Regulation, formal and informal enforcement and the development of the household loan market. Lessons from Italy.

Regulation and contract enforcement may be important determinants of the development of the household loan market, as much as they are of the supply of corporate loans on which the literature has focused. This paper draws on the Italian experience to provide evidence that formal and informal institutions and banking regulation are crucial determinants of availability and cost of the household credit. Historically the Italian household credit market has been very small by international standards and its degree of development differs considerably across local markets. It has grown very fast over the last decade. This paper argues that the traditional small size reflects the joint operation of more limited legal and informal enforcement and tight financial regulation. Differences within Italy in the efficiency of the courts, in social trust and in exposure to regulation explain the geographical differences, while massive deregulation of market entry during the 1990s spurred supply and led to fast lending growth. This evidence, together with marked differences in the quality of legal enforcement, endowment of social capital and tightness of financial regulation across countries, implies that the forces found in Italy are likely to be a major explanation for the international differences in the size of the household loan market.consumer loans, financial liberalization, financial contracts enforcement

The Role of Social Security in Household Decisions: Var Estimates of Saving and Fertility Behaviour in Germany

Estimating saving and fertility simultaneously by the VAR method, we find that social security cover has a positive effect on household saving, and a negative effect on fertility. In Germany, as in other countries where the hypothesis was tested, social security is thus good for growth. A possible explanation for this unconventional finding is that compulsory saving in the form of pension contributions tends to displace intra-family transfers, rather than asset formation. However, the negative effect of social security on fertility tends to erode the system’s own contributory base, because it reduces the number of future contributors. That is one of the reasons why, in Germany as elsewhere, pay-as-you-go pension systems tend to be financially unstable. To some extent, this is counteracted by child-related benefits, which tend to encourage fertility, but the effect appears to be weak.

The Pricing Effect of Certification on Bank Loans: Evidence from the Syndicated Credit Market

This paper provides a direct test of banks' ability to mitigate informational asymmetries. In syndicated loans, lenders' incentive to screen ex ante and monitor ex post borrowers increases with the share they retain; consequently, the higher this share, the less risky the loan is considered by investors, and the lower is the interest rate they require. We analyze a large sample of syndicated loans arranged in over 80 countries during the nineties. We find that interest rates decrease in the share of the facility retained by the arranger. This certification effect is greater for smaller, more opaque loans where screening and monitoring are more valuable.Bank lending, Syndicated loans, Certification.

Un modello dei conti economici per il sistema bancario italiano

This paper analyzes the linkages between banks’ profitability and the main real and financial indicators. The results, derived by means of a reduced-form model for the period 1984-2002, highlight a strict relation between all income and cost components and the evolution of the economic cycle. Net interest income shows a high correlation with nominal GDP and the interest rate term structure; income from services and trading are also influenced by the trend and volatility of stock and financial markets. Operating expenses depend on wage dynamics and changes in a bank’s organizational structure. Simulations performed for the period 2001-02 show a good predictive power of the model.redditività bancaria, ciclo economico, modello econometrico

Groups of Transformations with a Finite Number of Isometries: the Cases of Tetrahedron and Cube

This paper deals with groups of transformations with finite number of isometrics and, therefore, appears as the completion of previous and published works (Casolaro, F. L. Cirillo and R. Prosperi 2015) related only to endless groups of transformations with isometrics. In particular isometries of the tetrahedron and the cube are presented which turn these figures in itself

The Geometric Transformations in Space: Isometries

This study proposes the characterization of geometric transformations in space, with particular reference to Isometries and to Homotheties, with simple demonstrations of Euclidean type. It also highlights the interrelationship between the modern classification of linear transformations in a projective context with the concept of Jordan group, which allows identification of the invariant properties and, therefore, to propose even projective justifications. Le Trasformazioni Geometriche nello Spazio: IsometrieNel presente lavoro si propone la caratterizzazione delle trasformazioni geometriche nello spazio, con particolare riferimento alle Isometrie ed alle Omotetie, con semplici dimostrazioni di carattere euclideo. Si evidenzia, inoltre, l’interrelazione tra la moderna classificazione delle trasformazioni lineari in ambito proiettivo con il concetto di gruppo secondo Jordan, che permette di individuare le proprietà invarianti e, quindi, di proporre in alcuni casi anche giustificazioni di carattere proiettivo.Parole Chiave: trasformazioni geometriche, isometrie, omoteti