitted almost entirely to the prices of their goods in the destination countries, also inducing a large response of the exported volumes. On the other hand, companies that invoice in local currency transmit weakly the exchange rate fluctuations to prices in destination markets and therefore attenuate the impacts on exports volumes. Fixing prices in foreign currency is more frequent among larger and more productive companies, which tend to transfer the exchange rate shocks mostly on unit margins. Overall, despite the different transmission channels, the effect of exchange rate fluctuations on foreign turnover in euros, is quite similar among the different pricing strategies.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123470170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Il lavoro nella gig economy. Evidenze dal mercato del food delivery in Italia (Working in the gig economy. Evidence from the Italian food delivery industry)","authors":"L. Rizzica, Cristina Giorgiantonio","doi":"10.2139/ssrn.3429866","DOIUrl":"https://doi.org/10.2139/ssrn.3429866","url":null,"abstract":"Italian Abstract: L'utilizzo di piattaforme digitali che fungono da intermediari tra domanda e offerta di lavoro è diventato sempre più diffuso negli ultimi anni, in Italia e all'estero. Il lavoro propone un'analisi del fenomeno fornendo, in particolare: i) un inquadramento del dibattito attuale sulla regolamentazione del settore con specifico riferimento agli assetti contrattuali e alle tutele da estendere ai lavoratori coinvolti; ii) una ricognizione dell'evidenza empirica esistente circa l'estensione del fenomeno e le sue principali caratteristiche all'estero e nel nostro paese; iii) un approfondimento sul settore del food delivery in Italia con un'analisi delle caratteristiche individuali e delle storie lavorative degli addetti alle consegne che vi operano. English Abstract: The use of online platforms as intermediaries between the demand for and supply of labour has grown in recent years, both in Italy and abroad. We analyse this phenomenon by providing, in particular: i) an overview of the current debate on how to regulate this sector, specifically with respect to the contractual arrangements and the set of protections to be guaranteed to the workers; ii) a review of the existing empirical evidence concerning the extent of the phenomenon and its main characteristics, both in Italy and abroad; and iii) a case study on the food delivery industry in Italy, with an analysis of the individual characteristics and careers of the delivery operators involved.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128837918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks","authors":"","doi":"10.3790/ccm.51.4.513","DOIUrl":"https://doi.org/10.3790/ccm.51.4.513","url":null,"abstract":"Abstract\u0000 This paper examines the challenges faced by the European Central Bank since the outbreak of the global financial crisis. From 2008 to 2014, the need to preserve the correct functioning of the monetary policy transmission mechanism and ensure the supply of credit to the private sector stretched the limits of conventional monetary policy. In 2015, the risk of deflation led the ECB to start a large scale asset purchase programme. The analysis is largely based on a review of the many studies that Banca d’Italia staff has produced on the factors that have brought inflation to unprecedented low levels in 2014 and on the effects of the asset purchase programme.\u0000 Zusammenfassung\u0000 Dieser Beitrag untersucht die Herausforderungen, vor denen die Europäische Zentralbank seit dem Ausbruch der globalen Finanzkrise steht. Von 2008 bis 2014 hat die Notwendigkeit, das ordnungsgemäße Funktionieren des geldpolitischen Transmissionsmechanismus zu wahren und die Kreditversorgung des privaten Sektors sicherzustellen, die Grenzen der konventionellen Geldpolitik überschritten. Im Jahr 2015 führte das Deflationsrisiko dazu, dass die EZB ein groß angelegtes Anleihenkaufprogramm aufnahm. Die vorliegende Analyse basiert im Wesentlichen auf einer Überprüfung der zahlreichen Studien, welche die Mitarbeiter der Banca d‘Italia zu den Faktoren erstellt haben. Diese Faktoren haben einerseits die Inflation 2014 auf ein beispiellos niedriges Niveau gebracht und andererseits Auswirkungen auf das Programm zum Ankauf von Vermögenswerten zur Folge gehabt.