Banking System Efficiency and the Dualistic Development of the Italian Economy in the Nineties

The article provides an analysis of some features of the Italian Credit System in the Nineties. In particular, it focuses on a comparison of Banks efficiency – in terms of costs, revenues and profits – in Northern and Southern Italy taking into account the dualistic structure, which characterizes the Italian economic system.

Risk Preference and Investments Quality as Determinants of Efficiency in the Italian Banking System

The Italian banking system is characterized by deep efficiency inequality between banks operating in different regions, with northern banks that largely outperform the southern ones. Moreover the ratio of non-performing loans to total loans is significantly higher in the South than elsewhere. In view of these evidences we asked: is the effi ciency gap of the southern banks (and therefore their lower screening and monitoring ability) the primary source of their higher level of bad loans? Or is the poorer quality of the southern bank loans (due to the adverse macroeconomic environment) that causes lower efficiency? The results offer rather concrete evidence in favour of the hypothesis that is a lower managerial efficiency which causes an increase in non-performing loans, whereas the eects of exogenous environmental shocks are negligible. As a second point to investigate, we recognize that banks have different risk aversion which differently affects the choice of input vector and we expressly take into account the capitalization degree (as a buffer against the risk) in estimating the bank cost stochastic frontier.

The Behavior of HEGY Tests for Quarterly Time Series with Seasonal Mean Shifts

This paper studies the behavior of the HEGY statistics for quarterly data, for seasonal autoregressive unit roots, when the analyzed time series is deterministic seasonal stationary but exhibits a change in the seasonal pattern. As a by-product we analyze also the HEGY test for the nonseasonal unit root, the data generation process being trend stationary too. Our results show that when the break magnitudes are finite the HEGY test statistics are not asymptotically biased towards the non-rejection of the seasonal and nonseasonal unit root hypotheses. However, the finite sample power properties may be substancially affected, the behavior of the tests depending on the type of the break. Hence, our results are also useful to understand and to predict this behavior under several circumstances.seasonality; unit roots; strctural breaks; HEGY tests

Crimes hediondos: texto, comentários e aspectos polêmicos

- Divulgação dos SUMÁRIOS das obras recentemente incorporadas ao acervo da Biblioteca Ministro Oscar Saraiva do STJ. Em respeito à lei de Direitos Autorais, não disponibilizamos a obra na íntegra.- Localização na estante: 343.232(81) M775

Feasibility Study on the Reduction of Hydrostatic Pressure in a Deep-Water Riser Using a Gas-Lift Method.

Recent successful exploration efforts in deep waters have heightened interest in developing oil and gas reservoirs on the continental slope. Leases have been obtained in water depths up to 10,000 ft with a requirement that they be drilled within the next decade. Use of current techniques to drill these leases will require extremely large floating drilling units and large diameter marine riser systems. This study presents the results of a feasibility study on the use of an automated gas-lift system for a marine riser that will maintain the hydrostatic pressure in the subsea well-head equal to that of the sea water at the sea floor. Hydrostatic control of abnormal formation pressure could still be maintained by a weighted mud system that is not gas-cut below the sea floor. Such a dual density mud system could reduce drilling costs by reducing the number of casing strings required to drill the well and so reducing the time required to drill a deep-water well. The system would have the advantages of riserless drilling without giving up the well control advantages of a closed, weighted mud system. A steady-state numerical model was developed that can be used to determine the gas injection requirements needed to achieve a desired dual density configuration. The numerical model was verified through tests conducted in a 6,000 foot research well. Once verified, the model was used to define the gas requirements and practical limits of a marine gas-lift system based on estimated additional costs of gas compression and nitrogen membrane filters. The practical limits are presented in terms of maximum mud density, water depth, and riser diameter combinations. The dissertation also discusses the operational changes that would be required for various drilling procedures such as making a connection, running casing, kick detection, and well control operations

First results on the use of a EDXRF scanner for 3D imaging of paintings

A 3D map of chemical elements distribution from energy-dispersive X-ray fluorescence (EDXRF) analysis would be a perfect conclusion in a detailed study of any type of artifact. This map can be easily achieved by using synchrotron light as source of radiation, and microoptics both at the source and at the detector. In such a manner a micro-voxel is irradiated and detected, which can be at any depth with respect to the surface of the artifact. This method is effective but needs a high-intensity X-ray source; therefore, its use in archaeometry is limited. An alternative method is proposed in the present paper, which uses a portable EDXRF-device to measure the altered Kα/Kβ or Lα/Lβ-ratios, which allow to locate the chemical elements. Several examples are described