Bank of Italy Research Paper Series最新文献

{"title":"Il Mercato Del Private Placement Per Il Finanziamento Delle Imprese (The Private Placement Market for Firm Debt Financing)","authors":"Nicola Branzoli, Giovanni Guazzarotti","doi":"10.2139/SSRN.2600916","DOIUrl":"https://doi.org/10.2139/SSRN.2600916","url":null,"abstract":"Italian Abstract: Il lavoro descrive le caratteristiche dei private placement e discute le condizioni necessarie per la loro diffusione in Europa. Il private placement e una modalita di finanziamento usata principalmente da imprese di medie dimensioni che, non potendo accedere al mercato obbligazionario pubblico, si rivolgono a uno o piu grandi investitori istituzionali. Rispetto a un’offerta pubblica esso e caratterizzato da: i) minori costi di emissione, ii) maggiore flessibilita contrattuale, iii) minori importi e liquidita delle singole emissioni, iv) ridotte asimmetrie informative tra investitori ed emittenti. Lo sviluppo del mercato dei private placement, una delle iniziative promosse dalla Commissione europea per la Capital Markets Union, puo aiutare le imprese a finanziare investimenti di lungo periodo e contribuire allo sviluppo del mercato obbligazionario pubblico. Una piu ampia diffusione dei private placement trova ostacoli nelle dimensioni contenute degli intermediari non bancari, nella quantita e qualita delle informazioni di bilancio delle imprese di medie dimensioni disponibili agli investitori e nel grado ancora limitato di armonizzazione tra normative e prassi di mercato nei diversi paesi.English Abstract: The paper describes the characteristics of the market for private placements and discusses the necessary conditions for their uptake in Europe. A private placement is a method of financing used mainly by medium-sized companies which, unable to access the public bond market, turn to one or more large institutional investors. Compared to a public offering, a private placement is characterized by: i) lower costs of issue, ii) greater contractual flexibility, iii) lower size and lower secondary market liquidity, iv) lower information asymmetry between investors and issuers. The development of the market for private placements, one of the European Commission’s initiatives for the Capital Markets Union, can help companies to finance long-term investments and contribute to the development of the public bond market. A wider use of private placements in Europe is hindered by the fact that non-bank intermediaries are small in size, there is a lack of financial information about medium-sized companies, and the regulations and market practices across Europe are not yet sufficiently harmonized.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"47 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125905017","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":"Le Caratteristiche Principali Dell’Internazionalizzazione Delle Imprese Italiane (The Italian Firms’ International Activity)","authors":"L. D’Aurizio, Riccardo Cristadoro","doi":"10.2139/SSRN.2600913","DOIUrl":"https://doi.org/10.2139/SSRN.2600913","url":null,"abstract":"Italian Abstract: Il lavoro esamina le caratteristiche delle imprese multinazionali italiane e ne confronta la performance con quella delle altre imprese nei quattro anni successivi alla crisi del 2008. La quota di imprese industriali con almeno 20 addetti che operano anche all’estero e in crescita (dal 7,1 al 13,2 per cento tra 2006 e 2011). Gli insediamenti esteri sono motivati in prevalenza dalla prossimita ai mercati di sbocco. Pure nel caso dei paesi emergenti, che ne accolgono quasi la meta, il minor costo del lavoro assume importanza maggiore ma non prevalente. Le imprese internazionalizzate sono piu produttive e profittevoli, anche rispetto alle imprese esportatrici. Il differenziale di produttivita stimato (circa il 15 per cento rispetto a quante esportano) e in linea con l’evidenza mostrata per gli Stati Uniti da Helpman et al. 2004. Dal 2008 le imprese internazionalizzate hanno conseguito utili superiori alla media e parimenti migliori sono i loro piani futuri di investimento in Italia e di espansione all’estero. Nell’opinione delle imprese, il contributo delle istituzioni pubbliche poste a supporto dei processi di internazionalizzazione e insufficiente.English Abstract: We look at business survey data to investigate characteristics and performances of internationalized Italian firms since the outbreak of the 2008 crisis until 2012. An increasing share of Italian firms with 20 employees or more owns a foreign productive unit (from 7.1 to 13.2% between 2006 and 2011). The main reason for locating units in advanced countries is to be close to outlet markets, this remains true for developing countries (where nearly half of such units were located), even though in this case the search for lower costs becomes more important. Italian multinationals are on average more productive and profitable, even when compared to exporting firms not operating abroad. The productivity gap compared to other exporters is 15 percent, in line with estimates by Helpman et al. (2004) on a sample of US firms. Since 2008, Italian multinationals have had operating profit and planned expansion both in Italy and abroad well above the average. In firms’ opinion, there is room to improve the effectiveness of the support given to foreign expansion by Italian public institutions.