Designing a Regulatory and Supervisory Framework for Integrated Financial Markets

The financial crisis that started in 2007 casts doubt about the ability of national laws and competent authorities to manage the stability of the financial system and to protect investors. This is due to the relevant evolving features of financial intermediation, like the cross-border strategies in banking, with many M&A undertaken, especially in Europe, and more in general the globalization of finance, also through the many recent operations among exchanges. The associated regulatory and supervisory challenges have proved to be difficult to tackle. An international perspective is needed on single banking regulatory instruments, even if it is impossible at this stage to imagine unique rules and single international authorities managing capital ratios, deposit insurance, reserve requirements and lending of last resort, as well as other tools for providing financial markets stability. However, some common principles on regulation and the structure of supervision may be stated both in US and in Europe: we suggest a “four peak” approach to the matter.The financial crisis that started in 2007 casts doubt about the ability of national laws and competent authorities to manage the stability of the financial system and to protect investors. This is due to the relevant evolving features of financial intermediation, like the cross-border strategies in banking, with many M&A undertaken, especially in Europe, and more in general the globalization of finance, also through the many recent operations among exchanges. The associated regulatory and supervisory challenges have proved to be difficult to tackle. An international perspective is needed on single banking regulatory instruments, even if it is impossible at this stage to imagine unique rules and single international authorities managing capital ratios, deposit insurance, reserve requirements and lending of last resort, as well as other tools for providing financial markets stability. However, some common principles on regulation and the structure of supervision may be stated both in US and in Europe: we suggest a “four peak” approach to the matter.Refereed Working Papers / of international relevanc

Isteresi, domanda aggregata, trend stocastici comuni in un modello di range di tassi di disoccupazione di equilibrio

Negli ultimi decenni molte economie europee hanno sofferto di persistenti alti tassi di disoccupazione, generalmente considerati come il risultato combinato di shock macroeconomici e rigidità istituzionali. In tale contesto, il fenomeno dell’isteresi significa che shock temporanei danno luogo a variazioni permanenti nel livello di disoccupazione, il cui risultato è la forte dipendenza dalla sua storia passata, che assume così la forma di path-dependence. Questo fenomeno comporta mutamenti del NAIRU, ma anche che, sotto certe condizioni di funzionamento dei mercati, possano verificarsi equilibri multipli macroeconomici connessi con un range di tassi di disoccupazione di equilibrio. Da ciò ne consegue che politiche di demand managment esercitano effetti reali permanenti sull’output e sulla disoccupazione anche nel lungo periodo, determinando persistenza nel tasso di disoccupazione e causando la possibilità di passaggi da un equilibrio stazionario ad un altro entro il range dei NAIRU. Nel lavoro si analizzano i fatti stilizzati del mercato del lavoro italiano, tentandone un’interpretazione sulla base di un modello VAR strutturale con vincoli di cointegrazione, dal quale ne deriva una rappresentazione di common stochastic trends in cui si studia il comportamento del sistema sia nelle sue componenti cicliche che permanenti. Vengono esaminate le evoluzioni dinamiche di breve e lungo periodo del sistema. Shock temporanei ai trend stocastici hanno effetti permanenti, mentre fluttuazioni di breve periodo sono guidate sia da shock di trend che da shock puramente transitori. In tal senso, le componenti cicliche e strutturali della disoccupazione sono correlate, ma anche distinguibili

Ambulatory surgery for perianal Crohn’s disease. Study of feasibility

Background. One-third of Crohn’s disease (CD) patients present perianal fistula. The gold standard in the diagnosis and treatment of symptomatic perianal disease (PAD) in CD is the exploration of the anal canal and distal rectum under anesthesia (EUA). This procedure is mainly conducted as a day case surgery. Unfortunately, it is not always possible to proceed within the ideal timing and any delay may well represent a relevant clinical issue. The aim of this study was to evaluate the feasibility of outpatient treatment of symptomatic perianal fistulas in CD patients. Methods. All CD patients under regular follow-up at our inflammatory bowel disease referral center, presenting with symptomatic perianal fistulas, were offered surgical consultation. The data of patients were prospectively collected for three years (February 2014 to February 2017) for the purpose of the study. All clinical information, including previous EUA and/or records from MRI and endoscopic ultrasound, was included. Outpatient anal canal and distal rectum exploration and treatment (OE) were undertaken during the specialist surgical consultation. Fistulas were classified according to Parks’s classification; the type of outpatient treatment and compliance of patients were recorded. Pain was assessed by VAS at the time of the procedure and during the first control. Patients were followed up in the surgical clinic in relation to the study. Results. Ninety-two CD patients with symptomatic perianal fistulas had surgical consultation during the study period. OE was offered to all but 18 patients who fulfilled the exclusion criteria or had an extremely severe disease; six patients refused the OE (8.11%). Of the 68 patients undergoing OE, eleven (16.18%) had previous surgery for perianal disease. The OE was accomplished in sixty-one patients (89.71%), while in 7 patients, it was abandoned for scarce compliance. Nine patients (14.75%) underwent drainage of perianal abscess; in 3 of them, it was possible to probe the fistula tract, find the internal orifice, and pass a loose seton. Overall, setonage was performed in 50 patients (81.97%). Rectovaginal setons were placed in 3 patients and more than one seton (up to 3) in 6 cases. Fistulotomy was performed in 4 simple subcutaneous fistulous tracts. Concordance with the preoperative findings was found in 54 out of 61 patients. EUA was scheduled at the time of OE for the 7 patients who did not complete the procedure. All sixty-one patients who had the OE were followed up for a minimum of 12 months. Conclusions. This preliminary study indicates that OE in CD patients with symptomatic perianal fistulas is safe and feasible in a high-volume referral center. It might provide several benefits, including patients’ logistics, reduce or remove patients’ symptoms and discomfort, allow for a timely start of medical therapy, and avoid further complications

