1,721,048 research outputs found
Premio Decennale dell'Accademia Nazionale dei Lincei Bruno de Finetti per l'Economia Matematica
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Amministrazione del fabbisogno e del debito pubblico nella fase pre-euro, quali riflessioni oggi?
No full textIn questo lavoro viene focalizzata l’attenzione sul modo in cui le necessità di fabbisogno del settore statale vengono gestite sui mercati dei titoli di stato. A tal fine viene considerata sia l’interazione tra i diversi operatori presenti sui mercati che il ruolo delle istituzioni preposte nella gestione della domanda e dell’offerta dei titoli. L’interesse nel periodo che precede l’unione monetaria è nella valutazione delle cause che all’epoca resero possibile valori decrescenti del fabbisogno e della spesa per interessi in rapporto al PIL. Specificatamente, le simulazioni, derivanti al modello strutturale stimato, mettono in evidenza come la struttura di allora fosse capace di innescare tendenze virtuose. Per contro, in maniera attuale, tali simulazioni pongono interrogativi e valutazioni sulla fragilità della struttura della nostra finanza pubblica.
Parole chiave: amministrazione delle politiche di emissione, fabbisogno del settore statale, mercato dei titoli di stato, stima di equazioni strutturali simultanee.In this paper we focus on how the necessities from the public sector borrowing requirement are man-aged in the Government securities markets. We consider in detail the interaction between the demand and supply schedules and, within this context, the role of economic agents and institutions. The interest in the pre-union period is in the analysis of the reasons that made feasible decreasing levels of new issuances as well as interest expenses out of GDP. In particular, after the estimation of a complete inter-active structural model, we carry out simulations experiments to highlight the tendencies according to the structure that was operative in the pre-euro phase. Importantly, the results we derive are helpful to asses also on the current structure underlying the debt management and the balance of the public sector
Debt-liquidity shock risk: intertemporal effects and probability measures
No full textWe analyze how the yield of Government securities may be managed in order to save costs in face of the risk of a liquidity shock. This issue is especially relevant for highly indebted countries that are under the threat of positive changes in the yields of public debt bonds. In this regard, we study the liquidity features of the Italian Government bond market with the aims of: 1) formalizing and estimating the intertemporal effects on yields of a debt-liquidity shock, with a view to understanding how to reduce costs in case of new bonds issuances; 2) evaluating the effectiveness of the average liquidity cost index, which is traditionally being used, by finding its conditional probability.We analyze how the yield of Government securities may be managed in order to save costs in face of the risk of a liquidity shock. This issue is especially relevant for highly indebted countries that are under the threat of positive changes in the yields of public debt bonds. In this regard, we study the liquidity features of the Italian Government bond market with the aims of: 1) formalizing and estimating the intertemporal effects on yields of a debt-liquidity shock, with a view to understanding how to reduce costs in case of new bonds issuances; 2) evaluating the effectiveness of the average liquidity cost index, which is traditionally being used, by finding its conditional probability
A Model of Growth and Technology in a an Economy based on the development of Business Services: Advancements and New Perspectives
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Structural models and empirical analysis of technology accumulation and diffusion: a disequilibrium approach
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