1,720,999 research outputs found
Replication Data for: Romelli, D., 2022. The political economy of reforms in central bank design: evidence from a new dataset. Economic Policy
No full textThe data and programs replicate tables and figures from "The political economy of reforms in central bank design: evidence from a new dataset", by Romelli, D., Economic Policy, 2022, https://doi.org/10.1093/epolic/eiac011 (Open Access). Please see the README file for additional details
Ups and downs of central bank independence from the Great Ination to the Great Recession: theory, institutions and empirics
No full textThis article analyses the pillar of modern central bank governance, i.e. central bank independence, from three perspectives. First, we provide a systematic review of the economics of central bank independence
The economics of European monetary integration
No full textPresenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union
Replication Data for: Ferrara, F. M., Masciandaro, D., Moschella, M., Romelli, D., 2022. Political voice on monetary policy: Evidence from the parliamentary hearings of the European Central Bank. European Journal of Political Economy, Volume 74, September 2022, 102143.
No full textThe data and programs replicate tables and figures from "Political voice on monetary policy: Evidence from the parliamentary hearings of the European Central Bank", by
Ferrara, F. M., Masciandaro, D., Moschella, M., Romelli, D., European Journal of Political Economy, Volume 74, September 2022, 102143, https://doi.org/10.1016/j.ejpoleco.
Please see the README file for additional details
Stabilità e efficienza delle Banche Popolari europee: L'evidenza empirica in Italia e Germania nel periodo 2006-2009
Get PDFIl tema della stabilità e dell’efficienza degli intermediari creditizi ha radici profonde negli studi in materia di struttura e morfologia dei sistemi finanziari. Nei momenti di crisi finanziaria, infatti, è la stabilità stessa dei sistemi finanziari che viene messa a repentaglio, mentre i momenti di evoluzione del contesto istituzionale sono generalmente indirizzati a trovare una combinazione più efficiente in termini di stabilità ed efficienza complessiva dell’intero sistema. Più nello specifico, va notato come una certa letteratura in materia abbia, pur nella differenza degli approcci, dei campioni e degli orizzonti temporali analizzati, focalizzato l’attenzione sulle caratteristiche e sui risultati conseguiti dalle banche cooperative e fra queste dalle banche popolari. Sia analisi effettuate a livello di singolo paese, sia studi a livello cross country hanno messo in luce come le banche cooperative sarebbero caratterizzate da un maggiore livello di stabilità dovuta alla minore volatilità dei loro profitti. La recente crisi finanziaria che, nelle sue diverse manifestazioni, si è sviluppata a partire dall’estate del 2007, ha riproposto con enfasi il tema della stabilità dei sistemi finanziari sia dal punto di vista macroeconomico, sia microeconomico. Sebbene le evidenze empiriche abbiano ampiamente indagato il mondo delle settore creditizio di tipo cooperativo – spesso in un’ottica comparativa rispetto al settore degli intermediari creditizi di tipo commerciale – non si rilevano, ad oggi, interessanti contributi sull’universo delle sole banche popolari preso in esame da un punto di vista cross country.
Tale studio analizza, su dati panel 2006-2009, l’universo delle banche popolari in due dei principali paesi dell’area dell’euro in cui le banche popolari assumono particolare rilevanza, l’Italia e la Germania, con una comune attenzione ai diversi assetti morfologici, istituzionali e quantitativi, con l’obiettivo di verificare l’esistenza di sistematiche e significative differenze in termini di stabilità e di performance registrate dalle banche popolari di ciascun paese. Dall’analisi empirica emerge come esistano differenze significative in termini di stabilità e di performance tra i due paesi considerati. In particolare si rileva come le banche popolari italiane si caratterizzino per un maggior grado di stabilità e maggiori performance rispetto all’universo delle banche popolari tedesche
The Impact of Governance and Productivity on Stock Returns in European Industrial Companies
Get PDFThe target of our research is focused on the measurement of the impact of a Country Governance Index and of a Corporate Productivity Index on the total annual investment returns of stocks of a large sample of European Industrial Companies from January 1, 1996 to December 31, 2008. The authors take into account an innovative database of observations of corporations belonging to a large number of European euro and not euro countries. In order to achieve this target, the paper juxtaposes the Fama and French (1992, 1993) three factors model, with the studies of Doidge et al.
(2007) and Gompers et al. (2003), analyzing governance and the index suggested by Parhizgari and Aburachis (2003) in order to measure the impact of corporate productivity on stock returns. Empirical evidence suggests that the Country Governance Index is negatively correlated with the total annual investment return of stocks of the listed industrial companies of our sample, meanwhile the more productive firms are characterized by higher stock returns
GENDER DIVERSITY AND BEHAVIORAL MONETARY POLICYMAKING: THEORY, INSTITUTIONS AND EMPIRICS
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From silence to voice: monetary policy, central bank governance and communication
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Banking supervision and external auditors: Theory and empirics
No full textThis paper investigates the role of external auditors in banking sector supervision from a theoretical, institutional and empirical perspective. We first present a simple principal-agent framework that highlights the importance of several institutional characteristics in determining the optimal involvement of external auditors in supervision. We then construct a new index that captures the degree of involvement of external auditors in the oversight of the banking sector in 115 countries. Consistent with our theoretical arguments, we find that countries that increase the role of central banks in supervision are also more likely to involve auditors, suggesting that the added complexity of a supervisory function is likely to benefit from the expertise of an external auditor. Having experienced a financial crisis is also associated with a higher use of auditors, particularly among central banks with an increasing role in supervision, which suggests some reputational concerns of the supervisor. Finally, we show that higher audit quality is associated with an increased involvement of auditors in supervision
Women and governance: central bank boards and monetary policy
No full textMonetary policy decisions taken by central banks affect the economy, society and
politics worldwide. Does the presence of women matter in these decisions? We construct a new and unique dataset on the presence of women on central bank monetary policy committees for a large sample of countries, over the period 2001-2017 and document an increasing share of women on central bank boards. We investigate how the presence of women correlates with the conduct of monetary policy by estimating Taylor rules augmented to include the share of women on monetary policy committees. We show that central bank boards with a higher proportion of women are more responsive to inflation. This suggests that central banks whose boards are characterised by a higher presence of women are associated with a more conservative approach to monetary policy when inflation is higher. We confirm this result by analysing the voting behaviour of members of the executive board of the Swedish Central Bank during the period 2000-2017
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