Template-type: ReDIF-Article 1.0 Author-Name: Di Clemente Annalisa Title: The Credit Securitisation Process as a Tool of Portfolio Credit Risk Managing Abstract: This study explores the role of the credit securitisation process in managing the credit risk amount of the banking loan portfolio, when the bank originator retains a residual equitylike class as illiquid first loss position (FLP). An Importance Sampling Monte Carlo simulation model has been implemented for estimating the portfolio credit risk amount, taking into account the portfolio credit risk mitigation effect provided by the credit securitisation process. This study identifies the credit asset pool able to produce the larger effect of credit risk reduction on the loan portfolio, when the asset pool is unloaded off the banking book. Moreover, this simulation analysis quantifies the extent of the portfolio credit risk mitigation, produced by the securitisation process of the asset pool previously identified. The impact of the securitisation activity has been also investigated when the probability of default and the asset return correlation of the obligors in portfolio are changing. Classification-JEL: G28, G21, G11 Keywords: Credit securitisation, portfolio credit risk management, copula functions, importance sampling, Monte Carlo simulation, risk measures Note: Pages:5-28 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44381&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104001 Number: 1 Template-type: ReDIF-Article 1.0 Author-Name: Grassi Iacopo Title: Standard minimi di qualit?: un approccio teorico Abstract: At least since Akerlof (1970), asymmetric information in the case of experience goods has been a central issue in the economic literature. This paper studies regulation in markets where the quality of the experience good is never completely verifiable by consumers even after purchase. In the proposed model firms can decide the quality of the good: always producing a high quality good creates a positive externality in the market, but it causes an incentive to the firms to deviate and produce low quality goods. The main policy instrument for the government, in order to maximize Social Welfare, is to fix a minimum quality standard, but imposing a too high standard might, in some cases, lower the average quality of the good in the market. Classification-JEL: L15, D82, K29 Keywords: Quality, standard, market regulation, experience goods, market failure, asymmetric information Note: Pages:29-41 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44382&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104002 Number: 2 Template-type: ReDIF-Article 1.0 Author-Name: Foresti Pasquale Title: Is Latin America an Optimum Currency Area? Evidence from a Structural Vector Autoregression Analysis Abstract: This paper evaluates the advisability of a monetary union in Latin America applying the theory of optimum currency areas (OCA). The analysis is based on the traditional OCA criteria and it suggests that there is no evidence for any monetary integration in Latin America even at a sub-regional level. Latin American countries have evidenced a low degree of trade integration and asymmetric co-movements among their shocks. Moreover, substantial differences in the speed of adjustment and in the size of shocks are found. Hence, higher policy coordination seems to be necessary before starting any economic integration process in Latin America. Classification-JEL: C15, C30, F15, F42 Keywords: Optimum Currency Areas, Asymmetric Shocks, Latin America, sVAR. . Note: Pages:43-68 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44383&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104003 Number: 3 Template-type: ReDIF-Article 1.0 Author-Name: Figuera Stefano Title: Alcune considerazioni sullo Shadow Banking System Abstract: The financial intermediation system has been characterized by the emergence of new subjects and instruments modifying its organization. The development of the shadow banking system parallel to the traditional one has led to the demand, during the recent period of financial crisis, for a more efficient control to weather the growing systemic risk. This changing context leads the Author to consider some essential profiles of the monetary nature of the capitalist economy. Specifically, a need is perceived to reinterpret recent events in the light of the credit nature of money and the endogenous character of its supply, aspects on which scholars of the Keynesian school have long focused their attention. The Author considers particularly useful the indications deriving from the monetary production theory, especially with reference to the distinction among the various forms of financing, to understand such changes and adopt suitable strategies to handle them. Classification-JEL: G01, G18, G21, G23 Keywords: Shadow banking system, Financing, Monetary theory of production Note: Pages:69-87 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44384&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104004 Number: 4 Template-type: ReDIF-Article 1.0 Author-Name: Rita Canale Rosaria Author-Name: Napolitano Oreste Title: The Recessive Outcomes of Emu Policies: Analysis of the Italian Experience, 1998-2008 Abstract: The EMU assigns a marginal role to economic policy and relies on the idea that, if prices are kept constant, there will be an automatic convergence towards long-run equilibrium income. These beliefs represent the theoretical underpinnings of fiscal and monetary policy strategies in Europe. In order to highlight the weakness of these foundations, this paper evaluates empirically the effects of public expenditure and interest rate setting on equilibrium income in Italy from 1998 to 2008. Our analysis supports the conclusions that government spending has a positive impact on national income while monetary policy strategy has a negative impact. Moreover, the high level of debt does not produce negative effects on GDP. Finally, at a time of financial crisis, these results are reinforced for fiscal policy, but weakened for monetary policy. The paper finally states that the EMU?s rigid rules for both fiscal and monetary policy have recessive outcomes. Classification-JEL: E12, E52, E62 Keywords: Fiscal Policy, Monetary Policy, EMU, Italy Note: Pages:89-111 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44385&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104005 Number: 5 Template-type: ReDIF-Article 1.0 Author-Name: Zagari Eugenio Title: Nota sull'alternativa al capitalismo proposta da Bruno Jossa Abstract: The note is dedicate to comment of recent Bruno Jossa?s book on the possibility to find an alternative to capitalism. The Author proposes a form of "market socialism" that realizes the inversion of the power relation between labour and capital. But the thesis of the possible survival of capitalistic market in a economic-social formation dominated by labour managed firms is not fully persuasive. Classification-JEL: B40, P2, P13, P50 Keywords: Comparative Economic Systems, Market Socialism, Labour managed firms Note: Pages:113-123 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44386&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104006 Number: 6 Template-type: ReDIF-Article 1.0 Author-Name: n.d. Title: Recensioni Abstract: Classification-JEL: Keywords: Note: Pages:125-133 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44387&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104007 Number: 7 Template-type: ReDIF-Article 1.0 Author-Name: n.d. Title: Libri Ricevuti Abstract: Classification-JEL: Keywords: Note: Pages:135-135 Volume: LXVI Year: 2011 Issue:104 File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=44388&Tipo=Articolo PDF File-Format: text/HTML Handle: RePEc:fan:steste:v:html10.3280/STE2011-104008 Number: 8