Based on 25 years (1995-2019) of fully integrated sectoral data, this study builds on monetary circuit theory to examine the Italian experience of growing private debt followed by a long recession with balance-sheet restructuring. It is argued that this process cannot be identified as a typical...

This book examines the effects of trade on growth and poverty. It addresses the following questions:1) Which are the channels through which trade openness may affect the economic activities of a given country? ; 2) What are the effects of trade openness on growth? ; and 3) What are the effects...

In a context of uncertain returns to investment, a firm may face increasing costs of borrowing and uncertain value of its internal finance. By trading derivatives on the financial markets, the firm can hedge against the fluctuations of its cash flow, in order to better coordinate investment and...