Bank of Italy
Bank of Italy creates secondary market for trading in its own shares
Italy’s central bank has created a secondary market for dealings in its own shares as part of a plan to limit individual firms’ holdings to 3% of total shares
Banks’ debt maturity needs extension – but not too much, paper argues
Eurozone banks’ debt securities need slightly longer maturity periods, but extensions envisaged under Basel III may be excessive, a Bank of Italy paper argues
Germany needs structural surplus, Weidmann says
Bundesbank president counters arguments Germans are saving too much; says treatment of eurozone sovereigns must change, at odds with Bank of Italy governor
Italian governor criticises bank resolution rules
Bank of Italy governor Visco says BRRD and European Commission policy may increase risk of financial instability
Visco wary of changing regulation on sovereign exposures
Italian governor acknowledges sovereign exposures are not risk-free, but questions logic to changing prudential rules
Italian paper looks at ECB’s reserve management
Bank of Italy working paper studies the management of the ECB’s foreign exchange reserves; diversity of managers’ investment styles may positively affect risk-adjusted returns, authors say
Italian deputy governor calls for fiscal expansion in eurozone
Some eurozone countries should follow fiscally expansionary policies, Bank of Italy deputy governor argues; policy so far has been “less expansionary” than other major economies
Visco warns of danger of revising wages down if inflation undershoots predictions
Some Italian contracts will be downwardly revising elements of pay if inflation undershoots expectations, Ignazio Visco says; general adoption of this rule could harm the ECB’s policy
Tax system severely reduces Italian banks’ profits – paper
Disparities in eurozone countries’ effective tax rates for their banking sectors may threaten banks’ ability to strengthen their capital, a Bank of Italy paper argues
Italian firms' leverage well above average, study finds
Italian non-financial companies’ leverage ratios are significantly above the eurozone average, a working paper shows
Global financial safety net relies on maintaining IMF resources – paper
Regional funding arrangements and credit swap lines have grown in importance in providing support in times of stress, but maintaining IMF funding remains key, paper says
Researchers propose adapted methodology to assess money market microstructure
The standard algorithm used to assess bilateral exposures in the interbank market needs adapting to make it robust to zero and negative interest rates, two economists argue
Paper looks at macro-prudential impact on mortgage affordability
Working paper assesses how macro-prudential policies influence the share of households that can “access and sustain” a mortgage at different loan-to-value ratios
Paper models complications to systemic financial shock responses
Different classes of illiquid asset and different types of banking network produce complicated responses to systemic financial shocks, Bank of Italy working paper argues
Chance to ‘review’ BRRD must be seized, says Visco
Italian governor criticises the application of the Bank Resolution and Recovery Directive (BRRD); the transition was too hasty and reform may be needed, he argues
Bank of Italy growth indicator ticks up
Italian central bank’s ‘timely’ index shows eurozone GDP growth continuing in December, with the indicator reaching triple its level of a year ago
Market fears endanger Italian and Portuguese bank sell-offs
Recent measures by the Bank of Portugal, as well as market fears about the quality of Italian banks’ assets, may discourage investors from buying Italian and Portuguese bridge banks
Bank of Italy outlines downside risks as inflation falls
Annual HICP inflation fell to 0.1% according to December estimate, just below eurozone average; Bank of Italy warns that international situation poses ‘significant risks’ to European recovery
BoE paper seeks to improve forecasts with adaptive model
Using an adaptive model in conjunction with heavy-tailed t-distributions allows authors to deliver ‘substantial improvements’ in forecasting inflation
Italian deputy governor warns on hurdles to capital markets union
The senior deputy governor of the Bank of Italy says capital markets union is necessary for the European economy but faces considerable obstacles
Domestic euro users bear highest shoe leather costs, Bank of Italy paper finds
Euros circulate widely outside the eurozone, transferring some costs to foreigners – but the effect is small relative to the popularity of the euro as a global currency
Main threat to stability from low growth, says Italian deputy
Fabio Panetta says there is ‘broad agreement’ the main danger to financial stability in the eurozone stems from low growth; credit growth ‘remains subdued’
Central bankers must research QE’s effects on inequality, Italian deputy governor says
Central banks must improve their understanding of how expansionary monetary policy affects inequality in developed economies, says Fabio Panetta
Terror attacks may have made European capital revival harder, Visco says
Terror attacks may hinder revival of European Union’s rate of capital accumulation, Ignazio Visco tells audience in Paris; capital market reforms present tough long-term challenges