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116877827","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":"Localismo Bancario E Crisi Finanziaria (Local Banking and the Financial Crisis)","authors":"C. Demma","doi":"10.2139/SSRN.2609280","DOIUrl":"https://doi.org/10.2139/SSRN.2609280","url":null,"abstract":"Italian Abstract: Questo lavoro verifica se tra la fine del 2005 e la meta del 2012 la specializzazione territoriale dell’attivita di prestito, il localismo bancario, ha influenzato la dinamica e la qualita dei prestiti concessi alle imprese italiane. A tal fine il lavoro propone una nuova definizione di banca locale il cui principale vantaggio, rispetto alle classificazioni tradizionalmente adottate in letteratura, e quello di classificare le banche di minore dimensione in locali e non locali in base al numero e alla dimensione dei mercati in cui esse operano, prescindendo dalla forma giuridica e dalla dimensione dell’intermediario. I risultati indicano che, controllando per le caratteristiche della domanda e la situazione iniziale dei bilanci bancari, l’offerta di credito non e stata influenzata dal grado di localismo ma dalla dimensione degli intermediari. Durante la crisi il tasso di ingresso in sofferenza e risultato sensibilmente superiore per le banche di minore dimensione; tra queste, il deterioramento della qualita dei prestiti delle banche locali e stato inferiore rispetto a quello delle banche non locali.English Abstract: This paper analyses whether, from the end of 2005 to mid-2012, local banking influenced the dynamics and the quality of loans to Italian firms. This paper proposes a new definition of local banks, whose main advantage, compared with the traditional classifications employed in the literature, is that of classifying medium-sized and small banks according to the number and size of the markets in which they operate, regardless of the banks’ institutional category and size. The main outcome, after controlling for the characteristics of demand and the initial situation of the banks’ balance sheets, was that credit supply was influenced by bank size, while being local or non-local was not significant. During the crisis, the loan default rate was substantially higher for medium-sized and small banks, amongst which the deterioration in credit quality was less for local banks than for non-local banks.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"112 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113944694","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":"You've Come a Long Way, Baby. Effects of Commuting Times on Couples' Labour Supply","authors":"F. Carta, Marta de Philippis","doi":"10.2139/ssrn.2600874","DOIUrl":"https://doi.org/10.2139/ssrn.2600874","url":null,"abstract":"This paper explores the effects of husbands' commuting time on their wives' labour market participation and on family time allocation. We develop a unitary family model of labour supply, which includes commuting times and household production. In a pure leisure model longer commuting time for husbands increases their wives' labour market participation and reduces their own working hours. However, a model that includes household production might determine the exact opposite result. We then examine the sign of these effects by using data from the German Socio-Economic Panel from 1997 to 2010. Employer-induced changes in home to work distances allow us to deal with endogeneity of commuting times. We find that a 1% increase in a husband's commuting distance reduces his wife's probability of participating in the labour force by 1.7 percentage points, 2% over the mean. Moreover, it increases his working hours by 0.2 hours per week. The average effect masks substantial heterogeneity: lower participation rates are concentrated in couples with children and where the husband has higher levels of education.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130162221","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":"Mercato Immobiliare, Imprese Della Filiera E Credito: Una Valutazione Degli Effetti Della Lunga Recessione (The Real Estate Market, the Supply Chain and Credit: The Effects of the Great Recession)","authors":"Cristina Fabrizi, Raffaella Pico, Luca Casolaro, M. Graziano, Elisabetta Manzoli, S. Soncin, L. Esposito, G. Saporito, Tiziana Sodano","doi":"10.2139/SSRN.2609279","DOIUrl":"https://doi.org/10.2139/SSRN.2609279","url":null,"abstract":"Italian Abstract: La filiera del settore immobiliare contribuisce per oltre un quinto al prodotto interno lordo; la sua rilevanza per il sistema bancario e ancora piu elevata: il credito concesso alle imprese del comparto supera il 34 per cento dei finanziamenti al settore privato. La prolungata e intensa crisi che ha colpito il settore delle costruzioni e il mercato immobiliare, iniziata ancora prima della crisi finanziaria del 2008, ha avuto ripercussioni molto negative sulle imprese della filiera e sulle banche che le hanno finanziate. Il calo delle vendite e della redditivita, superiore a quello medio del complesso delle imprese, ha fortemente aumentato la fragilita economica e finanziaria delle aziende della filiera, gia caratterizzate da un livello di indebitamento piu alto della media. Di riflesso e molto cresciuta la quota di imprese con problemi nel rimborso dei prestiti, in particolare tra quelle di maggiori dimensioni e che avevano un leverage elevato. Il peggioramento della qualita del credito ha fortemente condizionato la concessione di nuovi finanziamenti al comparto.English Abstract: The supply chain of the real estate sector accounts for one fifth of Italian GDP; its importance for the banking system is even greater: lending to this sector accounts for more than one third of total loans to the private sector. The crisis in the construction and real estate sector started even before the global financial crisis of 2008 and hit firms in the sector and the banks that finance them. The fall in turnover and profitability has greatly increased the economic and financial vulnerability of firms, undermining their ability to repay their debt, particularly, in the case of large and highly leveraged firms. Due to the increase of non-performing loans, the banking system has tightened conditions on new loans to this sector.