This paper puts forward a comprehensive framework to model medium-to-long term public debt refinancing strategies. Essentially the framework has two main building blocks. First, a large number of strategies are generated so as to determine a wide range of potential financing plans, regardless of...

In this paper we analyse the evolution over time and the determinants of corporate liquidity in Italy, for which the empirical literature is still scant. Using a very large sample of firms for the period 2002-15 (about 460,000 firms per year on average), we document a substantial increase in...