Search results for " financial crisis"

I credit derivatives nell’economia dei sistemi finanziari tra innovazione e criticità

2011

Il lavoro è volto a comprendere il ruolo degli strumenti credit derivatives nell’economia dei sistemi finanziari. I credit derivatives rappresentano una significativa forma di innovazione finanziaria che incide direttamente sull’attività degli intermediari finanziari e, in particolare, bancari. Il ricorso al mercato dei credit derivatives rende possibile il trasferimento integrale o parziale dei rischi di credito senza il contestuale trasferimento delle singole esposizioni creditizie. Ciò dischiude una varietà di scelte aziendali di de-integrazione della catena del valore dell’intermediazione creditizia e di diversificazione del portafoglio crediti che, tuttavia, non sempre conducono ad una…

Diritti sociali, istituzioni, risorse e la sfida dell'effettività

2019

This article concernes the effects of the financial and economic crisis on the effectiveness of social rights and on the sustainability of social spending. The Author discusses the relationship between rights and resources and between rights and institutions in order to deepen the factors that produce inequality in EU and in its member states. The article revises the European Pillar of Social Rights, criticizing the lack of innovative content ant its impossibility to found the revival of a social Europe

Effects of the Italian financial crisis on the photovoltaic dissemination in a southern city

2013

Abstract The aim of this paper is to estimate how the profitability of grid-connected PV (photovoltaic) systems may vary month by month due to the changes in all parameters involved in the economic evaluation (discount rate, PV electricity selling price, inflation rate, price of PV devices etc.). The effects of these variations were investigated for a district of a city in the South Italy (Palermo). The results of the analysis provided the trend of the actual coverage of the district power demand from June 2010 to August 2012. In particular the load match index, which considers the daily energy demand covered by PV systems, ranged from almost 30% to less than 12%, which is less than the val…

ECR2 Economic Crisis: Resilience of Regions

2014

The picture of the economic situation in Europe resulting from the crisis that began in 2008 looks rather asymmetrical and diverse with regions that were not or hardly touched by the crises at all, with regions that were touched but that seem to recover rather progressively and with regions that still suffer quite a lot from the crisis. The fast and successful recovery of some particular regions strikes the eye and raises the question of what is behind this success. The economic crisis and recovery are at the core of all recent policy initiatives that set the framework for territorial development and cohesion policy. The objective of this project is to expose territorial evidence that suppo…

The changing structure of banking firms and industry: an analysis through the European banks' balance sheets

2013

This paper analyzes the changing structure of the Italian and European banking firms and industry. The main aim is to identify the fundamental changes of the underlying economics of banking through the analysis of banks’ balance sheets. In this paper, we provide evidence that commercial banks have progressively moved from traditional banking to new forms of financial intermediation. The paper discusses the implications of this changes in terms of business models of banking firms, business operations of banks, structure of the financial system and banking industry. The research points out that the role of traditional bank is in decline. It is changing the fundamentals of banking business. Ba…

Monetary policy and the exchange rate during the Asian crisis: identification through heteroscedasticity

2005

Abstract This paper examines whether a monetary policy tightening (i.e., an increase in the domestic interest rate) was successful in defending the exchange rate from speculative pressures during the Asian financial crisis. We estimate a bivariate VECM for four Asian countries, and improve upon existing studies in two important ways. First, by using a long data span we are able to compare the effects of an interest rate rise on the nominal exchange rate during tranquil and turbulent periods. Second, we take into account the endogeneity of interest rates and identify the system by exploiting the heteroscedasticity properties of the relevant time series, following Rigobon [Identification thro…

CHANGES IN THE EUROPEAN CENTRAL BANK (ECB) APPROACHES IN MATTERS OF MONETARY POLICY AFTER THE OUTBREAK OF THE INTERNATIONAL FINANCIAL CRISIS

2012

The problem of monetary policy is a current one, given the fact that now, through this component of the economic policy, the monetary authority of each state tries to solve the problems considered essential for each economy separately. Through this article I have tried to capture the major changes regarding the implementation of the ECB's monetary policy before and after the outbreak of the international financial crisis. Following the analysis I have shown that the monetary policy of the ECB is not a constant one in its actions and instruments used but it is adapted to a conjuncture context through which the European economy is passing through. Therefore, in this paper I have broadly shown…

L’evoluzione dell’attività bancaria tra innovazioni istituzionali, regolamentari e di mercato: alcune riflessioni e spunti di ricerca

2018

This paper aims to examine the evolution of the bank business models in Italy, with reference to some crucial institutional, economic, and regulatory aspects. A proper and well-functioning banking system is an essential condition to ensure a stable and efficient financial system, and a well-functioning real economy. The Italian banking system is affected by a deep reconfiguration of business models as a consequence of financial, market, technological, and institutional innovations that are posing some critical questions to the traditional role and functions of a bank in a globalized and interconnected economic system.

Il credito alle imprese nell’attuale congiuntura economico-finanziaria: dinamiche di mercato e scelte organizzative bancarie

2014

This paper aims to examine the underlying causes of the sharp reduction in bank lending, which in turn is highlighting some structural weaknesses of Italian firms and financial system. The structure of this paper is as follows. Section 1 introduces the paper. Section 2 analyzes some drivers of the bank loans market in the current financial crisis. Section 3 examines the increasing role of standardized bank lending practices that have enlarged the organizational and strategic differences between transaction-based lending and relationship-based lending. Section 4 concludes.

THE NEW ARCHITECTURE OF THE EUROPEAN ECONOMIC GOVERNANCE AND ITS CONSTITUTIONAL IMPLICATIONS AT THE EU AND NATIONAL LEVEL

La tesi analizza la nuova architettura costituzionale della governance economica europea come ridefinita dalle più recenti riforme europee predisposte al fine di contrastare la crisi economico-finanziaria dell’area euro e il suo impatto sull’assetto costituzionale dell’Unione europea e degli Stati Membri. La tesi, articolata in quattro capitoli e redatta interamente in lingua inglese, ripercorre le tappe salienti dell’evoluzione dell’Unione Economica e Monetaria, analizza le principali disposizioni della “costituzione economica” dell’Unione europea e contiene un’esposizione, in chiave critica, delle principali misure adottate dall’Unione europea per contrastare la crisi economica della zona…