In this paper we analyze the effects of adverse selection due to asymmetric information on the optimizing behavior of risk neutral firms and banks in a competitive loan market. Realized film returns have the monotone likelihood ratio property (MLRP) with respect to quality, in the sense of...

This paper aims to analyze the effects of Italian banking consolidation during the nineties on the efficiency of the financial system, on competition in the market forbanking and financial services, and on the reallocation of bank ownership. Whereas a review of the recent theoretical and...

This paper aims to analyze the effects of Italian banking consolidation during the nineties on the efficiency of the financial system, on competition in the market forbanking and financial services, and on the reallocation of bank ownership. Whereas a review of the recent theoretical and...

The Italian banking system has successfully faced the impact of financial crisis but will suffer the effects of the «real» crisis on firms’ solvency and, consequently, has to raise additional cash funds.The use of securitization is an effective alternative to facilitate the flow of funds to...

Together with Wicksell and other German speaking authors, Schumpeter re-defined the foundations of monetary theory replacing the traditional view of money as a "veil", which facilitates exchanges, with the concept of money as capital, which acts as an essential premise for the starting of new...