Banche e Finanza

Banche e Finanza

Dopo aver pubblicato l'articolo sulla moneta fiscale di Bossone, Cattaneo, Costa e Sylos Labini, anche Enrico Grazzini interviene sull'argomento e commenta alcune delle diverse proposte sul campo.    In questo articolo mi propongo di chiarire perché l'architettura...

Non-performing loans (npl) and distressed loans are a hot issue of the Italian banking system. The Governor of the Italian Central Bank recently showed optimism about the recovery rate of these loans, based on two recent empirical studies. In this paper, a rigorous measurement of recovery rate is discussed, highlighting some flaws of the cited studies. Therefore, assuming the large dispersion among Italian banks in terms of credit quality, profitability and npl incidence on tangible equity, a cluster analysis is conducted on a sample of 450 banks in 2015, identifying six different clusters, in a continuum from “peaches” to “lemons” à la Akerlof. The emerging map does not appear so reassuring.

Common sense economic policies of almost all the European govern¬ments has been crossed by important reforms of the labor market towards higher levels of deregulation, redefinition of the welfare system and decline or stagnation in real wages. Is there a direct or indirect correlation between these policies and soaring forms of indebtedness of private households?

Riceviamo e volentieri pubblichiamo questo contributo sulla moneta fiscale, con l'auspicio che si apra un dibattito su questa controversa "soluzione" per la crisi dell'economia italiana.   "La Grande Recessione è impossibile da capire senza evocare…la crisi...

Most economists believe that the economic crisis is due to a structural excess of saving on investment. However, if we admit that production decisions follow the effective demand, it is easy to show that S and I are always equal. We suggest instead that crisis is due to the lack of demand that causes a high degree of unused capacity. The resulting sunk costs could be transferred to wages, further reducing demand. So, increasing investment, without raising wages, would worsen the effect of the crisis.

This article’s objective is twofold: a) to argue that mergers and acquisitions among banks do not always advantage the financial system’s stability or the merging banks’ profitability (against the current storytelling that M&As are panacean); b) to highlight some widespread worst practices in valuing aggregation synergies as well as the share exchange of merging banks, showing the ample range of discretionary/manoeuvrable values in capital valuation.

An empirical analysis by Brancaccio, Fontana, Lopreite and Realfonzo shows that the ECB is not capable of controlling the nominal income trend and therefore also inflation. The following study is in line with the alternative argument, according to which the real task of the central bank is to regulate the rhythm of insolvencies in the economic system.

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