Bank Capital and Lending Behaviour: Empirical Evidence for Italy

This paper investigates the existence of cross-sectional differences in the response of lending to monetary policy and GDP shocks owing to a different degree of bank capitalization. The effects on lending of shocks to bank capital that are caused by a specific (higher than 8 per cent) solvency ratio for highly risky banks are also analyzed. The paper adds to the existing literature in three ways. First, it considers a measure of capitalization (the excess capital) that is better able to control for the riskiness of banksÂ’ portfolios than the well-known capital-to-asset ratio. Second, it disentangles the effects of the "bank lending channel" from those of the "bank capital channel" in the case of a monetary shock; it also provides an explanation for asymmetric effects of GDP shocks on lending based on the link between bank capital and risk aversion. Third, it uses a unique dataset of quarterly data for Italian banks over the period 1992-2001; the full coverage of banks and the long sample period helps to overcome some distributional bias detected for other available public datasets. The results indicate that well-capitalized banks can better shield their lending from monetary policy shocks as they have easier access to non-deposit fund-raising consistently with the "bank lending channel" hypothesis. A "bank capital channel" is also detected, with stronger effects for cooperative banks that have a larger maturity mismatch. Capitalization also influences the way banks react to GDP shocks. Again, the credit supply of well-capitalized banks is less pro-cyclical. The introduction of a specific solvency ratio for highly risky banks determines an overall reduction in lending.Basel standards; monetary transmission mechanisms; bank lending; bank capital

Bank heterogeneity and interest rate setting: what lessons have we learned since Lehman Brothers?

A substantial literature has investigated the role of relationship lending in shielding borrowers from idiosyncratic shocks. Much less is known about how lending relationships and bank-specific characteristics affect the functioning of the credit market in an economy-wide crisis, when banks may find it difficult to perform the role of shock absorbers. We investigate how bank-specific characteristics (size, liquidity, capitalization, funding structure) and the bank-firm relationship have influenced interest rate setting since the collapse of Lehman Brothers. Unlike the existing literature, which has focused chiefly on the amount of credit granted during the crisis, we look at its cost. The data on a large sample of loans from Italian banks to non-financial firms suggest that close lending relationships kept firms more insulated from the financial crisis. Further, spreads increased by less for the customers of well-capitalized, liquid banks and those engaged mainly in traditional lending business.bank interest rate setting, lending relationship, bank lending channel, financial crisis.

Prodotti alternativi con carne di Podolica

La sostenibilità economica delle aree interne deve essere governata da una migliore valutazione e relativa riqualificazione dei prodotti agricoli, in modo particolare per quelli più apprezzati dal consumatore che misura la qualità del prodotto come il rapporto fra i contenuti quanti-qualitativi di nutrienti e le proprie esigenze. In questo contesto, è stato condotto uno studio mirato a valutare le caratteristiche qualitative della carne di vitelloni Podolici e la possibilità di un’utilizzazione della carne con modalità alternative a quelle corrent

Phenolic content and antioxidant activity of donkey milk kefir fortified with sulla honey and rosemary essential oil during refrigerated storage

The aim of this work was to evaluate the phenolic content and antioxidant activity of donkey kefirfortified with sulla honey and rosemary essential oil, during refrigerated storage. The type offlavouring strongly influenced the antioxidant activity of the kefir: rosemary essential oil kefirshowed the highest 2,20-azino-bis-(3-ethylbenzthiazoline-6-sulfonic acid values; sulla honey kefirshowed the highest ferric-reducing antioxidant power values but, at the same time, in both fortifiedkefirs, the thiol content decreased, probably because of the formation of polyphenol-protein com-plexes that would have influence the availability of bioactive components. The antioxidant activityincreased significantly during refrigerated storage, showing the highest values after 15 days. Sen-sory analysis highlighted the fact that the donkey kefir was well accepted by consumers. Addition ofsulla honey resulted in the highest acceptability, while addition of rosemary essential oil kefir wasless accepted by consumers. This knowledge provides a basis that could lead to the production offortified donkey kefir with specific nutraceutical characteristics

Effect of species on the distribution and oxidative stability of milk added of lead and cadmium

The aim of this study was to evaluate the effect of species on added lead (Pb) and cadmium (Cd) content in cow, buffalo, and goat milk and their distribution in fat, casein, and whey fractions. In addition, the oxidative stability of the milk was evaluated. Most of the Pb and Cd were recovered in the skimmed milk (96.74 and 94.21%, respectively). The distribution of Cd and Pb in casein and whey fractions, obtained by enzymatic coagulation, highlighted that they were mainly associated with casein (on average 94.77 and 90.54% of Pb and Cd, respectively). The species significantly affected the distribution of Cd and Pb in the casein and fat fractions (p < 0.01). In particular, Cd and Pb levels in fat fraction were the highest in the buffalo milk, whereas casein fraction was the highest in bovine milk. Furthermore, the presence of metals negatively influenced the oxidative stability of the milk and the species influenced its response. The results showed that in the presence of Cd and Pb, bovine milk increased the content of Malondialdehyde (MDA), advanced oxidation protein products (AOPP) and dithyrosines compared to other species. In addition, there was a significant decrease in the thiol content, highlighting a reduction in the antioxidant capacity of the contaminated milk

