Recently added articles from Banca Nazionale del Lavoro Quarterly Review:
Economic transparency and poverty *
Mar 01, 2007; ... (ProQuest: ... denotes formulae omitted.) 1. Introduction The end of the 20th century was marked by a commitment on the part of several countries to the eradication of poverty. The same period was characterized by success in achieving price stability thanks to the new techniques ...
Shareholders and stakeholders value creation: an analytic foundation for value creation indicators *
Mar 01, 2007; ... (ProQuest: ... denotes formulae omitted.) 1. Introduction The academic debate on the theory of the firm and its value has been monopolized for a long period by the contraposition between the shareholders model (or finance model) and the stakeholders model (Zamagni ...
Protectionism, free trade and preferential trade: the Mexican experience 1970-2005 *
Mar 01, 2007; ... 1. Introduction The Heckscher-Ohlin theorem, based on a general equilibrium model, together with the purchasing power parity doctrine are considered the two pillars of the neoclassical theory of international trade (Krueger 1983), despite strong criticism from both the theoretical and ...
Optimum currency areas: a policy view*
Dec 01, 2006; ... Robert Mundell's pathbreaking article on the theory of optimum currency areas could nowadays seem an abstract intellectual exercise with no immediate bearing on the policy issues of half a century ago. On rereading his paper, however, this impression soon evaporates. In the introduction, Mundell ...
Money as numeraire: doctrinal aspects and contemporary relevance*
Dec 01, 2006; ... 1. Introduction A fundamental issue in monetary economics is the question: "What is money?". At the beginning of the twentieth century, the majority of writers on money took it for granted that the primary function of money is its role as a medium of exchange. They regarded it a ...
An economic Manifesto for the oil exporting countries of the Persian Gulf*
Dec 01, 2006; ... 1. Introduction The Middle East and North Africa region has had about the worst economic performance of any region of the world since 1975; only sub-Saharan Africa experienced lower growth than the Middle East during this period. What is more surprising is that this sub-par performance ...
On floating exchange rates, currency depreciation and effective demand: a comment*
Dec 01, 2006; ... The paper "On floating exchange rates, currency depreciation, and effective demand " by Julio Lopez and Ignacio Perottini (LP 2006 from now on) is rather simple and straightforward, but also middle of the road; mindful of the complexities of our world, which does not allow unequivocal ...
Stress testing credit risk: experience from the Italian FSAP*
Sep 01, 2006; ... 1. Introduction Stress tests are defined as a set of techniques to measure the sensitivity of a portfolio to a range of extreme but plausible events. In other words, a stress test is an estimate of the change in value of a portfolio of assets when huge variations in a set of financial ...
On floating exchange rates, currency depreciation and effective demand*
Sep 01, 2006; ... 1. Introduction The choice of exchange-rate regime has lately emerged as a key element of policy strategies to control for inflation and cope with adverse external shocks. Fixed-but-adjustable regimes, which were fairly popular during the Bretton Woods era, are now out of fashion, ...
Spot and forward market intervention during the 1997 Korean currency crisis*
Sep 01, 2006; ... 1. Introduction During the currency crisis period of 1997, the Korean monetary authorities intervened massively in the foreign exchange market on two occasions, resorting not only to spot but also to forward market operations. The first important intervention was carried out ...
Reality and response: unemployment 1970-2005 in two core journals
Sep 01, 2006; ... The 1970s presented a dramatic change in many elements of the trends which had characterized the golden Sixties which frequently had been regarded as the beginning of a new era in capitalist development. One sudden and obvious change became visible with the breakdown of the Bretton Woods System ....
Common factors and balance sheet structure of major European banks
Jun 01, 2006; ... 1. Introduction This paper explores the relationship between listed European banks' fundamental characteristics and the riskiness of their stock returns. In financial theory, the risk associated with stock returns is measured by the covariance, or more specifically a factor loading, on ...
European dominant position and American monopolization: a unifying approach from basic game theory*
Jun 01, 2006; ... Aggressive behaviours against competitors of major companies in situations in which they control a large share of the market have been alternatively characterized, on both sides of the Atlantic, as anticompetitive actions or manifestations of healthy competition. Symmetrically, antitrust ...
The equilibrium approach to optimum currency areas*
Jun 01, 2006; ... Robert Mundell's (1961) celebrated contribution to the theory of optimum currency areas has given rise to an extensive literature. His original idea was to show the limitations of exchange rate flexibility in restoring internal balance, thus leading to the optimal solution of reshaping currency ...
Paolo Sylos Labini, 1920-2005*
Mar 01, 2006; ... "Economists around the world, from Cambridge to Cambridge and Osaka to Omaha, admire you for a lifetime of Schumpeterian innovation, Keynesian brilliance, Ricardian rigor, and Smithian realism". With these words, in a message opening a collection of essays presented to Paolo Sylos Labini on his ...
Foreign debt and financial fragility in the perspective of the emerging countries*
Mar 01, 2006; ... Introduction The aim of these notes is to analyse some basic aspects of the evolution and management of foreign debt following the financial fragility approach proposed by Hyman Minsky (1986) and later extended to foreign debt by Jan Kregel (2004). Minsky defines financial ...
The future of Post Keynesian economics*
Mar 01, 2006; ... 1. Introduction That the General Theory of Employment, Interest and Money (Keynes 1936) has had a revolutionary impact on economic thought is beyond question. Much of the development of macroeconomics in the last sixty years has been the direct outcome of the extension and critique of ...
Economic failure in the Middle East*
Mar 01, 2006; ... 1. Introduction Despite having earned more than three trillion dollars in oil revenues during the last thirty years, economic despair and dissatisfaction remain widespread throughout the Middle East. Economic growth has not been sustainable but has fluctuated with the level of oil ...
The geography of banking power: the role of functional distance*
Dec 01, 2005; ... 1. Introduction Until the mid 1990s, a common view among researchers was that the banking industry in Europe would strongly benefit from integration and consolidation processes going along with the completion of European Monetary Union and the introduction of the euro. The harmonization ...
The principle foundations of an Islamic economy*
Dec 01, 2005; ... 1. Introduction Islam is the only major religion that imparts detailed prescriptions for the economic life of its followers. Islam addresses the value of natural resources, sets standards for the exploitation of minerals and stipulates guidelines on inheritance, finance, taxation and ...