The euro area sovereign debt crisis brought to light the potential risks to public finances posed by the banking sector. This paper simulates the potential impact of bank defaults on public finances based on stress test scenarios using an advance analytical methodology."--Document home page.
This paper uses an estimated DSGE model to analyse the factors behind the build-up of imbalances in the Spanish economy. Shock decompositions suggest that external imbalances have been able to build up mainly due to the reduction in real interest rates and easier access to credit following the elimination of the exchange rate risk premium. While the reduction in external imbalances has started in the recent period, projections of the estimated model indicate that faster correction to these imbalances will require an adjustment in domestic demand and a significant improvement in the trade balance in the coming years. The correction would be eased in a more favourable and less risk-averse environment.."--Document home page.
This paper proposes a framework for sovereign debt sustainability assessment based on an estimated DSGE model. One advantage of this is that it allows taking into account feedback effects of debt ratios, spreads and fiscal measures on growth and tax bases, and thus capture the impact of changes in the composition of GDP which is pronounced during fiscal consolidation. Unsustainable debt developments may give rise to increasing interest rate spreads which could further reduce growth and tax revenue and worsen debt dynamics, while fiscal austerity measures are likely to reduce growth and lower tax revenues in the short run. Capturing the impact of risk premium on growth and public debt dynamics is crucial to understand current developments and policy trade-offs in euro area periphery countries."--Document home page.
This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP. By contrast, estimates based on conventional measures of the fiscal policy stance used in the literature support the expansionary fiscal contractions hypothesis but appear to be biased toward overstating expansionary effects.
Un viaggio tra i borghi, le valli e le foreste incantate che hanno ospitato i raduni delle streghe. Questi vengono rievocati insieme alla caccia alle streghe, che fece dell'herbara un'entità malefica legata al demonio, e all'eredità pagana, i cui simboli resistettero all'avvento del cristianesimo e ai tentativi dell'Inquisizione di cancellarli. Regione per regione, l'autore narra le leggende e le tradizioni che fecero di queste zone la dimora preferita di maghe e fattucchiere e offre al lettore, grazie a mappe, indirizzi e consigli pratici, gli strumenti per organizzare veri e propri itinerari magici tra i sentieri di campagna e gli anfratti nascosti del territorio italiano, in cui guaritrici e sciamane raccoglievano le erbe medicamentose e officiavano i sacri riti in onore dei loro dèi.
In recent decades the concept of Mediterranean has been cited with increasing frequency in relation to the study of medieval literatures. And yet, in what sense would Dante’s Comedy be ‘Mediterranean’? Is it because of its Greek-Arabic and Islamic sources? Dante and the Mediterranean Comedy analyzes the ideological function of references to the sea in the study of the Comedy undertaken by Enrico Cerulli, a scholar of Somali-Ethiopian languages, and a colonial governor of ‘Italian East Africa.’ Then it presents novel lines of inquiry on the reception and appropriation of the poem, such as the presence of Islamic sources in early commentaries of the Comedy, and cross-cultural allusions to Dante’s Hell in some graffiti on the walls of the Spanish Inquisition prison in Palermo. The image of the Mediterranean that seeps through the poem and through the history of its circulation is vivid yet hardly idyllic.
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