Antioxidant activity of different cheese-honey combinations before and after in vitro gastrointestinal digestion

This study aimed to evaluate the effect of different cheese-honey combinations on antioxidant activity before and after in vitro gastrointestinal digestion, using the 2,2′-azino-bis-3-ethylbenzothiazoline- 6-sulfonic acid (ABTS), and ferric-reducing antioxidant power (FRAP) assays. Honey addition significantly enhanced the antioxidant activity of cheese samples (P < 0.05). The antioxidant activity of in vitro digested samples was significantly lower than the undigested ones. However, digested cheese-honey combination showed a percentage decrease of antioxidant activity lower than plain cheese. The cheese and honey types affected the percentage decrease of antioxidant activity in the digested samples, this is mainly due to the bioaccessibility of the honey polyphenols after digestion. Sensory analysis showed that all cheese-honey combinations were well accepted by the consumers, the health information on higher antioxidant capacity of dark honeys has not influenced the degree of acceptability of consumers, who preferred the cheese - clear honey combination

Fatty acids composition, cholesterol and vitamin E contents of Longissimus dorsi and Semitendinosus muscles of Suino Nero Lucano pigs slaughtered at two different weights

The nutritional quality of the lipid fraction of two muscles (Longissimus dorsi and Semitendinous) from Italian autochthonous genotype Suino Nero Lucano pigs slaughtered at two different weights was evaluated. Meat of Suino Nero Lucano pig showed a relatively low content of cholesterol and a higher proportion of unsaturated (UFA) than saturated fatty acids (SFA). Total cholesterol content was influenced by muscle, being higher in Longissimus dorsi (LD) than in Semitendinous (ST) muscle. No significant effects related to slaughter weight or muscle were found regarding vitamin Econtent. Slaughter weight strongly influenced n-3 and n-6 polyunsaturated fatty acids (PUFA) contents that decreased with increasing weight, and consequently, PUFA/SFA ratio. Muscle markedly influenced the contents of SFA, monounsaturated fatty acids (MUFA), and PUFA, and the dietetic properties of the meat. ST muscle, compared with the LD muscle, showed higher PUFA/SFA and PUFA n-6/PUFA n-3 ratios, and lower atherogenic and thrombogenic indices

Chemical and Functional Characterization of Propolis Collected from Different Areas of South Italy

This study investigated the chemical and functional characterization of propolis collected in southern Italy, in particular in Basilicata, a region rich in ecological and vegetative biodiversity. Sixteen samples of propolis, collected within a radius of 40 km from each other in the Basilicata region, showed significant differences between the chemical and functional parameters investigated: color index (L*, a*, b*; p < 0.05) and variation in chemical composition and antioxidant activities by ABTS and FRAP assays. In general, Lucanian propolis had a low content of waxes (p < 0.05) and a high content of resin (p < 0.05) and balsams (p < 0.05). The content of the total phenolic compounds and flavonoids was highly variable, as was the biological capacity. In conclusion, Lucanian propolis showed remarkable variability, highlighting significant diversification according to the geographical position and the diversity of the flora surrounding the apiary that the bees use as a source of resin. This study, therefore, contributes to the enhancement of the quality of propolis, laying the foundations for the production and marketing of propolis not only in the food industry but also in the pharmaceutical and cosmetic industries

A comparative study on phenolic profile, vitamin C content and antioxidant activity of Italian honeys of different botanical origin

The aim of our study was to identify and quantify the phenolic acids, flavonoids and vitamin C and to evaluate the antioxidant activity in ninety Italian honeys of different botanical origins (chestnut, sulla, eucalyptus, citrus and multifloral). The results showed that total phenolic and flavonoid contents varied from 11.08 to 14.26 mg GAE per 100 g honey and from 5.82 to 12.52 mg QE per 100 g honey, respectively. HPLC–UV analysis showed a similar but quantitatively different phenolic profile of the studied honeys. Vitamin C is present in all samples. Multifloral honey showed the highest amount of the detected total phenolic compounds and the highest vitamin C content. The DPPH value varied from 55.06 to 75.37%. Among the unifloral honeys, chestnut honey presented the highest levels of phenolic acids, flavonoids and vitamin C, which are closely associated with its high antioxidant activity. The results show that honey contains high amount of biologically active compounds, which play an important role in defining the nutraceutical quality of the product, and that the distribution of these compounds is influenced by the botanical origin