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Expectations and systemic risk in EMU government bond spreads
No full textThis paper explores the determinants of 10-years sovereign bond spreads over the German Bund benchmark in the Euro Zone from 2000 to 2013, relying on cross-country quarterly data panel analysis. The paper focal point is the role of contagion and euro break-up risks in widening the
sovereign bond yield differentials among EU member countries. Using a novel synthetic index capable of monitoring the sustainability of currency unions, the paper
finds that market expectations of a euro’s break up and contagion from Greece were fundamentals drivers of sovereign risk premia in peripheral countries.This paper explores the determinants of 10-years sovereign bond spreads over the German Bund benchmark in the Euro Zone from 2000 to 2013, relying on cross-country quarterly data panel analysis. The paper focal point is the role of contagion and euro break-up risks in widening the
sovereign bond yield differentials among EU member countries. Using a novel synthetic index capable of monitoring the sustainability of currency unions, the paper
finds that market expectations of a euro’s break up and contagion from Greece were fundamentals drivers of sovereign risk premia in peripheral countries.Refereed Working Papers / of international relevanc
I concetti giuridici indeterminati: comparazione tra sistemi giuridici e analisi economica del diritto
No full textI concetti giuridici indeterminati nel diritto tedesco: evoluzione del dibattito dottrinale e giurisprudenziale e spunti per una comparazione. Concetti giuridici indeterminati e sindacato giudiziale negli Stati Uniti. Concetti giuridici indeterminati, spada dell’amministrazione e bilancia
del giudice tra diritto comparato e analisi economica del diritto.I concetti giuridici indeterminati nel diritto tedesco: evoluzione del dibattito dottrinale e giurisprudenziale e spunti per una comparazione. Concetti giuridici indeterminati e sindacato giudiziale negli Stati Uniti. Concetti giuridici indeterminati, spada dell’amministrazione e bilancia
del giudice tra diritto comparato e analisi economica del diritto.LUISS PhD Thesi
Do rules matter? Party regulation and anti-European political movements
No full textProtest and anti-European parties have recently become very popular in many member States of the EU. Their increasing success can be explained with the economic crisis affecting many countries in Europe, which make the restrictive financial and budget measures requested by the European institutions very unpopular and opposed. Not only countries with economic problems are interested by the anti-Euro parties: together with Greece and Italy, also more stable countries like France or United Kingdom, or even wealthy states like Austria, Finland and Germany registered the recent growth of political movements aiming to abolish austerity measures, the monetary Union or even the European boundaries. Although such populist discourses are pretty much diffused in all these countries, the level of consent these parties are collecting is very different from one state to another. Aim of this paper is to analyze the relationship between the amount of support gained by anti-Euro movements and the legislation on political parties existing in the above mentioned countries. Final goal of this paper is to consider if it is possible to identify a certain mutual influence between party legislation and voters’ preferences for the Anti-Euro parties.Protest and anti-European parties have recently become very popular in many member States of the EU. Their increasing success can be explained with the economic crisis affecting many countries in Europe, which make the restrictive financial and budget measures requested by the European institutions very unpopular and opposed. Not only countries with economic problems are interested by the anti-Euro parties: together with Greece and Italy, also more stable countries like France or United Kingdom, or even wealthy states like Austria, Finland and Germany registered the recent growth of political movements aiming to abolish austerity measures, the monetary Union or even the European boundaries. Although such populist discourses are pretty much diffused in all these countries, the level of consent these parties are collecting is very different from one state to another. Aim of this paper is to analyze the relationship between the amount of support gained by anti-Euro movements and the legislation on political parties existing in the above mentioned countries. Final goal of this paper is to consider if it is possible to identify a certain mutual influence between party legislation and voters’ preferences for the Anti-Euro parties.Refereed Working Papers / of international relevanc
Co-creating products with customers
No full textHow does customer co-creation affect R&D and marketing strategy? The role of trust in co-creation activities. Brand experience in co-creation activities.How does customer co-creation affect R&D and marketing strategy? The role of trust in co-creation activities. Brand experience in co-creation activities.LUISS PhD Thesi
A bibliometric study of the literature on technological innovation: an analysis of 60 international academic journals
