Contiguità territoriale e shock sul consumo nelle regioni italiane

The hypothesis of complete consumption risk-sharing suggests that only uninsurable national and international disturbances should affect the growth of the regional consumption. Therefore, the correlation among regional consumption growth rates should be high. This work analyzes the issue of regional consumption risk-sharing in Italy over the period 1971-93. The empirical evidence is mixed: consumption correlations are high but other formal tests suggest the relevance of idiosincratic effects. In conclusion, the overall degree of consumption risk-sharing appears to be less than perfect

The ‘Right’ Price for Art Collectibles. A Quantile Hedonic Regression Investigation of Picasso Paintings

Different art objects are likely to be priced by means of different systems of hedonic characteristics; more precisely, different evaluation procedures for high and low price items are often postulated. However, the empirical evidence on this point is scant. The main purpose of this paper is to fill this gap by using the quantile hedonic regression approach. The empirical evidence, based on a data set of 716 Picasso paintings sold at auction worldwide, highlights the critical role of the price classes in determining the evaluation criteria of art items.hedonic price; auction; quantile regression; painting; Picasso

Contiguita' territoriale e shock sul consumo nelle regioni italiane

The hypothesis of complete consumption risk-sharing suggests that only uninsurable national and international disturbances should affect the growth of the regional consumption. Therefore, the correlation among regional consumption growth rates should be high.This work analyzes the issue of regional consumption risk-sharing in Italy over the period 1971-93. The empirical evidence is mixed: consumption correlations are high but other formal tests suggest the relevance of idiosincratic effects. In conclusion, the overall degree of consumption risksharing appears to be less than perfect

Assessing visitor satisfaction with tourism rejuvenation policies: the case of Rimini, Italy.

In this paper we assess the appeal of potential interventions on the tourism offer of Rimini, a popular Italian seaside holiday destination, by means of a choice modelling analysis. Tourism can be viewed as a composite good, its overall utility depending on the arrangement of the component characteristics. Our discrete choice experiments incorporate as attributes a number of possible changes to current tourist activities (the subject of public debate), including them in hypothetical alternative holiday packages. The conditional logit analysis indicates that tourists show lesser preference for interventions aimed at protecting the environmental integrity of the beach and greater preference for those, such as the creation of a pedestrianised seafront with late-night opening of amenities and facilities, that are likely to diminish the role of the traditional sea, sun and sand component of the overall holiday experience.

Indexation Rules, Risk Aversion, and Imperfect Information

Nominal wage adjustment is modeled as resulting from bargaining between a risk neutral …rm and a risk averse worker, in an environment where the rate of in‡ation is a random variable. Risk aversion makes for endogenous indexation arrangements, which deliver partial indexation as they exploit imperfect in‡ation indices; risk aversion also generates a positive correlation between indexation and in‡ation variance. The model suggests a distinction between complete vs incomplete in‡ation adjustment on the one hand, and perfect vs imperfect adjustment on the other hand

Real Interest Rate and Growth: An Empirical Note

Are restrictive monetary policies harmful to growth? The note aims at providing some empirical evidence to answer the question. A significant negative correlation between growth and real interest emerges over the period 1960-94; in the eighties this relationship strengthens. This result is in agreement with the traditional view of a long run positive link between growth and capital accumulation and a negative long run link between accumulation and the cost of capital. Moreover the outcome is in line with the view that links the slowdown in economic growth of the industrial countries over the last decades appears to the implementation of restrictive monetary policie

Risk sharing and the banking channel: an empirical note about regional interest rates in Italy

Abstract: In the last decade, Italy has experienced a convergence of regional nominal interest rates on current accounts and short-term credit, whereas the convergence of real rates has been much weaker. In a risk-sharing perspective, however, these outcomes allow for a high degree of neutralization of idiosyncratic shocks on regional consumption

Credit risk and Basel II: Are non-profit firms financially different?

We estimate a model of credit risk for portfolios of Small and Medium-sized enterprises, conditional on being a non-profit or for-profit firms. The estimation is based on a unique dataset on Italian firms provided by a large commercial bank. We show that the main variables to identify creditworthiness are different for non-profit andcrucial for non-profit firms. Classification-JEL: G21, G28SME finance; Basel II; Retail banking; Non-profit