Search results for "ECs"
showing 10 items of 2721 documents
Project finance in the energy industry: new debt-based financing models
2012
The paper aims to examine the development of new financing models for project finance to attract private investors to finance large European energy infrastructure projects. In particular, the paper investigates the uniqueness of the project finance as a rapidly growing field in finance, the financial characteristics of the project bond market as one of the vehicles for funding energy projects, and the role of the credit support provided by the European Investment Bank and the European Union to promote the bond-based financing schemes. The paper is organized as follows. Section 1 provides a general description of project finance. Section 2 identifies the economic reasons for using project fi…
Composite indicator of financial development in a benefit-of-doubt approach
2013
We use data by the World Economic Forum (WEF) to build a Composite Financial Development Index (CFDI) alternative to the WEF financial index. Unlike the WEF index, the CFDI optimally combines seven dimensions with non‐fixed weights determined endogenously without recourse to subjective opinions of experts. The CFDI is obtained by applying a Data Envelopment Analysis linear programming model with proportion restrictions on weights calculated in a Benefit‐of‐Doubt approach. In this way, the CFDI scores allow us to group 60 countries by different levels of financial development identifying dimensions that contribute to good or poor financial performances, taking into account the different char…
A Stochastic Programming Model for the Optimal Issuance of Government Bonds
2010
Sovereign states issue fixed and floating securities to fund their public debt. The value of such portfolios strongly depends on the fluctuations of the term structure of interest rates. This is a typical example of planning under uncertainty, where decisions has to be drawn on the base of the key stochastic economic factors underneath the model.We propose a multistage stochastic programming model to select portfolios of bonds, where the aim of the decision maker is that of minimizing the cost of the decision process. At the same time, we bound the conditional Value-at-Risk, a measure of risk which accounts for the losses of the tail distribution. We build an efficient frontier to trade-off…
The distributional effects of capital account liberalization
2018
Abstract Episodes of account liberalization increase the Gini measure of inequality, based on panel data estimates for 149 countries from 1970 to 2010. These episodes are also associated with a persistent increase in the share of income going to the top. We investigate three channels through which these impacts could occur. First, the impact of liberalization on inequality is stronger where credit markets lack depth and financial inclusion is low; positive impacts of liberalization on poverty rates also vanish when financial inclusion is low. Second, the impact on inequality is also stronger when liberalization is followed by a financial crisis. Third, liberalization seems to alter the rela…
The Role of Firms and Institutional Actors in Developing the Catania Nanotech Network
2009
Obiettivo del lavoro e` quello di esaminare nell`ambito dell sviluppo regionale l`importanza della rete di imprese quale attore istituzionale inserito all`interno delle strutture socioeconomiche locali. In tale ambito si osserva come l`interazione pubblico-privato e` essenziale per supportare le istituzioni locali in aree economiche in ritardo come la Sicilia
Reshaping Monetary Policy after the Great Crash: John H. Williams at the NY FED
2020
John H. Williams was an influential economist and central banker in the interwar years. A Harvard University professor since 1929 specialized in international trade and monetary economics, he joined the NY Fed in 1933 and became its vice-President in 1936. This paper aims to provide a general assessment of Williams’ contributions to monetary and fiscal policy during his tenure at the NY FED. We shall try to do so by following a twofold perspective: i. establish connections between Williams’ more theoretical works, his interpretations of the great depression and some policy decisions enacted by the FED in the 1930s; ii. provide new archival evidence on what was the part Williams played in th…
Can Fiscal Policy Stimulus Boost Economic Recovery?
2011
We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the im…
Conclusioni
2013
I termini fiscalità di vantaggio, fiscalità compensativa o di sviluppo, vengono utilizzati spesso con una superficialità tale da essere percepiti quasi come una soluzione per lo sviluppo che rappresenti una via di fuga, [...] In realtà non è così.