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130661487","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":"Tra Il Dire E Il Fare: Il Divario Tra Giudizi Degli Imprenditori E Andamenti Della Produzione Nell’Industria (Easier Said than Done: The Divergence between Soft and Hard Data)","authors":"Concetta Rondinelli, A. Conti","doi":"10.2139/SSRN.2595131","DOIUrl":"https://doi.org/10.2139/SSRN.2595131","url":null,"abstract":"Italian Abstract: Tra la meta del 2013 e l’estate del 2014 gli indicatori qualitativi comunemente impiegati a fini di analisi della congiuntura economica avevano fornito segnali coerenti con un progressivo rafforzamento della ripresa ciclica. Nello stesso periodo, gli indicatori quantitativi avevano invece continuato a mostrare una persistente debolezza. Il lavoro presenta dapprima evidenza statistica a sostegno dell’ipotesi di un indebolimento della relazione tra le variabili soft e hard per l’economia italiana nel corso della crisi dei debiti sovrani. Successivamente, valuta il fondamento di alcune ipotesi interpretative. I dati individuali dell’indagine trimestrale Banca d’Italia – Sole 24 Ore sulle aspettative di crescita e inflazione inducono a escludere l’ipotesi che il divario tra indicatori qualitativi e quantitativi derivi da effetti di selezione dovuti alla progressiva eliminazione dal campione delle imprese piu in difficolta. La prolungata fase recessiva sembra invece aver contribuito a modificare le aspettative delle imprese, comportando una revisione al ribasso dei piani di produzione da esse considerati “normali”. Le imprese potrebbero percio avere espresso attese favorevoli sulle condizioni cicliche, anche in una fase di debolezza generalizzata dell’attivita produttiva.English Abstract: Between the first half of 2013 and the summer of 2014, survey data pointed to a gradual recovery of economic activity, while the hard data continued to show persistent weakness. After providing statistical evidence to support the hypothesis that, during the sovereign debt crisis, the relationship between soft and hard variables for the Italian economy has weakened, the paper evaluates some possible explanations for this gap. The micro data for the quarterly survey conducted by the Bank of Italy – Il Sole 24 Ore on growth and inflation expectations tend to rule out the hypothesis that the gap between the qualitative and quantitative indicators comes from selection effects due to the progressive exclusion from the sample of economically distressed firms. Furthermore, the prolonged recession seems to have modified firms’ expectations, leading to a downward revision of production plans and the setting of a “new normal” situation. Therefore, firms may still have expressed favorable expectations for the economic outlook in spite of cyclically slack activity.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129638075","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":"Sharing Information on Lending Decisions: An Empirical Assessment","authors":"Ugo Albertazzi, Margherita Bottero, Gabriele Sene","doi":"10.2139/ssrn.2566214","DOIUrl":"https://doi.org/10.2139/ssrn.2566214","url":null,"abstract":"We present the first empirical study of information spillover and signalling on loan search and its outcomes in a setting where a bank observes whether a loan applicant has already been rejected by other lenders. We do so by taking advantage of the fact that Italyi?½s Central Credit Register discloses such information. The results show that disclosing information on past rejections negatively affects the probability of continuing a loan search. At the same time, the information on former rejections is associated with a higher probability of being funded for borrowers who are not discouraged and continue the search, provided they are not opaque. With the aid of a theoretical model, we show that banks interpret the information on previous rejections as a signal of unobservable quality for the average borrower but not for more opaque borrowers, whose past rejections negatively affect the outcome of later applications. We also show that banks differ in the extent to which they rely on this information, in a way that at least partly reflects the different informational content that this signal carries for them.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126677935","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":"Large Banks, Loan Rate Markup and Monetary Policy","authors":"Vincenzo Cuciniello, F. Signoretti","doi":"10.2139/ssrn.2566751","DOIUrl":"https://doi.org/10.2139/ssrn.2566751","url":null,"abstract":"This paper studies the implications of introducing large monopolistic banks, which can affect macroeconomic outcomes and thus the response of monetary policy to inflation, in a model with a collateral constraint linking the borrowersi?½ credit capacity to the value of their durable assets. First, we find that strategic interaction generates a countercyclical loan spread, which amplifies the impact of monetary and technology shocks on the real economy. This type of financial accelerator adds up to the one due to financial frictions and is crucially related to the existence of non-atomistic banks. Second, the level of the spread and the degree of amplification are positively related to the level of entrepreneursi?