Suchergebnisse

AbstractWe use the results of the ECB's comprehensive assessment to evaluate the importance of the bank business model on risk assessment and the persuasive effectiveness of different supervisory styles on banks' recapitalization. Our analysis reveals inconsistencies in the information content provided by the various regulatory measures used for assessing bank stability. Moreover, opposite to CET1 ratio, the leverage ratio provides assessments on business models more consistent with a market‐based measure of bank risk exposure and Z‐SCORE. Accounting for several control variables both at the bank and country level, we also find evidence that the effectiveness of the supervisory action depends on the specific type of supervisory model. In particular, countries adopting the hybrid model seem more effective in persuading banks to recapitalize preventively. Differently, countries adopting the integrated and the sectorial model seem less effective in their requests.

This paper compares the European Central Bank's (ECB) conduct of monetary policy (1999–2005) with that of the Bundesbank (after the German Unification: 1990–1998) in order to test the hypothesis of an ECB with 'Bundesbank's preferences' put forward in the theoretical literature (Alesina and Grilli, 1993; Fatum, 2006). Econometric tests and simulations based on monetary policy reaction functions show that the continuation of the former Bundesbank regime is supported by the data. Given this empirical evidence we discuss the lessons for future Monetary Unions stemming from the ECB experience.

This paper investigates the empirical properties of simple interest rate rules that embed either "backward" or "forward" interest rate smoothing. Such interest rate rules can be rationalized as the operative reaction functions used by central banks pursuing monetary policy and financial stability targets. We explicitly consider the implications of banks' risk management practices for monetary policy and we derive interest rate rules by modeling the desire of the central bank to stabilize different definitions of the "basis" risk as a contribution to financial stability. ; This paper investigates the empirical properties of simple interest rate rules that embed either "backward" or "forward" interest rate smoothing. Such interest rate rules can be rationalized as the operative reaction functions used by central banks pursuing monetary policy and financial stability targets. We explicitly consider the implications of banks' risk management practices for monetary policy and we derive interest rate rules by modeling the desire of the central bank to stabilize different definitions of the "basis" risk as a contribution to financial stability. ; Invited Submissions

In this paper we have tried to describe the main challenges and opportunities that the transition to the fourth industrial revolution involves, focusing on the impact on business models and supply chains. As shown by some surveys, almost all Italian companies are still unprepared to face the new challenge and are likely to start with a severe handicap compared to foreign competitors. The banks, that are the main source of financing for Italian firms, have to play a very important role in this historic transition. However, the European comparison shows that the financing of Italian corporate companies absorbs more bank capital than corporate companies of other European countries, like Germany. Then it's important to strengthen the government guarantees schemes, freeing capital for banks and facilitating the access to the Central Guarantee Fund even by Mid Caps (the firms from 250 to 500 employees). Even now in some European countries such as Germany the access to government guarantees schemes covers medium and large companies. The greater use of this tool is desirable both for banks and for businesses.

Using data for a large sample of small firms collected through the 8th UniCredit Survey conducted in 2011, we investigate the extent to which banks of different size reward innovative firms, in terms of both access to lending and volume of credit granted. We find that more innovative firms are associated with weak credit rationing. Using instrumental variable techniques to manage the endogenous nature of innovation, we show that a large bank more strongly supports product innovation, whereas there is no substantial difference in the extent to which small and large banks provide credit to small firms undertaking process innovations.