Capital Market Union and Growth Prospects for Small and Medium Enterprises

One of the key aims of the CMU is easing the access of SMEs to credit and capital markets. This paper examines the role of SMEs in the European economy and their financial structure. It looks at the potential effects of the CMU, by specifically focusing on the informational market failures affecting SMEs finance. A fully integrated European Capital market will be beneficial to SMEs, and the European economy, if it does entice adequate large-scale technologies and actions to solve market failures related to informational issues. Otherwise, it may generate core-periphery outcomes, with peripheral regions and weaker SMEs further excluded from crucial sources of finance

Doom Loop or Incomplete Union. Sovereign adn Banking Risk

This chapterdiscusses the foremost regulatory advances and policy proposals forthe so-called \u201cdoom loop\u201d, i.e. the perverse and destabilizing interconnectionsbetween sovereigns\u2019 and banks\u2019 liabilities. We discusshow the merits of the proposed regulatory reforms are strictly intertwined with the mechanisms of risk sharing being built up and implemented within the Banking Union,and more broadly within the Eurozone. We argue that it is very unlikely that there might be viable solutions to the regulatory treatment of Sovereign exposures without a strengthening of risk-sharing mechanisms

Un contributo alla storia della Matematica Finanziaria: Bernardo Davanzati e l'arbitraggio

Segnaliamo che in un'opera di B. Davanzati del 1581 viene non solo esattamente descritta un'operazione di arbitraggio, ma anche teorizzata l'impossibilità logica che un mercato offra tale opportunità. la data indicata precede quelle comunemente segnalate nella letteratura sull'argomento. In quel testo, chi compie l'operazione viene designato con un termine ("arbitrante") che, a quanto risulta a chi scrive, compare per la prima volta con questo significato. Proponiamo alcune congetture per giustificarne la scelta