Bank of Italy http://www.bancaditalia.it The official site of Italy's central bank en Mon, 18 Jun 2018 04:06:50 GMT webmaster@bancaditalia.it (Web Master) webmaster@bancaditalia.it (Web Master) Copyright and all other rights in respect of this website belong to Banca d’Italia; all and any content and information available on this website are legally protected pursuant to copyright legislation. Users may print and save to disk or other support the material on this website for personal use only; it is strictly forbidden to use such material for profit or for any form of financial gain whatsoever. No changes or transformations of any kind may be made to the images and data contained on this website, and the reproduction of the website or any part of it on other websites or on any public or private information system is not permitted without the Bank’s explicit prior written authorization. http://www.rssboard.org/rss-specification Euro foreign exchange reference rates as of 15 Jun 2018 http://www.bancaditalia.it/compiti/operazioni-cambi/cambio/cambi_rif_20180615?com.dotmarketing.htmlpage.language=1 /compiti/operazioni-cambi/cambio/ Fri, 15 Jun 2018 13:58:59 GMT a9510b71-d58c-40e1-85f1-746ee420fa7b No. 439 - Looking through cross-border positions in investment funds: evidence from Italy http://www.bancaditalia.it/pubblicazioni/qef/2018-0439/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0439 <p>Questioni di Economia e Finanza (Occasional Papers) No. 439 - Looking through cross-border positions in investment funds: evidence from Italy - by Valerio Della Corte, Stefano Federico and Alberto Felettigh.</p> <p>"The weight of foreign mutual funds on Italian investors' portfolio assets is remarkably high by international comparison. To assess the exposure to potential financial risks, it is necessary to "look through" foreign funds to see what securities the funds invest in.[...]"</p> Fri, 15 Jun 2018 13:26:00 GMT 75a70071-3a6a-4a22-90e3-deccfcfd57a7 No. 438 - TFP differentials across Italian macro-regions: an analysis of manufacturing corporations between 1995 and 2015 http://www.bancaditalia.it/pubblicazioni/qef/2018-0438/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0438 <p>Questioni di Economia e Finanza,&nbsp;No. 438 - TFP differentials across Italian macro-regions: an analysis of manufacturing corporations between 1995 and 2015 - by Emanuele Ciani, Andrea Locatelli and Marcello Pagnini</p> <p>"In this work we study the evolution of geographical differences in total factor productivity (TFP; a measure of the efficiency in combining different factors of production) estimated at firm level for corporations active in the manufacturing sector between 1995 and 2015.[...]"</p> Fri, 15 Jun 2018 13:25:00 GMT 2394bcca-f6e0-469c-9fbe-b7b88fa077d8 No. 437 - Mind the mode: lessons from a web survey on household finances http://www.bancaditalia.it/pubblicazioni/qef/2018-0437/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0437 <p>Questioni di Economia e Finanza,&nbsp;No. 437 - Mind the mode: lessons from a web survey on household finances - by Romina Gambacorta, Martina Lo Conte, Manuela Murgia, Andrea Neri, Roberta Rizzi and Francesca Zanichelli</p> <p>"The paper studies the results of an experimental web survey on households, carried out in collaboration with the Italian national statistical institute (ISTAT), with the aim of identifying the advantages and disadvantages of using the Internet as a tool for surveying households' income and wealth.[...]"</p> Fri, 15 Jun 2018 13:24:00 GMT fc21fe7f-1507-4b70-981d-070b475fd278 No. 1177 - Short term forecasts of economic activity: are fortnightly factors useful? http://www.bancaditalia.it/pubblicazioni/temi-discussione/2018/2018-1177/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/temi-discussione/2018/2018-1177 <p>Working papaers No. 1177 -&nbsp;Short term forecasts of economic activity: are fortnightly factors useful? by Libero Monteforte and Valentina Raponi</p> <p>The paper proposes a short-term forecasting model of Italian economic activity, as measured by GDP figures released quarterly by the national statistical office; the model exploits the information available at different lags and frequencies (namely, quarterly, monthly and fortnightly).....