½ leverage, reflecting the fact that higher leverage implies greater elasticity of the policy rate to changes in loan rates, which in turn increases banksi?½ market power. Third, we find that amplification is stronger the more aggressive the central banki?½s response to inflation, as measured by the inflation coefficient in the Taylor rule.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"393 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116225747","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":"La Povertà Energetica in Italia (Energy Poverty in Italy)","authors":"Ivan Faiella, Luciano Lavecchia","doi":"10.2139/SSRN.2584472","DOIUrl":"https://doi.org/10.2139/SSRN.2584472","url":null,"abstract":"Italian Abstract: In Italia non esiste una definizione condivisa di poverta energetica (PE) a fronte di specifici strumenti di contrasto al fenomeno (il bonus elettrico e il bonus gas). In questo lavoro, proponiamo una serie di misure per colmare questo gap informativo. Secondo gli indicatori considerati la percentuale di famiglie in PE nel 2012 variava tra il 5 e il 20 per cento del totale. Una selezione delle misure in base a criteri qualitativi suggerisce di usare un indicatore low income high costs basato sulla spesa e corretto per includere anche le famiglie economicamente vulnerabili con spesa per riscaldamento nulla. Secondo questa statistica la quota di famiglie PE nel periodo 1997-2012 e rimasta sostanzialmente stabile, intorno all’8 per cento. Alcune simulazioni indicano che gli strumenti di contrasto alla PE presenti in Italia avrebbero sortito una modesta riduzione delle famiglie in tale condizione.English Abstract: Despite the existence of two targeted national programmes (“Bonus gas” and “Bonus energia”) in Italy there is no official definition of energy poverty (EP). The purpose of this study is to provide the reader with a set of indicators to fill this gap. We present a range of poverty measures which estimate that between 5 and 20 per cent of households was in EP in 2012. A selection based on qualitative criteria suggests the use of a low-income/high-costs indicator modified to include the economically vulnerable households with no heating expenses. According to this statistic the proportion of households in EP during the period 1997-2012 was broadly stable at around 8 per cent. Our simulations indicate that the tools available to counter EP in Italy would have yielded a modest reduction in energy vulnerable households.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131497359","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":"Geografia Delle Statistiche Sull’Internazionalizzazione (Geography of Internationalization Statistics)","authors":"Chiara Bentivogli, G. Oddo, Valeria Pellegrini","doi":"10.2139/SSRN.2575664","DOIUrl":"https://doi.org/10.2139/SSRN.2575664","url":null,"abstract":"Italian Abstract: Il lavoro presenta un quadro delle statistiche disponibili sull’internazionalizzazione del sistema produttivo italiano. Le diverse fonti disponibili sono messe a confronto in termini di completezza, coerenza e compatibilita, tempestivita degli aggiornamenti, frequenza e rile-vanza delle revisioni, presenza di distorsioni sistematiche e di discontinuita significative. L’insieme delle informazioni utili a rappresentare l’internazionalizzazione del sistema produttivo italiano contiene dati non sempre coerenti fra loro. Per affrontare in profondita alcune questioni specifiche, ampiamente dibattute nella letteratura scientifica, c’e ancora bisogno di migliorare e di arricchire la produzione statistica. La risposta migliore a questo tipo di fabbisogno informativo va ricercata negli archivi di microdati, su cui, per quanto economicamente onerosa sia la loro produzione, occorre investire per comprendere un fenomeno di crescente complessita che ha ormai travalicato la capacita informativa delle statistiche macroeconomiche. Tali dati sarebbero inoltre molto utili per trarre indicazioni di politica economica, di cui si avverte forte esigenza, sulle misure utili per potenziare l’attrattivita territoriale per gli investimenti esteri, per migliorare la produttivita delle imprese, per sostenerne l’internazionalizzazione.English Abstract: The paper presents an overview of available statistics on the internationalization of the Italian economy. The different sources are compared in terms of completeness, consistency and compatibility, timeliness, relevance and frequency of revisions, presence of systematic biases and significant discontinuities. The data representing the internationalization of the Italian productive system are not always consistent with each other. To address some deep questions, widely debated in the scientific literature, there is still a need to improve and enrich the production of statistics. The best answer to this type of information requirements is to be found in microdata, in which, as far as economically burdensome their production, investments are needed in order to understand a phenomenon of increasing complexity that has now gone beyond the information capacity of macroeconomic statistics. Such data would also be very useful for an effective economic policy, in which you feel a strong need, to enhance the attractiveness of the region for foreign investment, to improve the productivity of enterprises, to support the inter-nationalization.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114364794","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}