No full textThis paper aims to contribute to the debate on technological innovation, organization and work. Although technological innovation remained a debated topic in the academic literature during the past years, its implications for organizational processes seem still not sufficiently theorized and empirically investigated. By using two complementary journals’ rankings a search in the ISI Web of Science platform from 1985 through 2013 was performed. To analyze the 998 scientific retrieved contributions a bibliometric analysis has been conducted, adopting also Social Network Analysis tools. Our results reveal a significant growth of the technological innovation literature over the investigated period, the multidisciplinarity of the field and, particularly, the relevance of management and business & economics contributions. Overall, this study offers a broad overview of the literature on technological innovation and emphasizes the opportunity to investigate the role of technological innovation within the organizational life.This paper aims to contribute to the debate on technological innovation, organization and work. Although technological innovation remained a debated topic in the academic literature during the past years, its implications for organizational processes seem still not sufficiently theorized and empirically investigated. By using two complementary journals’ rankings a search in the ISI Web of Science platform from 1985 through 2013 was performed. To analyze the 998 scientific retrieved contributions a bibliometric analysis has been conducted, adopting also Social Network Analysis tools. Our results reveal a significant growth of the technological innovation literature over the investigated period, the multidisciplinarity of the field and, particularly, the relevance of management and business & economics contributions. Overall, this study offers a broad overview of the literature on technological innovation and emphasizes the opportunity to investigate the role of technological innovation within the organizational life.Monograph's chapter
Towards a "global" political risk analysis
No full textThe purpose of this paper is to test the relevance of the globalization variable for Political Risk Analysis (PRA). The concept of political risk and the analysis methodology adopted and used in PRA are extremely heterogeneous, varying profoundly case by case. However a common pattern can be identified. In almost every definition or operational concept of political risk, the focus relies almost entirely on the internal dimension. The models developed by both public and private agencies and institutions tend in fact to base their models on variables and indicators internal to the country object of the analysis. In those few cases in which the external variables are taken into consideration, they refer to classical events such as wars. In our opinion this approach is limited because it does not capture the structural processes generated by the global transformations of the last decades. In today’s globalized and ever changing world, we think that in any political risk analysis model it is fundamental to include a transnational perspective. A transnational variable should accordingly be crafted in order to complement the national variable by weighting the effects of the international and global dimension on local and national socio-political events. By testing out hypotheses with reference to two indexes related respectively to stability and governance, we find evidence of a positive relationship between the level of global integration of a country and its degree of stability and even more its level of governance. While these results (to be further tested with more sophisticated statistical tools in the follow up of the research) remain preliminary, they are sufficient to delineate a new understanding of political risk analysis that – by taking into consideration current concepts of political risk and modern theories of globalization – integrates in a comprehensive framework the more traditional variables of political risk with a new transnational variable.The purpose of this paper is to test the relevance of the globalization variable for Political Risk Analysis (PRA). The concept of political risk and the analysis methodology adopted and used in PRA are extremely heterogeneous, varying profoundly case by case. However a common pattern can be identified. In almost every definition or operational concept of political risk, the focus relies almost entirely on the internal dimension. The models developed by both public and private agencies and institutions tend in fact to base their models on variables and indicators internal to the country object of the analysis. In those few cases in which the external variables are taken into consideration, they refer to classical events such as wars. In our opinion this approach is limited because it does not capture the structural processes generated by the global transformations of the last decades. In today’s globalized and ever changing world, we think that in any political risk analysis model it is fundamental to include a transnational perspective. A transnational variable should accordingly be crafted in order to complement the national variable by weighting the effects of the international and global dimension on local and national socio-political events. By testing out hypotheses with reference to two indexes related respectively to stability and governance, we find evidence of a positive relationship between the level of global integration of a country and its degree of stability and even more its level of governance. While these results (to be further tested with more sophisticated statistical tools in the follow up of the research) remain preliminary, they are sufficient to delineate a new understanding of political risk analysis that – by taking into consideration current concepts of political risk and modern theories of globalization – integrates in a comprehensive framework the more traditional variables of political risk with a new transnational variable.Refereed Working Papers / of international relevanc
Transitions to democracy. What theory to grasp empirical complexities?