</p> Fri, 15 Jun 2018 13:27:00 GMT 630e0335-ac49-4e2f-a816-960b8c5c2238 No. 1175 - Asset price volatility in EU-6 economies: how large is the role played by the ECB? http://www.bancaditalia.it/pubblicazioni/temi-discussione/2018/2018-1175/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/temi-discussione/2018/2018-1175 <p>Working paper No. 1175 Asset price volatility in EU-6 economies: how large is the role played by the ECB?,</p> <p>The paper analyses the spillover effects that the private and public asset purchase programmes implemented by the ECB since 2009 have exerted on financial market volatility in a group of Central-Eastern European economies belonging to the EU but not to the euro area.....</p> Fri, 15 Jun 2018 13:25:00 GMT e7266f77-04d0-429a-a310-134a1382ae1e No. 435 - Measuring the financial literacy of the adult population: the experience of Banca d'Italia http://www.bancaditalia.it/pubblicazioni/qef/2018-0435/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0435 <p>Questioni di Economia e Finanza (Occasional Papers), No. 435 - by Antonietta di Salvatore, Francesco Franceschi, Andrea Neri and Francesca Zanichelli.</p> <p>"This work provides an analysis of the financial competencies of adults in Italy, comparing them with those recorded in the other G20 countries".[...]</p> Fri, 15 Jun 2018 13:22:00 GMT 263dd6f8-562d-44d0-b8f7-8a145ca0b408 New releases of Working Papers and Occasional Papers of the Bank of Italy - 15 June 2018 http://www.bancaditalia.it/media/notizia/new-releases-of-working-papers-and-occasional-papers-of-the-bank-of-italy-15-june-2018?com.dotmarketing.htmlpage.language=1 /media/notizia/ Fri, 15 Jun 2018 13:30:00 GMT d6ff0913-642d-4c25-a299-50722df13a59 No. 1180 - On the unintended effects of public transfers: evidence from EU funding to Southern Italy http://www.bancaditalia.it/pubblicazioni/temi-discussione/2018/2018-1180/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/temi-discussione/2018/2018-1180 <p>Temi di discussione (Working Paper)&nbsp;No. 1180 - On the unintended effects of public transfers: evidence from EU funding to Southern Italy - by Ilaria De Angelis, Guido de Blasio and Lucia Rizzica</p> <p>"The paper investigates the relationship between public transfers and white collar crimes at the local level. The transfer of a large amount of financial resources from a central level of government can reduce the accountability of local administrators and create incentives for them to grab rents. [...]"</p> Fri, 15 Jun 2018 13:30:00 GMT 4244a431-355a-48c7-842a-a0eda26c1af5 No. 442 - Inequality amid income stagnation: Italy over the last quarter of a century http://www.bancaditalia.it/pubblicazioni/qef/2018-0442/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0442 <p>Questioni di Economia e Finanza, No. 442 - Inequality amid income stagnation: Italy over the last quarter of a century - by Andrea Brandolini, Romina Gambacorta and Alfonso Rosolia</p> <p>"The paper analyzes the evolution of inequality in Italy from 1989 to 2014, focusing on three business-cycle phases: the 1992 currency crisis, the moderate growth from 1993 to 2007, and the double-dip recession from 2008 to 2013."[...]</p> Fri, 15 Jun 2018 13:29:00 GMT 93073684-e1d4-47c8-89a3-7f500dc13a6c No. 1179 - Labor market and financial shocks: a time-varying analysis http://www.bancaditalia.it/pubblicazioni/temi-discussione/2018/2018-1179/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/temi-discussione/2018/2018-1179 <p>Temi di discussione (Working Paper)&nbsp;No. 1179 - Labor market and financial shocks: a time-varying analysis - by Francesco Corsello and Valerio Nispi Landi</p> <p>"This paper studies empirically the effects of unexpected changes in financial conditions on the labor market. The analysis focuses on the United States and covers the period 1973-2016.[...]"