Birefringence of interferential mirrors at normal incidence Experimental and computational study

In this paper we present a review of the existing data on interferential mirror birefringence. We also report new measurements of two sets of mirrors that confirm that mirror phase retardation per reflection decreases when mirror reflectivity increases. We finally developed a computational code to calculate the expected phase retardation per reflection as a function of the total number of layers constituting the mirror. Different cases have been studied and we have compared computational results with the trend of the experimental data. Our study indicates that the origin of the mirror intrinsic birefringence can be ascribed to the reflecting layers close to the substrate.Comment: To be published in Applied Physics

Beyond the Short Term A Study of Past Productivity’s Trends and an Evaluation of Future Ones

This is the second report to be issued by a group of international economists brought together under the auspices of LUISS. LIGEP stands for LUISS International Group on Economic Policy. Its mandate was to consider problems of economic policy in the aftermath of the Global Crisis in the World, Europe and Italy

The charismatic leadership of the ECB presidency:A language-based analysis

There is little doubt that the European Central Bank (ECB), and in particular its presidency, has taken the lead in tackling the euro crisis. But can this leadership be also characterised as charismatic? This article answers the question by focusing on language – a key component as well as a reliable indicator of charisma. By means of a software‐assisted content analysis of the entire corpus of ECB presidential speeches, it is found that the crisis has indeed led to the emergence of the Bank's presidency as a charismatic euro leader. This in turn confirms the recent politicisation of the ECB, but at the same time might be seen as mitigating the problems related to the Bank's democratic deficit, to the extent that charisma can be seen, from a Weberian standpoint, as an alternative source of political legitimacy

Maximizing Price Stability in a Monetary Economy

In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated with regard to both short- and long-term stability and volatility. We introduce an additional tool for promoting price stability and conclude that public purpose is best served by the selection of an alternative buffer stock policy that is directly managed by the ECB

Die Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der „sichere Hafen“?

In the aftermath of the Great Recession and during the debt crisis in the euro area yields on German federal bonds have been exceptionally low. This analysis tries to calculate the profits that the federal government makes due to the low yields. The interest payments that are due to emissions of bonds and bills made between 2009 and 2012 are approximated and compared to several benchmark scenarios. Compared to the mean yields of the years 1999-2008 profits of the federal government are quite high (68 billion euros). Application of yield curve models show that most of these profits are due to the macroeconomic conditions in the euro area and to low central bank rates. To a much smaller extend these profits are due to flight into safety, which, however, has become more relevant recently

Il ruolo dei principi contabili internazionali nella determinazione del reddito d'impresa: profili economici.