No full textWhen analysing transitions toward democracy during the last three decades of the 20th century and the first decade of the 21st century, it is readily apparent that the variety of empirical processes is so wide that achieving meaningful theoretical results is extremely difficult, as shown very explicitly by the existing literature on the topic. This paper addresses the key theoretical questions that need to be dealt with by the empirical analysis of the transitional process: Are there key, recurring actors and factors that we should take into account when analysing all cases in depth?; Why is a focus on installation salient?; Are there recurring patterns of successful transitions?; Is or are there key recurring mechanism/s that critically explain successful transitions?; And are there obstacles that make it impossible to achieve a successful transition and doom such a process to failure? On the basis of existing knowledge in the subfield an attempt is made to reply to these questions, and in this way to single out the main theoretical results achieved in the field.When analysing transitions toward democracy during the last three decades of the 20th century and the first decade of the 21st century, it is readily apparent that the variety of empirical processes is so wide that achieving meaningful theoretical results is extremely difficult, as shown very explicitly by the existing literature on the topic. This paper addresses the key theoretical questions that need to be dealt with by the empirical analysis of the transitional process: Are there key, recurring actors and factors that we should take into account when analysing all cases in depth?; Why is a focus on installation salient?; Are there recurring patterns of successful transitions?; Is or are there key recurring mechanism/s that critically explain successful transitions?; And are there obstacles that make it impossible to achieve a successful transition and doom such a process to failure? On the basis of existing knowledge in the subfield an attempt is made to reply to these questions, and in this way to single out the main theoretical results achieved in the field.Refereed Working Papers / of international relevanc
International diffusion of shocks under different degrees of cross-country shocks comovement and economic integration
No full textThis paper studies the international transmission of shocks under different degrees of cross-country shocks comovement and economic integration via a two
country-two good model with recursive preferences, frictionless markets, and correlated short- and long-run innovations. In contrast to recent studies, I show that
the inclusion of cross-country balance sheet linkages and borrowing constraints does
not represent a necessary condition to produce a strong international propagation
mechanism. The novel risk sharing mechanism embodied in the model produces
symmetric and synchronized movements in consumption and stock prices even if
there are uncorrelated shocks and segmented goods markets. Nevertheless, model's
results give rise to a "quantitative trade-off". On the one side, the presence of
correlated long-run growth prospect is needed to produce a relatively low risk-free
rate and a relatively high equity risk premium (consistent with asset pricing data),
a no-close to unity cross-country consumption growth correlation (consistent with
international consumption data), and the Backus-Smith correlation. On the other
side, a negative short-run shock is key to produce a large and synchronized drop
in real and financial
flows (consistently with the properties of the 2008-2009 global
demand collapse).This paper studies the international transmission of shocks under different degrees of cross-country shocks comovement and economic integration via a two
country-two good model with recursive preferences, frictionless markets, and correlated short- and long-run innovations. In contrast to recent studies, I show that
the inclusion of cross-country balance sheet linkages and borrowing constraints does
not represent a necessary condition to produce a strong international propagation
mechanism. The novel risk sharing mechanism embodied in the model produces
symmetric and synchronized movements in consumption and stock prices even if
there are uncorrelated shocks and segmented goods markets. Nevertheless, model's
results give rise to a "quantitative trade-off". On the one side, the presence of
correlated long-run growth prospect is needed to produce a relatively low risk-free
rate and a relatively high equity risk premium (consistent with asset pricing data),
a no-close to unity cross-country consumption growth correlation (consistent with
international consumption data), and the Backus-Smith correlation. On the other
side, a negative short-run shock is key to produce a large and synchronized drop
in real and financial
flows (consistently with the properties of the 2008-2009 global
demand collapse).LUISS PhD Thesi
Il trust nel diritto commerciale: il voting trust
No full textL’istituto del trust e le sue peculiarità. Le applicazioni del trust nel diritto commerciale. Il voting trust.L’istituto del trust e le sue peculiarità. Le applicazioni del trust nel diritto commerciale. Il voting trust.LUISS PhD Thesi
Economic crisis in a stalemated democracy. The Italian case
No full textIn Southern Europe, the economic crisis (2008-2013) triggered a deeper political crisis, affecting a number of aspects of a representative democracy. Italy provides a particularly telling case of what happens when an economic crisis occurs in an unstable political context characterized by low government effectiveness, low efficiency, corruption, decline of electoral participation, fragmented and radicalized party competition, social inequality, high public debt, and other related features, here summarized in the model of “stalemated democracy”. On the basis of a comprehensive data set developed along with eight dimensions of democracy assessment and taking into account the policies pursued during the years of the crisis, we analyze the different effects of economic crisis—some of them expected, others more surprising—and how those effects characterize Italian political crisis and a new phase of great uncertainty. In the concluding remarks we offer an explanation of the role played by the economic crisis, focusing on the interplay between veto rules and actual veto players. Such an explanation is also relevant to see key, more in-depth aspects of Italian democracy during last twenty years and earlier.In Southern Europe, the economic crisis (2008-2013) triggered a deeper political crisis, affecting a number of aspects of a representative democracy. Italy provides a particularly telling case of what happens when an economic crisis occurs in an unstable political context characterized by low government effectiveness, low efficiency, corruption, decline of electoral participation, fragmented and radicalized party competition, social inequality, high public debt, and other related features, here summarized in the model of “stalemated democracy”. On the basis of a comprehensive data set developed along with eight dimensions of democracy assessment and taking into account the policies pursued during the years of the crisis, we analyze the different effects of economic crisis—some of them expected, others more surprising—and how those effects characterize Italian political crisis and a new phase of great uncertainty. In the concluding remarks we offer an explanation of the role played by the economic crisis, focusing on the interplay between veto rules and actual veto players. Such an explanation is also relevant to see key, more in-depth aspects of Italian democracy during last twenty years and earlier.Refereed Working Papers / of international relevanc