</p> Fri, 15 Jun 2018 13:29:00 GMT 0be435f5-af66-47af-b962-ff74af78223a No. 1178 - Discretion and supplier selection in public procurement http://www.bancaditalia.it/pubblicazioni/temi-discussione/2018/2018-1178/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/temi-discussione/2018/2018-1178 <p>Temi di discussione (Working Paper)&nbsp;No. 1178 - Discretion and supplier selection in public procurement - by Antonio De Socio and Enrico Sette</p> <p>"The paper analyzes the effects on supplier selection of a 2011 Italian reform extending the use of discretionary procedures in awarding public works contracts.[...]"</p> Fri, 15 Jun 2018 13:28:00 GMT e638184b-6934-4fcb-a348-ba8c02fe8239 No. 441 - Why do banks use derivatives? An analysis of the Italian banking system http://www.bancaditalia.it/pubblicazioni/qef/2018-0441/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0441 <p>Questioni di Economia e Finanza, No. 441 -&nbsp;Why do banks use derivatives? An analysis of the Italian banking system - by Luigi Infante, Stefano Piermattei, Raffaele Santioni and Bianca Sorvillo</p> <p>"The derivatives market has experienced quick growth all over the world in the last two decades. Banks decide to participate in the derivatives market either to hedge against financial risks or for trading and broker-dealer activities."[...]</p> Fri, 15 Jun 2018 13:28:00 GMT d5f98141-3738-4c4d-82cd-aa58e54c258f No. 1176 - Fixed-rate versus adjustable-rate mortgages: evidence from euro-area banks http://www.bancaditalia.it/pubblicazioni/temi-discussione/2018/2018-1176/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/temi-discussione/2018/2018-1176 <p>Working papers No. 1176 -&nbsp;Fixed-rate versus adjustable-rate mortgages: evidence from euro-area banks di Ugo Albertazzi, Fulvia Fringuellotti e Steven Ongena.</p> <p>The paper empirically studies the determinants of the large differences, observed among euro-area countries and over time, in the use of various types of mortgages, distinguishing specifically between variable-rate and fixed-rate ones. The analysis considers factors both on the demand side, related to the preferences and characteristics of the borrowers requesting such loans, and on the supply side...</p> Fri, 15 Jun 2018 13:26:00 GMT aecc8976-fed9-4427-a18c-8e94e0d7d692 No. 436 - Bank profitability and macroeconomic conditions: are business models different? http://www.bancaditalia.it/pubblicazioni/qef/2018-0436/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0436 <p>Questioni di Economia e Finanza (Occasional Papers), No. 436 - by Emilia Bonaccorsi di Patti and Francesco Palazzo.</p> <p>"The paper analyses the relationship between bank profitability and some macroeconomic variables (GDP growth, credit growth, interest rates, and the sovereign spread) in the period 2006-16 for a sample of European banks broken down by business model".[...]</p> Fri, 15 Jun 2018 13:23:00 GMT a8b6f7ae-8a2e-45b8-8cf0-edb522768d01 No. 434 - The impact of the interchange fee regulation on merchants: evidence from Italy http://www.bancaditalia.it/pubblicazioni/qef/2018-0434/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0434 <p>Questioni di Economia e Finanza (Occasional Papers), No. 434 - by Guerino Ardizzi and Michele Savini Zangrandi</p> <p>"Interchange fees (IF) are fees that a cardholder's bank (issuer) receives from the merchant's bank (acquirer) when a card payment is executed".[...]</p> Fri, 15 Jun 2018 13:21:00 GMT 30061c1b-560d-47ab-96db-1910fd3514f6 No. 440 - Dealing with corporate crises in a timely way. Notes on the optimal design of an «Early warning and composition system» http://www.bancaditalia.it/pubblicazioni/qef/2018-0440/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/qef/2018-0440 <p>Questioni di Economia e Finanza, No. 440 -&nbsp;Dealing with corporate crises in a timely way. Notes on the optimal design of an &laquo;Early warning and composition system&raquo; - by Elisa Brodi</p> <p>"The work discusses how the regulation can favour the efficient and timely detection and management of a corporate crisis. This topic, which has been one of the Italian policymakers&rsquo; goals since 2005, also falls within the scope of the Enabling Law reforming the insolvency legislation (&lsquo;Rordorf Bill&rsquo;)."