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The Dynamics of Non-Performing Loans during Banking Crises: A New Database
This paper presents a new dataset on the dynamics of non-performing loans (NPLs) during 88 banking crises since 1990. The data show similarities across crises during NPL build-ups but less so during NPL resolutions. We find a close relationship between NPL problems—elevated and unresolved NPLs—and the severity of post-crisis recessions. A machine learning approach identifies a set of pre-crisis predictors of NPL problems related to weak macroeconomic, institutional, corporate, and banking sector conditions. Our findings suggest that reducing pre-crisis vulnerabilities and promptly addressing NPL problems during a crisis are important for post-crisis output recovery.
Systemic Risk, Crises, and Macroprudential Regulation
A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation. The recent financial crisis has shattered all standard approaches to banking regulation. Regulators now recognize that banking regulation cannot be simply based on individual financial institutions' risks. Instead, systemic risk and macroprudential regulation have come to the forefront of the new regulatory paradigm. Yet our knowledge of these two core aspects of regulation is still limited and fragmented. This book offers a framework for understanding the reasons for the regulatory shift from ...
Global Financial Stability Report, April 2022
Chapter 1 looks at the implications of the war in Ukraine on the financial system. Commodity prices pose challenging trade-offs for central banks. Many emerging and frontier markets are facing especially difficult conditions. In China, financial vulnerabilities remain elevated amid ongoing stress in the property sector and new COVID-19 outbreaks. Central banks should act decisively to prevent inflation from becoming entrenched without jeopardizing the recovery. Policymakers will need to confront the structural issues brought to the fore by the war, including the trade-off between energy security and climate transition. Chapter 2 discusses the sovereign-bank nexus in emerging markets. Bank holdings of domestic sovereign bonds have surged in emerging markets during the pandemic. With public debt at historically high levels and the sovereign credit outlook deteriorating, there is a risk of a negative feedback loop that could threaten macro-financial stability. Chapter 3 examines the challenges to financial stability posed by the rapid rise of risky business segments in fintech. Policies that target both fintech firms and incumbent banks proportionately are needed.
Profitability and Balance Sheet Repair of Italian Banks
The profitability of Italian banks depends, among other factors, on the strength of the ongoing economic recovery, the stance of monetary policy, and the beneficial effects of current and past reforms, notably to address structural obstacles to resolving nonperforming loans (NPLs) and to foster banking sector consolidation. Improved profitability would enable banks to raise capital buffers and accelerate the cleanup of their balance sheets. This paper investigates quantitatively the current and prospective earnings capacity of Italian banks. A bottom-up analysis of the 15 largest Italian banks suggests that the system is on the whole profitable, but that there is significant heterogeneity across banks. Many banks should become more profitable as the economy recovers, but their capacity to lend depends on the size of their capital buffers. However, a number of smaller banks face profitability pressures, even under favorable assumptions. There is thus a need to push ahead decisively on cleaning up balance sheets, including through cost cutting and efficiency gains.
Quasi-fixed inputs in the Italian manufacturing: The case of the pharmaceutical industry
The aim of this paper is to study the demand for inputs in the Italian manufacturing, using firm-level data on pharmaceutical industry. The Italian pharmaceutical industry is characterized by the existence of long-term labor contracts, and this fact suggests to consider labor as quasi-fixed input. In order to characterize firms behavior we base our analysis on the restricted Generalized Leontief cost function. The choice of this flexible functional form is due to its ability to capture the input substitution patterns in presence of more than one quasi-fixed input. Therefore demand and substitution elasticities are estimated with respect to two different theoretical models: the first, QFI (1), with capital as quasi-fixed input and the second, QFI (2), with two quasi-fixed inputs, capital and labor. The choice among the two alternative specifications is based on an elasticity comparison criterion, since the two models are not nested. The results suggest a rigid productive structure during the period under observation. Our results confirm the a priori on the labor market rigidity and point out the high heterogeneity between the firms, even controlling for size and nationality.
Ratio Legis (Numero 2, Anno 2016)
Bimestrale di cultura giuridica diretto da Giulio Perrotta.
Im Brennpunkt der Wirtschaftspolitik
Dieser Open-Access-Sammelband zeigt, wie innovative Forschung und Lehre in der Volkswirtschaftslehre zu einer besseren Gesellschaft beitragen können. Eine Wirtschaftspolitik mit Ziel und Plan sollte auf rigorosem theoretischem Fundament stehen und sich auf verlässliche empirische Evidenz stützen. Damit die Forschung Wirkung entfalten kann, müssen die Forscher die neuesten Erkenntnisse in eine populäre Sprache übersetzen, damit sie einer breiten und nicht spezialisierten Öffentlichkeit zugänglich werden. Wähler und Entscheidungsträger der Politik können von den Ergebnissen der Forschung nur profitieren, wenn diese in nicht-technischer Sprache zugänglich sind. Die Aufgaben der Universitäten sind Forschung, Lehre und Information der Öffentlichkeit. Im Projekt "Next Generation" fassen die besten Masterstudierenden der Universität St. Gallen politikrelevante Ergebnisse der volkswirtschaftlichen Forschung populär zusammen. Mit diesem "Readers Digest" der Ökonomie leisten sie einen wichtigenBeitrag zur dritten Mission der Universität.
La specie che cambia se stessa
Milioni di anni fa i nostri progenitori si facevano strada nella savana africana e c’era poco da scommettere che sarebbero diventati la specie dominante sul pianeta; oggi siamo esperti di sopravvivenza nella giungla metropolitana e abbiamo stravolto l’ecosistema globale. Cosa ci ha permesso di compiere un simile balzo? Cosa riserva il futuro? Con La specie che cambia se stessa Edwin Gale intreccia storia, antropologia, epidemiologia e biologia per raccontare il modo in cui l’abbondanza materiale che abbiamo ottenuto grazie ai nostri progressi tecnici, scientifici e sociali ha mutato il nostro corpo e trasformato il pianeta in un ambiente modellato sulle nostre esigenze.Il controllo del...
Revolt. La ribellione nel mondo contro la globalizzazione
Nascosta dall’ascesa dei populisti, un’onda di protesta popolare sta agitando il nostro pianeta. Da dove viene questo malcontento? E, soprattutto, dove porterà? Nadav Eyal, in un saggio appassionante come un’inchiesta, esamina le forze che stanno trasformando la nostra realtà economica, politica e culturale. Introduce i lettori alla “ribellione globale”, un moto di rabbia che si è imposto progressivamente dall’Italia dell’antipolitica all’Europa della Brexit, dall’America di Trump al mondo intero assediato dalla pandemia. Una rivolta che nasce dal drammatico conflitto tra i risultati raggiunti dalla globalizzazione (che ha sottratto milioni di persone alla povertà) e i ...