\u0000 JEL Classification: E31, E43, E52","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127277135","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Italian Regions in Global Value Chains: An Input-output Approach","authors":"Chiara Bentivogli, Tommaso Ferraresi, P. Monti, R. Paniccià, S. Rosignoli","doi":"10.2139/ssrn.3429812","DOIUrl":"https://doi.org/10.2139/ssrn.3429812","url":null,"abstract":"This work uses input-output techniques to analyse the value added content of the interregional and international trade of Italian regions, which are characterized by marked differences in their level of development and production structure. Regions differ from one another in their degree of dependence on international and other regions’ demand: in those of the Centre and North, the contribution of foreign demand to regional production of value added is greater than in Southern Italy, where the role of national demand is much more important. Most regions show a significant participation in global value chains for given amounts of exports to other countries and regions which, however, are smaller overall in relation to total production in the South. The latter is also somewhat peripheral in the geography of international trade and depends to a greater extent on national suppliers; moreover, the supply ties between the different regions of the South are weak compared with the ties with some regions of the Centre and North.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116282552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Debt Restructuring with Multiple Bank Relationships","authors":"A. Baglioni, L. Colombo, Paola Rossi","doi":"10.2139/ssrn.3415667","DOIUrl":"https://doi.org/10.2139/ssrn.3415667","url":null,"abstract":"When the debt of firms in distress is dispersed, a restructuring agreement is difficult to reach because of free riding. We develop a repeated game in which banks come across each other frequently, allowing them to threaten a punishment in case of free riding. As the number of lending banks grows, the chance of meeting again a bank and of being punished for free riding increases, improving the likelihood of cooperation. Looking at Italian firms in distress, we find that the restructuring probability increases with the number of banks up to a threshold - three banks - beyond which coordination problems prevail.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132762647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Looking Through Cross-Border Positions in Investment Funds: Evidence from Italy","authors":"Valerio Della Corte, S. Federico, Alberto Felettigh","doi":"10.2139/ssrn.3212648","DOIUrl":"https://doi.org/10.2139/ssrn.3212648","url":null,"abstract":"Motivated by the increasingly large weight of foreign investment funds on the portfolio of Italian residents, this paper provides an estimate of the composition, by instrument and by issuer country, of Italy’s portfolio assets after “looking through” cross-border positions in investment funds. Our main findings suggest that removing the statistical opacity arising from cross-border positions in investment funds has a significant impact on the composition of Italy’s portfolio investments. After “looking through” foreign funds’ holdings, the share of debt securities on portfolio assets, which is equal to 40 per cent in the unadjusted data, rises to 75 per cent. The country composition of external portfolio assets also fundamentally changes in the direction of increasing its geographical diversification. The United States becomes Italy’s main destination country; the shares of France, Germany, the United Kingdom and Spain also increase, while that of Luxembourg, where most of the foreign investment funds are domiciled, drastically falls.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125529348","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Il Contributo Della Demografia Alla Crescita Economica: Duecento Anni Di “Storia” Italiana (The Contribution of Demography to Italy's Economic Growth: A Two-Hundred-Year-Long Story)","authors":"Federico Barbiellini Amidei, Matteo Gomellini, Paolo Piselli","doi":"10.2139/ssrn.3165494","DOIUrl":"https://doi.org/10.2139/ssrn.3165494","url":null,"abstract":"This paper examines the contribution of demography to economic growth in Italy by comparing the country’s past, present and future. We use an accounting framework to decompose GDP and per capita GDP growth, and we show how changes in the age structure of the population produced a positive demographic dividend in the past. By contrast, in the last twenty-five years and arguably in the future, demography has made and will continue to make a direct negative contribution to economic growth. Expected migration flows will noticeably limit the extent of this negative contribution, but they will not be able to reverse its sign. We analyze three possible developments, potentially driven by demography itself or fostered by policy actions –longer working lives, an increase in female labour market participation and higher education levels – which could counteract the pure negative accounting effects produced by the evolution of the age structure.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124996789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}