[...]</p> Fri, 15 Jun 2018 13:27:00 GMT af689735-e151-48e1-9701-5ffe2a2908e0 Macroeconomic projections for the Italian economy - June 2018 [pdf, 290.1 KB] http://www.bancaditalia.it/pubblicazioni/proiezioni-macroeconomiche/2018/Macroeconomic-Projections-Italy-June-2018.pdf?language_id=1 /pubblicazioni/proiezioni-macroeconomiche/2018 Fri, 15 Jun 2018 13:00:00 GMT 903b38c9-8447-40b8-a013-f6bba6f221bd Operations on behalf of the Treasury - 2018 [pdf, 28.6 KB] http://www.bancaditalia.it/compiti/operazioni-mef/optes/documenti/optes-2018/Operations_on_behalf_of_the_Treasury_-_2018.pdf?language_id=1 /compiti/operazioni-mef/optes/documenti/optes-2018 Fri, 15 Jun 2018 08:56:00 GMT 2d2b582e-c843-4bb8-bf6d-f3b0a2e74277 The Financial Market - April-May 2018 [pdf, 772.7 KB] http://www.bancaditalia.it/pubblicazioni/mercato-finanziario/2018-mercato-finanziario/en_statistiche_MFN_20180615.pdf?language_id=1 /pubblicazioni/mercato-finanziario/2018-mercato-finanziario Fri, 15 Jun 2018 08:30:00 GMT 2489e2c1-1660-449b-9c31-6ef73a2b717a The Public Finances: Borrowing Requirement and Debt - April 2018 [pdf, 3.5 MB] http://www.bancaditalia.it/pubblicazioni/finanza-pubblica/2018-finanza-pubblica/en_statistiche_FPI_20180615.pdf?language_id=1 /pubblicazioni/finanza-pubblica/2018-finanza-pubblica Fri, 15 Jun 2018 08:30:00 GMT cdee887e-92b4-40bf-9ec4-a4a3605e33b5 Monetary policy decisions 14 June 2018 [pdf, 19.6 KB] http://www.bancaditalia.it/media/bce-comunicati/documenti/2018/ecb.mp180614.en.pdf?language_id=1 /media/bce-comunicati/documenti/2018 Thu, 14 Jun 2018 15:00:00 GMT ef273af6-d296-4d67-9e5e-b8ece0e7e72a Euro foreign exchange reference rates as of 14 Jun 2018 http://www.bancaditalia.it/compiti/operazioni-cambi/cambio/cambi_rif_20180614?com.dotmarketing.htmlpage.language=1 /compiti/operazioni-cambi/cambio/ Thu, 14 Jun 2018 13:56:55 GMT 7e278018-e58a-43fc-8bb1-3419f119558b Euro foreign exchange reference rates as of 13 Jun 2018 http://www.bancaditalia.it/compiti/operazioni-cambi/cambio/cambi_rif_20180613?com.dotmarketing.htmlpage.language=1 /compiti/operazioni-cambi/cambio/ Wed, 13 Jun 2018 13:58:55 GMT f7efb7c5-9afa-4709-9d68-f621550af483 Euro foreign exchange reference rates as of 12 Jun 2018 http://www.bancaditalia.it/compiti/operazioni-cambi/cambio/cambi_rif_20180612?com.dotmarketing.htmlpage.language=1 /compiti/operazioni-cambi/cambio/ Tue, 12 Jun 2018 13:58:18 GMT a067ab77-8ee7-420d-90b3-8e1070f393e4 Consolidated financial statement of the Eurosystem as at 8 June 2018: commentary [pdf, 102.9 KB] http://www.bancaditalia.it/media/bce-comunicati/documenti/2018/Weekly_Financial_Statement_20180612.pdf?language_id=1 /media/bce-comunicati/documenti/2018 Tue, 12 Jun 2018 13:16:00 GMT e8eb0cd7-d092-44ad-a0b7-6db3bdae0c3b Month-end financial statement at 30 April 2018 http://www.bancaditalia.it/pubblicazioni/situazioni-contabili/2018/aprile/index.html?com.dotmarketing.htmlpage.language=1 /pubblicazioni/situazioni-contabili/2018/aprile Tue, 12 Jun 2018 06:00:00 GMT 80df6d07-087d-43b3-aab0-4433778385b4 Banks and Money: National Data - June 2018 [pdf, 1.3 MB] http://www.bancaditalia.it/pubblicazioni/moneta-banche/2018-moneta/en_statistiche_BAM_20180612.pdf?language_id=1 /pubblicazioni/moneta-banche/2018-moneta Tue, 12 Jun 2018 08:30:00 GMT 0141ca47-2856-4242-bd02-9093e03e02ee The Italian economy in brief, No. 134 - June 2018 [pdf, 535.7 KB] http://www.bancaditalia.it/pubblicazioni/economia-italiana-in-breve/2018/iteconom_134_eng.pdf?language_id=1 /pubblicazioni/economia-italiana-in-breve/2018 Tue, 12 Jun 2018 08:30:00 GMT 1beddf18-5e35-4190-95a6-300c5cafed1c Euro foreign exchange reference rates as of 11 Jun 2018 http://www.bancaditalia.it/compiti/operazioni-cambi/cambio/cambi_rif_20180611?com.dotmarketing.htmlpage.language=1 /compiti/operazioni-cambi/cambio/ Mon, 11 Jun 2018 14:00:15 GMT 4970c5c8-4f85-4816-9869-b632f19f7d52 Survey on International Tourism - 2017 http://www.bancaditalia.it/media/notizia/survey-on-international-tourism-2017?com.dotmarketing.htmlpage.language=1 /media/notizia/ Mon, 11 Jun 2018 08:30:00 GMT d3cb8c22-fbc7-4b48-9a3d-35e8cef2abdb