Il lavoro, dopo una breve disamina dell’evoluzione del processo di standardizzazione contabile a livello europeo, evidenzia come l’orientamento dei principi contabili internazionali a produrre un’informazione tesa a soddisfare le attese informative di una specifica classe di stakeholders, gli investitori, porti a favorire la rappresentazione in bilancio di “valori correnti” che possono incorporare “aspettative future” di accrescimento del valore patrimoniale dell’impresa attualizzate alla data di riferimento della redazione del bilancio, anziché di “valori contabili”, in genere calcolati sulla base dei costi sostenuti nel passato per l’acquisizione dei fattori della produzione rappresentati in bilancio, al più convenzionalmente ridotti sulla base di regole convenzionali orientate alla prudenza valutativa quale poteva essere ad esempio l’ammortamento delle immobilizzazioni. Il che, alla luce del fatto che nei sistemi di civil law, il bilancio (e in particolare il bilancio d’esercizio) non assolve solo a finalità informative, ma è rivolto a salvaguardare l’integrità del capitale sociale e costituisce il documento (non a caso denominato talora “bilancio legale”) in base al quale, solo per citare gli aspetti più rilevanti, si delibera la distribuzione del dividendo e si procede a determinare il reddito imponibile, implica che la scelta effettuata da parte dell’UE di favorire il recepimento dei principi contabili internazionali da parte delgi Stati membri non sarebbe stato senza conseguenze; anzi avrebbe potuto influenzare in modo rilevante aspetti particolarmente delicati dell’economia di un’azienda. In particolare, se l’adozione dei principi contabili internazionali in vece di quelli indicati dalla disciplina vigente in Italia ai fini della redazione del bilancio consolidato – che rappresenta un documento esclusivamente a carattere informativo – non avrebbe dovuto presentare rilevanti implicazioni (confortava tale opinione anche il fatto che, sin dal 1998, il testo unico della finanza – noto come Legge Draghi – si era proposto di offrire alle società quotate in più mercati regolamentati la possibilità di redigere i propri bilanci in conformità a “principi contabili internazionalmente riconosciuti”), discorso diverso era quello relativo all’applicazione – peraltro prevista dal Regolamento dell’Unione Europea come facoltà e non obbligo – dei principi contabili internazionali a livello di bilancio d’esercizio. In questo caso, infatti, le implicazioni di carattere civilistico e fiscale sarebbero state rilevanti e avrebbero potuto/dovuto costituire un serio ostacolo al recepimento dei principi contabili internazionali. Mentre, infatti, l’impostazione dei principi contabili internazionali tende a privilegiare una categoria particolare di stakeholders, gli investitori finanziari, la legislazione nazionale allora vigente in materia di bilancio d’esercizio era orientata piuttosto alla salvaguardia dell’integrità del capitale sociale e, quindi, in definitiva, era mirata a tutelare i terzi creditori e soci della società. Si suggeriva pertanto che l’eventuale adozione dei principi contabili internazionali anche per la redazione dei conti annuali non consolidati avrebbe dovuto, pertanto, essere accompagnata da una riflessione sul significato da attribuire al bilancio d’esercizio e sull’eventuale opportunità di riscrivere le norme di salvaguardia dell’integrità del capitale sociale, prima fra tutte quella relativa alla distribuzione dell’utile ai soci. L’adozione dei principi contabili internazionali per la redazione del bilancio d’esercizio avrebbe avuto anche effetti rilevanti sul piano fiscale. Si suggeriva pertanto l’opportunità di valutare attentamente come intervenire sotto questo profilo. Le soluzioni indicativamente potevano essere due. La prima era rappresentata da una profonda riscrittura delle norme in materia di determinazione del reddito d’impresa. Si sarebbe trattato di un compito peraltro non agevole tenuto conto, da una parte, delle molteplici opzioni previste dai principi contabili internazionali per la valorizzazione anche della medesima attività o passività aziendale, dall’altra parte, del fatto che non sarebbe stato certo auspicabile che la scelta tra le opzioni offerte dagli standard internazionali fossero condizionate da valutazioni di convenienza fiscale. In sede di tale riscrittura si sarebbe dovuto poi tentare di individuare quali componenti del reddito indicato nel conto economico fossero risultati realizzati per effetto della gestione e quali invece si fossero configurate come accrescimenti/diminuzioni di patrimonio da rendere imponibili solo al momento del loro effettivo realizzo. La seconda soluzione era quella di abbandonare il riferimento al reddito d’esercizio quale indicatore della ricchezza prodotta da parte di un’impresa, in ragione della profonda modifica del significato che tale grandezza subisce per effetto dell’adozione dei principi dello Iasb. Occorreva peraltro in questo caso individuare un nuovo indicatore di base imponibile che avrebbe dovuto avere la caratteristica di essere misurabile facilmente e in modo ragionevolmente obiettivo.The work, after a brief examination of the evolution of accounting standardization process at European level, shows that the orientation of international accounting standards to produce information aimed at satisfying the needs of information of a specific class of stakeholders, investors, ports to promote the financial reporting of "current values" that can incorporate "future expectations" of growth of the asset value of the company discounted at the reference date of the balance sheet, instead of "book value", usually calculated on the basis of the costs incurred in the past for the acquisition of production factors in the financial statements, as conventionally reduced on the basis of conventional rules-oriented prudence evaluation which could be for example, the depreciation of fixed assets. Which, in light of the fact that in civil law systems, the budget (and in particular the financial statements) does not absolve informational purposes only, but is aimed at protecting the integrity of the capital and is the document (not Random sometimes referred to as "statutory financial statements") under which, to mention only the most relevant aspects, it approves the distribution of dividends and proceeds from the taxable income, it implies that the choice made by the EU to promote the implementation of international accounting standards by username States would not be without consequences, and indeed could significantly impact the economy particularly sensitive aspects of a company. In particular, if the adoption of international accounting standards instead of those specified by the regulations in force in Italy for the purpose of preparing the consolidated financial statements - a document that is intended for information only - should not have presented significant implications (comforted that opinion also the fact that, since 1998, the Consolidated Finance - known as Draghi Law - had proposed to offer to companies listed on regulated markets in more than a chance to prepare their financial statements in accordance with "recognized international accounting rules"), different speech was on the application - however, required by the Rules of the European Union as a right and not an obligation - international accounting standards at the level of the financial statements. In this case, the accounting and tax implications would be significant and could / should be a serious obstacle to the implementation of international accounting standards. In fact, while the setting of international accounting standards tends to favor a particular category of stakeholders, financial investors, national legislation then in force in respect of the financial statements was directed rather to the preservation of capital and thus Ultimately, it was aimed at protecting third party creditors and shareholders of the company. It is therefore suggested that the possible adoption of international accounting standards for the preparation of the annual accounts should, therefore, be accompanied by a reflection on the meaning to be attributed to the financial statements and the possible opportunity to rewrite the rules of safeguard the integrity of the capital, first of all concerning the distribution of profits to shareholders. The adoption of international accounting standards for the preparation of the financial statements would also have had a material effect on the fiscal plan. It is suggested, therefore, the opportunity to carefully consider how to intervene in this regard. The solutions could be approximately two. The first was represented by a thorough rewriting of the rules for determining the business income. It would have been an easy task, however, not taken into account, on the one hand, the many options provided by the international accounting also for the enhancement of the same asset or liability company, on the other hand, the fact that it would not be desirable for certain choice among the options offered by international standards were i

