La forte ondata migratoria, che ha interessato molte economie dell’Europa occidentale a partire dalla fine del secolo scorso, ha posto numerosi paesi di destinazione, fino ad allora caratterizzati da tassi positivi di emigrazione, di fronte a nuove sfide per l’integrazione degli immigrati....

We develop a novel stress-test framework to monitor systemic risk in financial systems. The modular structure of the framework allows to accommodate for a variety of shock scenarios, methods to estimate interbank exposures and mechanisms of distress propagation. The main features are as follows....

In this work, we consider Corporate Governance (CG) ties among companies from a multiple network perspective. Such a structure naturally arises from the close interrelation between the Shareholding Network (SH) and the Board of Directors network (BD). In order to capture the simultaneous effects...

Opinions and beliefs determine the evolution of social systems. This is of particular interest in finance, as the increasing complexity of financial systems is coupled with information overload. Opinion formation, therefore, is not always the result of optimal information processing. On the...

This paper has three primary objectives: (i) to investigate potential problems regarding Mozambique's most recent nationally representative household survey on poverty dynamics; (ii) to assess the robustness and reliability of official poverty statistics; and (iii) to provide alternative...

This paper examines how firms interact with their rivals. The main novelty of our approach is that we let conjectural variations depend on the actual ability of other firms to react, which we measure by both the physical capacity and financial status of firms. Our main findings are threefold....

This paper presents an indirect approach to investigate the possible existence of measurement error bias in the Harmonized Index of Consumer Prices for the UK and Italy. Our empirical results show that there is no significant evidence for a bias in the UK, nor for Italy prior to the introduction...

This paper develops a model of labor bargaining in which insider and outsider factors play a different role across firms and over time. Three different bargaining regimes are identified: in two of them the outcome is dictated by outside market conditions, while in the third there is scope for...

This paper analyzes capital structure in South Korea from 1991 until 1999. The paper makes use of quantile regression methods to explore the changing distribution of debt-capital ratios across firms and over time. We find clear evidence of heterogeneity in the capital structure of firms. There...