La liquidità nelle banche: da Keynes alla crisi dei mutui subprime

Con il presente lavoro si ha l'obiettivo di evidenziare il ruolo essenziale della liquidità nelle banche e nell'intero sistema finanziario. In passato la liquidità nelle banche e il relativo rischio venivano considerati fattori secondari, di scarsa rilevanza. La tendenza era quella di attribuire importanza a rischi come quello di credito o di mercato, senza considerare le possibili interrelazioni con il rischio di liquidità. La letteratura, da Keynes in poi,soprattutto con Minsky, ha trattato la liquidità anche se in maniera non approfondita. Oggi invece, alla luce della crisi dei mutui subprime che ha coinvolto l'intero sistema finanziario, si è resa necessaria una rivalutazione del ruolo della liquidità e una revisione della regolamentazione. Da qui l'esigenza di modificare la precedente normativa tramite nuove proposte effettuate dal Comitato di Basilea che vanno sotto il nome di Basilea 3

Environmental tax reform and double dividend evidence

The increasing attention to environmental damage and the problem of climate changes have led many studies to concentrate on environmental taxation as an incentive-based instrument of environmental policy. Focusing on the relationship among environmental, labour market policies and institutional sectors, this paper aims to investigate the economic effects of a fiscal reform designed with the intent of reducing the Greenhouse Gas (GHG) emissions, according to Kyoto Protocol. For this purpose, a Computable General Equilibrium (CGE) model is used with imperfection market for labour factor and a green tax on commodity output depending on the level of CO2 emission is introduced. Tax revenues are than completely distributed to the economy in order to reduce the income tax or to cut the regional tax on commodity value added. In this way a revenue-neutral environmental policy is tested and the double dividend and any other effect on national economy are assessed. The application will be done on a Social Accounting Matrix (SAM) for Italy for the 2003 year.Environmental taxation,CGE model,SAM

The economic impact of the Green Certificate market through the Macro Multiplier approach

In the last decade, as many other European countries, the Italian Government adopted several reforms in order to increase the use of Renewable Energy Sources (RES). The liberalization of the electricity market that represent one of these reforms aims to reach environmental benefits from the substitution of fossil fuel with renewable sources.The Italian Green Certificate market was introduced in 2002 in order to accomplish this objective and represents a mechanism where a quota of renewable electricity is imposed to suppliers in proportion to their sales. The electricity industries are obliged to meet this condition by producing the quantity of renewable electricity by means of a change in their production process, otherwise they must buy a number of certificates corresponding to the quota. This mechanism changes the importance of the electricity industry first in promoting climate protection, than in terms of the impact in the economy as a whole. A policy aimed to develop the market of green certificates may lead to environmental improvement by switching the energy production process to renewable resources. But above all an increase in demand for green certificates, resultant from a reform on the quota of renewable electricity, can generate positive change in all components of the industrial production. For this purpose, the paper aims to quantify the economic impact of a reform on Green Certificate market for the Italian system by means of the Macro Multiplier (MM) approach. The analysis is performed through the Hybrid Input-Output (I-O) model that allows expressing the energy flows in physical terms (GWh) while all other flows are expressed in monetary terms (e). Moreover, through the singular value decomposition of the inverse matrix of the model, which reveals� he set of key structures of the exogenous change of final demand, we identify the appropriate key structure� ble to obtain both the expected positive total output change and the increase of electricity� roduction from RES.Hybrid I-O model,Macro Multiplier,Environmental Policy

Regional double dividend from environmental tax reform: an application for Italian economy

The greenhouse effect forces national Governments to design environmental tax policies for facing not only global warming but also the negative economic consequences resulting from the reduction of emissions such as a negative change of GDP. This paper aims at verifying the impact of an environmental fiscal reform able to attain both the reduction of greenhouse gas emissions and the regional double dividend. We have decided to follow the computable general equilibrium approach for modelling the multisectoral income circular flow in the case of a bi-regional economy as described by a Social Accounting Matrix we have built for this purpose. The tools of analysis we chose represent suitable and consistent instruments in order to quantify the effects of an environmental tax reform. They can in fact highlight the possible differences in responses between macro regions in terms of regional GDP changes, regional prices and regional employment rate. In fact, the extended multisectoral framework, on which the model is developed, represents economic activities, imperfect labour market and institutional sectors behaviours in each macro region. The simulations performed concern the introduction of a progressive and proportional green tax on each type of commodity according to the corresponding level of CO2 emissions. Furthermore all simulations introduce a recycling scheme of green tax revenues, whose aim is reducing both the income tax and the regional tax on activities (IRAP). The application is done on a bi-regional Social Accounting Matrix for Italy for the year 2003

