Suchergebnisse

According to the European Regulatory Framework in Telecommunications sector, one of the main tasks required from the NRAs is to promote efficient investment and innovation in the field. The aim of this paper is to estimate the relevance of regulation for the growth of investment across 16 EU Countries. This is done estimating how regulation affects revenues and investment elasticity to incumbents' market power. To do so, we use the panel structure of our data and the timing of the introduction of regulation to carry out two "quasi experiments", where incumbents are ideally splitted in two groups, according to whether they are subject to a specific regulation or not. We consider a sample of 16 EU countries from 1997 to 2011. The results seem to to suggest that New Regulatory Framework has little reduced the impact of market share on firm's revenues and investment in the recent years. Over a longer time span instead, being a regulated country does not imply lower revenues and investment by telecommunication companies. Instead, in regulated countries it is likely that the telecom sector benefits from a better economic and institutional environment, which makes firms more productive for a given level of market power. Finally, in countries with a long-lasting regulatory tradition, an increase in market share represents a more significant increase in firm's market power than in a nonregulated country, so that in regulated countries, elasticity of investment to market share turns to be higher. ; info:eu-repo/semantics/publishedVersion

The purpose of this paper is to investigate some issues of wage setting in order to assess if nominal inertia and wage flexibility characterise the Italian supply side, using multivariate cointegration models. Our estimates indicate that an explicit distinction between stationary and non‐stationary variables and a joint analysis of long‐run and short‐run structure is crucial for achieving clearer results. To this end, we use quarterly time series data for industry sector 1976:1–1993:4. Interesting results have been found concerning the empirical evidence of a long‐run wage curve and the existence of a Phillips curve, through adopting alternative order reduction of the I(2) wage and price variables. Moreover, some insights on regional (North‐South) unemployment effects are pointed out and discussed.

AbstractThe housing market is a key channel for monetary policy transmission. The literature has focused mainly on cyclical fluctuations in house prices rather than other indicators to account for housing market dynamics, such as residential transactions. This paper investigated the impact of the monetary policy stance on the housing market by considering residential transactions (together with house prices). First, we estimated a structural vector autoregressive (VAR) model for Italy from 1999Q1 to 2019Q4 using Cholesky structural identification. Second, we used an external instrument to identify the contemporaneous response of all endogenous variables to the shock of interest (Proxy-VAR). Our results indicate that transactions are more significantly reactive than house prices to a restrictive monetary policy shock. After a policy rate increases, the sudden stop in exchange volumes and the low degree of liquidity perceived in the housing market can contribute to shaping the housing wealth effect captured by prices. The results are supported by a robustness analysis based on local projections. Therefore, policy-makers should consider the role of residential transactions in evaluating the effectiveness of monetary policy transmission.

Purpose
This paper aims to focus on the banking crises recorded in Italy in the period 1861-2016 and to propose a novel classification based upon the timing of the crisis with respect to the business cycle.


Design/methodology/approach
A simple and objective rule to distinguish between slowdown and inner-banking crises is introduced. The real impact of banking crises is evaluated by integrating the narrative approach with an empirical vector autoregression analysis.


Findings
First, banking crises are not always associated to economic downturns. Especially in Italy, (but this analysis can be easily extended to other countries), they have often limited their negative effects within the financial system ("inner" crises). Second, the simultaneity of macroeconomic effects (credit contraction and GDP recession) leave the causal link undetermined. Third, the empirical and narrative analyses performed testify that boom–bust mechanisms are an exception in the panorama of (Italian) banking crises; although when the economy experiences such episodes, the economic and social consequences are not only severe but also enduring.


Research limitations/implications
To classify historically recognized banking crisis episodes, the authors look at credit and GDP dynamics (and their ratio) around crisis years. Relying on a single definition of crisis is avoided. The classification provides an empirical rule to determine in what way banking crises differ. The classification is mostly based on the synchronization with the business cycle and, using the documented evolution of macroeconomic aggregates, it permits to highlight the fact that a variety of interactions occur between financial and real aggregates during and around banking crises.


Originality/value
As to the concept of systemic banking crisis, a qualitative judgment is often adopted to select relevant episodes, thus confirming the absence of a quantitative rule in classification criteria (Chaudron and de Haan, 2014). This paper proposes a simple and objective rule to distinguish between slowdown and inner-banking crises; the former occur close to a GDP contraction, whereas the latter appear to spread their effects with no substantial evidence of output loss.

Abstract
This paper investigates the effects of demographic shifts on labor productivity by leveraging variation in the age structure of Italian regions. These effects are analyzed along a first channel – the direct relation between population age and productivity – and a second channel capturing the productivity implications of a more or less dispersed age distribution. We propose an estimation framework that relates regional productivity to the entire age distribution of the working-age population and use instrumental variable techniques to address endogeneity issues. The estimates yield a hump-shaped age-productivity profile peaking between 35 and 40 years. We also document non-linear effects of regional age dispersion on productivity.