Tassazione di impresa ed economia digitale

La Corporate Income Tax è ancora oggi un modello efficiente di tassazione delle imprese? L’imposta sulle società, diffusasi intorno alla metà del secolo scorso, nacque con caratteristiche e presupposti che portarono rapidamente alla crisi di questo tributo. In tempi più recenti tale crisi ha registrato una significativa accelerazione. La globalizzazione ha indotto profondi mutamenti nel modello di business: le attività delle imprese sono diventate globali, digitali e immateriali, mentre i sistemi fiscali sono rimasti quelli progettati un secolo fa. All’interno dell’Unione europea la crisi della Corporate Income Tax ha assunto dimensioni ancora più significative per la combinazione con le regole di libera circolazione dei capitali. Per limitarne i principali effetti negativi (profit shifting, violazione delle regole del mercato interno) le istituzioni europee dedicano da quasi un quarantennio molta attenzione a forme di coordinamento/ armonizzazione che non hanno generato i risultati sperati.Is taxation through Corporate Income Tax still an efficient model for taxing enterprises today? Corporate tax, diffused in the middle of the last century, was established with characteristics and assumptions that quickly cast it into a crisis. In more recent times this crisis has significantly accelerated. Globalization has produced profound changes in the business model: business activities have become global, digital and intangible, while tax systems remained as they were a century ago. In the European Union, the Corporate Income Tax crisis has assumed dimensions that are even more significant since it is combined with the rules of the free movement of capital. To limit the main negative effects (profit shifting, violation of the internal market rules), for almost forty years European institutions have been devoting much attention to various forms of coordination/harmonisation that have not produced the expected results

Real Exchange Rates and the Prices of Nontradable Goods

This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determinants of real exchange rates, notably the behavior of tradables and nontradable prices and productivity. It is found that changes in the relative price of tradable goods in terms of nontradables account for a sizable fraction of real exchange rate dynamics during the EMS period. Sectoral productivity growth differential help explain the behavior of the relative price of tradable goods, especially in the long run. There is also some evidence that the EMS has extended on relative price behavior.