Distance, bank heterogeneity and entry in local banking markets

We examine the determinants of entry into Italian local banking markets during the period 1991-2002 and build a simple model in which the probability of branching in a new market depends on the features of both the local market and the potential entrant. Our econometric findings show that, all else being equal, banks are more likely to expand into those markets that are closest to their pre-entry locations. We also find that large banks are more able to cope with distance-related entry costs than small banks. Finally, we show that banks have become increasingly able to open branches in distant markets, probably due to the advent of information and communication technologies.entry, barriers to entry, local banking markets, geographical distance.

Assessing Italy's Reform Challenges:What Do Growth Accounting and Structural Indicators Say?

Italy's overall GDP growth has been dismal in recent years and this poor performance has been compounded by a declining trend in labour productivity and total factor productivity growth. This paper looks into growth accounting and structural indicators and analyses Italy's performance against other European countries. We look at the evidence provided by newly available information from the Lisbon Assessment Framework (LAF) developed by the Working Group on Lisbon Methodology (LIME) attached to the Economic Policy Committee and the European Commission services (DG ECFIN). Building upon the results of existing literature, we investigate whether this new evidence is supported by data from other sources and provides fresh insight into Italy's reform process. The main message from the analysis of growth accounting and structural indicators appears to be that Italy's GDP growth significantly underperformed that of the EU15 in 2001-2007 notwithstanding progress on reforms.Productivity, Economic Growth and Aggregate Productivity, Italy

ESTIMATING CORE INFLATION IN NORWAY

Central banks are continually considering the problem of how to identify which price changes should be considered permanent and which entirely temporary. Indeed, due to the delayed effect that monetary policy uses to put its choices into action, a wrong valuation of the type of inflation can prove extremely costly for the economy and does not produce the desired results. Since price indexes (as CPI) deliver a distorted picture of underlying inflation, it is necessary to devise a more appropriate target for monetary policy. The need to find a good measure for the latter variable becomes more marked when the central bank adopts price stability as the overriding aim of monetary policy. In this paper we apply the Quah and Vahey (1995) methodology to Norway, oil producing OECD country, and derive measures of core inflation by imposing restrictions from economic theory within the context of a multivariate econometric analysis. To estimate long-term movements of inflation, we present two models that enable the distinction between core and non-core inflation and also between domestic and imported inflation. We conclude that in all the models presented core inflation is a �prime mover� of inflation.Core inflation, Monetary Policy, Norway

Switching costs in local credit markets

Switching costs are a key determinant of market performance. This paper tests their existence in the corporate loan market in which they are likely to play a central role because of the complexity of contracts and informational problems. Using very detailed data at bank-firm level on four Italian local credit markets we empirically show that firms tend to iterate their choice of the main bank over time. This inertia is not related to unobserved and time invariant preferences of firms across banks and can be attributed to the existence of switching costs. We also offer evidence that banks price discriminate between new and old borrowers by charging lower interest rates to the former in order to cover part of the switching costs. The discount is about 44 basis points, equal to 7 per cent of the average interest rate. These results prove robust to a number of other potential identification drawbacks.switching costs, local credit markets, price discrimination, lending relationships

Economic Impact of Rural Development Plan 2007 2013 in Tuscany

In 2007 in every European Union region, involved in the planning of Rural Development Plan (RDP), an independent evaluator should asses the impact of the plan in term of value added and productivity. Each region has adopted different methodologies but few of them have followed the indications of Common and Monitoring Evaluation Framework (CMEF) to evaluate the net value deriving by direct and indirect effect. IRPET, the Independent evaluator of Tuscany, utilising REMI-IRPET model has assed the impact of RDP on the main economic variables until 2020. Among 30 different measures it has been chosen only 5 of them that cover more than 54% of total amount of public and private investments. The economic impacts are also evaluated at provincial level.evaluation, regional model, rural development, Community/Rural/Urban Development,

CAMUR: Knowledge extraction from RNA-seq cancer data through equivalent classification rules

Nowadays, knowledge extraction methods from Next Generation Sequencing data are highly requested. In this work, we focus on RNA-seq gene expression analysis and specifically on case-control studies with rule-based supervised classification algorithms that build a model able to discriminate cases from controls. State of the art algorithms compute a single classification model that contains few features (genes). On the contrary, our goal is to elicit a higher amount of knowledge by computing many classification models, and therefore to identify most of the genes related to the predicted class