Sulla proposta di istituzione dell’Assegno Unico e Universale per i Figli (AUUF)

L'approvazione, imminente, della Legge delega per il varo dell'Assegno unico e universale per i figli (AUUF) rappresenta un importante momento della riforma degli istituti di trasferimento monetario del welfare del nostro paese. Il Gruppo Arel/Feg/Alleanza per l'infanzia intende fornire un proprio contributo nella fase di elaborazione dei Decreti attuativi, proponendosi di ragionare su tale riforma nel presupposto che il testo della Legge delega approvata alla Camera venga approvato in via definitiva al Senato (A.S. n. 1892) senza modificazioni e che i contributi che si vorranno fornire siano rispettosi dei principi contenuti nella Legge delega, pur tenendo conto dei margini di discrezionalità che essa lascia aperti nella produzione dei decreti legislativi

Policies for later-life families in a comparative European perspective

The original version of this chapter was published with incorrect information in Table 14.1, which has been updated now

The Role of Relative Price Volatility in the Efficiency of Investment Allocation

This paper estimates the impact of relative price volatility on sector-level investment allocation using a panel of 65 countries with data for 26 manufacturing industries over the period 1985-2003. Results indicate that volatility distorts efficient investment allocation in that investment is not necessarily devoted to relatively more productive sectors, especially in emerging market economies that are highly exposed and may lack the necessary institutions to deal with it successfully. This is evidence in support of theories suggesting that relative price volatility provides incentives for entrepreneurs to adopt more malleable but less productive production technologies, enabling them to accommodate more easily abrupt and frequent changes in relative prices, but at the cost of using less productive technologies

Milan: A City Lost in the Transition from the Growth Machine Paradigm Towards a Social Innovation Approach

Milan can be described as a city lost in transition. For more than two decades, Milan has been ruled by a system of strongly market-oriented governance, following the rhetoric that creating a "good business climate" is an effective way to not only foster growth and innovation but also eradicate poverty and deliver higher standards of living. This approach has led to: (a) a disinvestment in welfare services directly provided by the municipality, in favour of a more residual welfare system based on non-profit and private involvement; (b) a huge investment in neo-liberal tools of government for the economic development of the city, such as the promotion of international events (Expo 2015) and large real estate investments through public–private partnerships. After some scandals as well as a huge increase of social inequalities, municipal elections rewarded a new coalition following a style of governance oriented to a social innovation approach. However, the difficult financial situation of the municipality has reduced ambitions of the current government

Are Crises Good for Long-Term Growth? The Role of Political Institutions

This paper provides empirical evidence for the importance of institutions in determining the outcome of crises on long-term growth. Once unobserved country-specific effects and other sources of endogeneity are accounted for, political institutions affect growth through their interaction with crises. The results suggest that only countries with strong democracies, high levels of political competition and external constraints on government can potentially benefit from crises and use them as opportunities to enhance long-term output per capita and productivity growth

Financial Development and TFP Growth: Cross Country and Industry Level Evidence

This paper estimates the impact of financial development on industry-level total factor productivity (TFP) growth using a largely unexploited panel of 77 countries with data for 26 manufacturing industries for the years 1963 to 2003. A significant relationship is found between financial development and industry-level TFP growth when controlling for country-time and industry-time fixed effects. The results are both statistically and economically significant. TFP growth can accelerate up to 0.6 percent per year, depending on the external finance requirement of industries, following a one standard deviation increase in financial development. The results are robust to different samples and specifications

Financial Integration and Foreign Banks in Latin America: How Do They Impact the Transmission of External Financial Shocks?

This paper explores the impact of international financial integration on credit markets in Latin America, using a cross-country dataset covering 17 countries between 1996 and 2008. It is found that financial integration amplifies the impact of international financial shocks on aggregate credit and interest rate fluctuations. Nonetheless, the net impact of integration on deepening credit markets dominates for the large majority of states of nature. The paper also uses a detailed bank-level dataset that covers more than 500 banks for a similar time period to explore the role of financial integrationcaptured through the participation of foreign banksin propagating external shocks. It is found that interest rates charged and loans supplied by foreign-owned banks respond more to external financial shocks than those supplied by domestically owned banks. This does not hold for all foreign banks. Spanish banks in the sample behave more like domestic banks and do not amplify the impact of foreign shocks on credit and interest rates

Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration

Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods relative to their domestic absorption - a proxy for potential changes in the real exchange rate - and large foreign-exchange denominated debts towards the domestic banking system are claimed to be key determinants of the probability of 3S, producing a balancesheet effect with non-linear impacts on the probability of 3S. While financial integration is up to a point associated with a higher likelihood of 3S, beyond that point financial integration is associated with a lower likelihood of 3S