The paper presents an estimate of the expenditure requirements to be used as a benchmark in the identification of best practices in the spending behavior of the municipalities. In order to distinguish the determinants of theoretical expenditure requirements with respect to those relating to...

<i> Analisi della realizzazione della politica infrastrutturale degli enti locali </i> (di Alessandro Fontana e Francesca Petrina) - ABSTRACT: In this paper local governments’ investments in infrastructure financed by the Cassa Depositi e Prestiti are analysed. More specifically we construct a few...

I study the behaviour of the CDS-bond basis - the difference between the CDS and the bond spread - for a sample of investment-graded US firms. I document that, since the onset of the 2007/08 financial crisis it has become persistently negative, and I investigate the role played by the cost of...

This paper studies the relative pricing of euro area sovereign CDS and the underlying government bonds. Our sample comprises weekly CDS and bond spreads of ten euro area countries for the period from January 2006 to June 2010. We first compare the determinants of CDS spreads and bond spreads and...

This paper examines the house price dynamics for thirteen European countries. A Markov-switching error correction model is estimated on house price returns at the country level, with deviations between house prices and fundamentals feeding into the short-run dynamics. The system is assumed to be...