Policies for electricity production from renewable sources. The Italian case

4noreservedThe Italian Government introduced the Green Certificate market in order to stimulate the production of electricity form Renewable Energy Sources (RES). The suppliers are obliged to produce a share of renewable electricity otherwise they must buy a number of certificates corresponding to the quota. The paper aims to quantify the economic impact of a reform on Green Certificate market through the Hybrid Input-Output. More- over, through the singular value decomposition of the inverse matrix of the model, we identify the appropriate key structure able to obtain both the expected positive total output change and the increase of electricity production from RES.mixedM. Ciaschini; R. Pretaroli; F. Severini; C. SocciCiaschini, Maurizio; Pretaroli, Rosita; Severini, Francesca; Socci, Claudi

Estimating the economic impact of tourism industry through the MM approach

Tourism is one of the fastest growing industries in Italy and has proven to be a valuable source of economic prosperity. The main issue emerging when measuring the impact of tourism is that tourism is usually considered as a specific industry while in most applied situations it shows traits of a complex and structured economic activity characterized by a blend of different industries. We will identify the relationship among the various industries making up the complex economic activity usually referred as the \u201ctourism industry\u201d. This is done through the application of the multisectoral analysis to the Italian case. The evaluation of tourism in terms of economic policy is performed through the definition of an index of interaction among industries

Employment incentives and the disaggregated impact on the economy. The Italian case

Over the past two decades, the Italian labour market has undergone a number of profound changes. A thorough analysis of these changes shows that there has been a progressive employment polarisation, although with a very peculiar dynamics. While employment did grow in high-skill and low-skill occupations, and it shrank in the medium-skill ones, these changes did not take place simultaneously, as polarisation assumes. Moreover, wage polarisation is hardly observable in the same period. Quite differently, Italy has been characterised by relatively low or even declining returns to education along with progressively decreasing wages in the low-skill segment of the labour market. In this context, we study the potential of an employment incentive policy, for which we imagine two options, one targeting workers in high-skill and the other in low-skill occupations. The objectives of the policy are enhancing aggregate employment and improving working conditions (wages) either in high-skill or low-skill occupations, depending of the option. For the simulation of the two policy options, we employ an integrated model that combines a macro disaggregated and multisectoral Computable General Equilibrium (CGE) model with a micro-simulation model. While the CGE model evaluates how the macroeconomic shock reverberates on the labour demand at industry level, the micro-simulation model computes how the changes in macroeconomic variables affect households\u2019 decisions in terms of labour supply and final consumption

Economic impact of monetary policy: Focus on real estate sector in Italy

This study investigates the nexus between financial market and real estate (RE) sector against the backdrop of ECB's unconventional monetary policy. A financial dynamic computable general equilibrium (DCGE) model is calibrated on the financial social accounting matrix (FSAM) of Italian economy. The findings confirm that the inclusion of financial intermediation into real economy affects the real estate sector's output, value added, and pricing

Unconventional monetary policy expansion: the economic impact through a dynamic CGE model

The ongoing economic stagnation and low inflation rates affecting EU have refuelled the debate on the role and the limits of monetary policy in pushing the economic growth. Given the tight margins for fiscal policy for EU state members, traditional and unconventional monetary policies are becoming more looked-for to break out of this condition. However, the main issue on whether the real or nominal aspects prevails still remains. In this situation, a framework able to identify and analyse any interaction between economic and financial flows becomes crucial to detect the dynamics pushing towards expansions or contractions resulting from monetary policies. Therefore, the aim of this paper is to investigate the direct and indirect impact of monetary policies implemented by the European Central Bank on the main Italian macroeconomic variables both in aggregate and disaggregate terms. For this purpose we use Dynamic Computable General Equilibrium model calibrated on the financial Social Accounting Matrix for Italian economy