Francesco Spadafora's Books

You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

By: Mr.Marco Committeri,Francesco Spadafora

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You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending

By: Mr.Marco Committeri,Francesco Spadafora

We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game” for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending framework (policies, financing facilities, and financial resources), which is designed to support macroeconomic adjustment packages based on the key notion of public debt sustainability. The complementary pillar is represented by such contractual provisions as Collective Action Clauses (CACs) in sovereign bonds, which aim to facilitate coordination among private creditors in order to contain the costs of a debt default or restructuring. We analyze the most significant changes (and their consequences) prompted by the recent crises to the Fund’s lending framework, not only in terms of additional financial resources, new financing facilities (including precautionary ones), and cooperation with euro-area institutions, but also as regards the criteria governing exceptional access to the Fund’s financial resources. We highlight a crucial innovation to these criteria, namely that, for the first time, they now explicitly take account of the risk of international systemic spillovers. Finally, we discuss how the recent crises have provided new political support for a broader dissemination of CACs in euro-area sovereign bonds. Importantly, in the first case involving an advanced economy, CACs were activated in the debt exchange undertaken by Greece in Spring 2012.

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International Monetary Fund

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ISBN 10

1475578717

ISBN 13

9781475578713

Financial Sector Surveillance and the IMF

By: Carlo Gola,Francesco Spadafora

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Financial Sector Surveillance and the IMF

By: Carlo Gola,Francesco Spadafora

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund's activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund's research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first "official" phase of the Fund's involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues "up to par" with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund's analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries' financial systems, the international community's response to the global crisis may mark the beginning of a new phase of FSS.

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International Monetary Fund

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ISBN 10

1451873948

ISBN 13

9781451873948

The Impact of the Global Crisison South-Eastern Europe

By: Mr.Emidio Cocozza,Mr.Andrea Colabella,Francesco Spadafora

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The Impact of the Global Crisison South-Eastern Europe

By: Mr.Emidio Cocozza,Mr.Andrea Colabella,Francesco Spadafora

This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible country-specific constraints. While sharing a common pre-crisis pattern of strong capital inflows and robust growth, a key difference in the conduct of macroeconomicpolicies is that some countries adopted expansionary (and procyclical) fiscal policies. These moves exacerbated external vulnerabilities and compromised the ability to discretionarily use the fiscal instrument in acountercyclical fashion.

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International Monetary Fund

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ISBN 10

146392786X

ISBN 13

9781463927868

Sicilian Visitors Volume 2 - Culture

By: Francesco Rocco Ruggeri

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Sicilian Visitors Volume 2 - Culture

By: Francesco Rocco Ruggeri

Sicilian Visitors Vol 2 - Culture focuses on a wide range of cultural aspects of the island of Sicily including religion, literature, art, music, science, sports, food as well describing visitors who have come to the island and their impressions. Vol.2 is the companion of Vol 1 which describes the island ́s history.

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464

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Lulu.com

Published Date

ISBN 10

138797789X

ISBN 13

9781387977895

Sicilian Visitors: Volume 1 - History

By: Francesco Rocco Ruggeri

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Sicilian Visitors: Volume 1 - History

By: Francesco Rocco Ruggeri

This book covers Sicilian history in terms of Sicilians and Sicilian immigrants as well as visitors to the island. It considers the Napoleonic Wars, World War II, immigration, slavery and piracy and epidemics and disasters, religious history as well as regular history.

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368

Publisher

Lulu.com

Published Date

ISBN 10

1387780077

ISBN 13

9781387780075

Diet and Cognitive Decline

By: Francesco Panza,Vincent Solfrizzi,Antonio Capurso

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Diet and Cognitive Decline

By: Francesco Panza,Vincent Solfrizzi,Antonio Capurso

The progressive ageing of the general population and the consequent increase of the number of old people has made the typical medical problems of aged people more frequently observed, and particularly the problems related to the ageing brain. This new book is an updated overview of relevant aspects of cognitive decline associated with ageing. Within the wide landscape of brain ageing the authors reconsider the role of the main predisposing factors and risk factors on the development of various form of mental decline, from mild cognitive impairment to dementia. The strength of this book is the large, updated overview of the most recent data of scientific literature regarding the role of genetic, metabolic and environmental factors on the predisposition and onset of cognitive decline. Particular attention is paid to the dietary micro- and macronutrients and to their possible role in the pathogenesis of the various form of dementigen disorders.

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188

Publisher

Nova Publishers

Published Date

ISBN 10

1594541213

ISBN 13

9781594541216

Inductive Logic Programming

From Machine Learning to Software Engineering

By: Francesco Bergadano,Daniele Gunetti

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Inductive Logic Programming

From Machine Learning to Software Engineering

By: Francesco Bergadano,Daniele Gunetti

Although Inductive Logic Programming (ILP) is generally thought of as a research area at the intersection of machine learning and computational logic, Bergadano and Gunetti propose that most of the research in ILP has in fact come from machine learning, particularly in the evolution of inductive reasoning from pattern recognition, through initial approaches to symbolic machine learning, to recent techniques for learning relational concepts. In this book they provide an extended, up-to-date survey of ILP, emphasizing methods and systems suitable for software engineering applications, including inductive program development, testing, and maintenance. Inductive Logic Programming includes a definition of the basic ILP problem and its variations (incremental, with queries, for multiple predicates and predicate invention capabilities), a description of bottom-up operators and techniques (such as least general generalization, inverse resolution, and inverse implication), an analysis of top-down methods (mainly MIS and FOIL-like systems), and a survey of methods and languages for specifying inductive bias. Logic Programming series

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