7,044 research outputs found
The Italian banking system: Facts and interpretations
No full textThe paper compares the essential features of the Italian banking system with those of the other large euro-area countries. The analysis focuses on banks’ size, ownership and competitiveness, their role in financing firms, the composition of their balance sheets and their degree of internationalization, profitability and terms for customers. Within this overall framework the paper examines the banking system’s response to the financial crisis of 2007-09 and subsequent developments. The progress made in decades past is recalled and further necessary steps set out.Autore: Pozzolo, Alberto Franco; email: [email protected]
Internationalization Choices: An Ordered Probit Analysis at Industry-Level
No full textTrade theory traces back different patterns of internationalization to heterogeneity between firms, measured both through differences in productivity levels and size. In this paper we analyze the link between heterogeneity within sectors and internationalization choices, namely trade and foreign direct investments (FDI) for a large sample of countries and industries between 1994 and 2004. The focus of our paper is on the role played by average productivity level and the distribution of firms by size in explaining differences across sectors and countries in the extensive margin of internationalization (i.e., the number of foreign nations where firms from a given sector and country have expanded abroad). By performing an ordered probit analysis, and controlling for other factors affecting the patterns of internationalization, we confirm that industries with higher productivity levels and with a distribution of firms shifted toward large firms are more prone to internationalize in foreign markets through both trade and FDI. Moreover, the relative impact of average productivity and firm size on FDI is larger than that on trade. These results are robust to different measures of productivity and the distribution of firms.Autore: Pietrovito, Filomena; email: [email protected]: Pozzolo, Alberto, Franco; email: [email protected]: Salvatici, Luca; email: [email protected]
Exchange rate, external orientation of firms and wage adjustment
No full textWe estimate the eect of exchange rate movements on rm-level wages, using a representative panel of manufacturing rms. We show that the direction and size of wage adjustment is shaped by the international exposure of each firm on both the sale and cost side of the balance sheet, similar to the response of employment documented in Nucci and Pozzolo (2010). Through the revenue side, wages tend to rise after a currency depreciation and the eect is more pronounced the higher is the firm's exposure to sales
from exports. Through the expenditure side, a depreciation induces a cut in the firm's wages, and the effect is larger the higher is the incidence of imported inputs in total production costs. For a given degree of external orientation, both these effects are larger for rms with a lower market power. Moreover, we document that the eect of
exchange rates on wages is shaped by (i) the extent of sectoral import penetration in the domestic market; (ii) the proportion of newly hired workers in each firm in a given year; and (iii) the composition of the firm's workforce by occupational category
Exchange Rate, External Orientation of Firms and Wage Adjustment
No full textWe estimate the effect of exchange rate movements on firm-level wages, using a representative panel of Italian manufacturing firms. We show that the direction and size of wage adjustment is shaped by the international exposure of each firm on both the sale and cost side of the balance sheet, similar to the response of employment documented in (Nucci and Pozzolo, Journal of International Economics 2010; 82: 112.). Through the revenue side, wages tend to rise after a currency depreciation and the effect is more pronounced the higher is the firm's exposure to sales from exports. Through the expenditure side, a depreciation induces a cut in the firm's wages, and the effect is larger the higher is the incidence of imported inputs in total production costs. For a given degree of external orientation, both these effects are larger for firms with a lower market power. Moreover, we document that the effect of exchange rates on wages is shaped by the extent of sectoral import penetration in the domestic market. © 2014 John Wiley & Sons Ltd
Research and Development, Regional Spillovers and the Location of Economic Activities
No full textI present an endogenous growth model that studies the effects of local inter-industry and
intra-industry knowledge spillovers in R&D on the allocation of economic activities between
two regions. The equilibrium is the result of a tension between a centripetal force, the cost of
transporting goods from one region to the other, and a centrifugal force, the cost increase
associated with life in a more crowded area. The presence of local knowledge spillovers,
which determines the concentration of the R&D activities within one region, also introduces
a further centripetal force that makes impossible a symmetric allocation of the economic
activities. The concentration of R&D fosters the equilibrium rate of growth of the economy
with respect to the case of no-integration, by increasing the positive effect of local
knowledge spillovers. Contrary to the findings of the majority of models in the new economic
geography literature, within this framework a reduction in the transport costs may be
associated with a more even spatial location of economic [email protected]
Endogenous Growth in Open Economies - A Survey of Major Results.
No full textEndogenous growth has set a new paradigm for macroeconomic analysis. This paper overviews
the most relevant theoretical contributions of this literature for the analysis of open economies,
highlighting their implications both for the effects of crosscountry integration on output
convergence and for the overall growth performance of
the integrated economy, as compared to that of an identical group of autarchic
countries. The literature is divided into three major classes, studying, respectively, the
effects of factor mobility, the role of international trade, and the consequences of
technology diffusion. The main conclusion is that knowledge spillovers can go a long
way in explaining the differences in growth performances across countries, but
additional research is needed to completely understand the mechanisms driving their
international [email protected]
Three essays on endogenous growth in open economies
No full textSIGLEAvailable from British Library Document Supply Centre-DSC:DXN034324 / BLDSC - British Library Document Supply CentreGBUnited Kingdo
- …