The academic impact of natural disasters: evidence from L’Aquila earthquake

This paper uses a standard difference-in-differences approach to examine the effect of the L’Aquila earthquake on the academic performance of the students of the local university. The empirical results indicate that this natural disaster reduced students’ probability of graduating on-time and slightly increased students’ probability of dropping out. While post-disaster measures (e.g. fast re-establishment of education activities in temporary locations) are likely to have mitigated the effects of this event, disruptions in the learning environment and the mental trauma suffered by students in the aftermath of the earthquake may have worsened their academic performance

Genetic programs driving oncogenic transformation: Lessons from in vitro models

Cancer complexity relies on the intracellular pleiotropy of oncogenes/tumor suppressors and in the strong interplay between tumors and micro- and macro-environments. Here we followed a reductionist approach, by analyzing the transcriptional adaptations induced by three oncogenes (RAS, MYC, and HDAC4) in an isogenic transformation process. Common pathways, in place of common genes became dysregulated. From our analysis it emerges that, during the process of transformation, tumor cells cultured in vitro prime some signaling pathways suitable for coping with the blood supply restriction, metabolic adaptations, infiltration of immune cells, and for acquiring the morphological plasticity needed during the metastatic phase. Finally, we identified two signatures of genes commonly regulated by the three oncogenes that successfully predict the outcome of patients affected by different cancer types. These results emphasize that, in spite of the heterogeneous mutational burden among different cancers and even within the same tumor, some common hubs do exist. Their location, at the intersection of the various signaling pathways, makes a therapeutic approach exploitable

Robots for Exploration, Digital Preservation and Visualization of Archeological Sites

Monitoring and conservation of archaeological sites are important activities necessary to prevent damage or to perform restoration on cultural heritage. Standard techniques, like mapping and digitizing, are typically used to document the status of such sites. While these task are normally accomplished manually by humans, this is not possible when dealing with hard-to-access areas. For example, due to the possibility of structural collapses, underground tunnels like catacombs are considered highly unstable environments. Moreover, they are full of radioactive gas radon that limits the presence of people only for few minutes. The progress recently made in the artificial intelligence and robotics field opened new possibilities for mobile robots to be used in locations where humans are not allowed to enter. The ROVINA project aims at developing autonomous mobile robots to make faster, cheaper and safer the monitoring of archaeological sites. ROVINA will be evaluated on the catacombs of Priscilla (in Rome) and S. Gennaro (in Naples)

Characteristics and coastal effects of a destructive marine storm in the Gulf of Naples (southern Italy)

Destructive marine storms bring large waves and unusually high surges of water to coastal areas, resulting in significant damages and economic loss. This study analyses the characteristics of a destructive marine storm on the strongly inhabited coastal area of Gulf of Naples, along the Italian coasts of the Tyrrhenian Sea. This is highly vulnerable to marine storms due to the accelerated relative sea level rise trend and the increased anthropogenic impact on the coastal area. The marine storm, which occurred on 28 December 2020, was analyzed through an unstructured wind-wave coupled model that takes into account the main marine weather components of the coastal setup. The model, validated with in situ data, allowed the establishment of threshold values for the most significant marine and atmospheric parameters (i.e., wind intensity and duration) beyond which an event can produce destructive effects. Finally, a first assessment of the return period of this event was evaluated using local press reports on damage to urban furniture and port infrastructures

The CHESS survey of the L1157-B1 bow-shock: high and low excitation water vapor

Molecular outflows powered by young protostars strongly affect the kinematics and chemistry of the natal molecular cloud through strong shocks resulting in substantial modifications of the abundance of several species. As part of the "Chemical Herschel Surveys of Star forming regions" guaranteed time key program, we aim at investigating the physical and chemical conditions of H20 in the brightest shock region B1 of the L1157 molecular outflow. We observed several ortho- and para-H2O transitions using HIFI and PACS instruments on board Herschel, providing a detailed picture of the kinematics and spatial distribution of the gas. We performed a LVG analysis to derive the physical conditions of H2O shocked material, and ultimately obtain its abundance. We detected 13 H2O lines probing a wide range of excitation conditions. PACS maps reveal that H2O traces weak and extended emission associated with the outflow identified also with HIFI in the o-H2O line at 556.9 GHz, and a compact (~10") bright, higher-excitation region. The LVG analysis of H2O lines in the bow-shock show the presence of two gas components with different excitation conditions: a warm (Tkin~200-300 K) and dense (n(H2)~(1-3)x10^6 cm-3) component with an assumed extent of 10" and a compact (~2"-5") and hot, tenuous (Tkin~900-1400 K, n(H2)~10^3-10^4 cm-3) gas component, which is needed to account for the line fluxes of high Eu transitions. The fractional abundance of the warm and hot H2O gas components is estimated to be (0.7-2)x10^{-6} and (1-3)x10^{-4}, respectively. Finally, we identified an additional component in absorption in the HIFI spectra of H2O lines connecting with the ground state level, probably arising from the photodesorption of icy mantles of a water-enriched layer at the edges of the cloud.Comment: Accepted for publication in A&A. 12 pages, 9 figures, 4 table