1,720,993 research outputs found
"Sopravvivenza e mortalità delle piccole imprese meridionali: un'applicazione dei modelli di durata"
No full textGroup reputation and persistent (or permanent) discrimination in credit markets
No full textBelonging to a group (i.e. industry, geographic area, ethnic group) of borrowers seems to
play a crucial role in determining credit availability and interest rates. In this paper, we give
a rationale for this phenomenon, based on incomplete information. Assuming that groups’
quality changes over time and that banks estimate it on the basis of the past observed default
rates, a result of persistent group discrimination is derived. If group reputation and high
interest rates affect the firms’ real quality by hampering the development of entrepreneurial
skills or by inducing good firms to migrate, the initial discrimination may even cause
permanent effects on the economy
Observable managerial incentives and spatial competition
No full textIn this paper we investigate the relationship between product market competition and managerial
incentives within a circular city model with observable agency contracts. With respect to the case of
unobservability studied by Raith (2003), we find that optimal managerial contracts provide lower
incentives, and that equilibrium expected prices and profits are higher. Changes in competition fundamentals
have ambiguous effects, but observable contracts alleviate their impact on incentives.
Finally, observability involves three major implications: managerial incentives are higher under price
regulation than under competition; prices may increase with the number of firms; consumer welfare
may diminish when competition increases
Le relazioni verticali tra le imprese in Italia. Uno studio sull’evoluzione degli anni ‘90
No full textInterregional redistribution and risk sharing through public budget. The case of Italy in times of crisis (2000–2016)
No full textSince the post-war period, large differences in economic performance of Italian regions have brought the public sector to play a predominant role in interregional redistribution and risk sharing. However, the recent Great Crisis may have changed this attitude. The comparison of regional Net Fiscal Flows in the periods 2000–2008 and 2009–2016 shows that in the aftermath of the crisis fiscal policies lost substantial part of their effectiveness in both interregional long-run redistribution and short-run income stabilization. Over time, the role of government in providing support to poorer regions and to areas more severely hit by the economic slump becomes less significant and sometimes even perverse, amplifying rather than counterbalancing regional differences in per capita income and financial capacity
The Unpleasant Effects of Price Deregulation in the European Third-Party Motor Insurance Market: A Theoretical Framework.
No full textIn some European countries, the liberalization of the motor insurance market in the 1990s led
to substantial increases in fares and claims throughout the whole decade. In this paper we argue
that these phenomena are due to the impact of liberalization on companies’ optimal incentives to
fight fraud. By developing a circular city competition model with a cost-reducing stage prior to the
price game and a settlement stage following it, we show that price deregulation entails decreasing
monitoring investments and increasing claims both in the short and long run. Even equilibrium
premiums may steadily increase if the “competition effect” connected to new entries is outweighed
by a “monitoring effect” that raises marginal costs
Residui fiscali regionali e riforma federalista. Quanto residuerà delle politiche regionali e redistributive?
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