In this paper we refine the interpretation of the European two-dimensional political space and the investigation of its determinants compared to the approach commonly adopted in the spatial voting literature. Specifically, we take into account heterogeneity and cross-correlation among legislators by explicitly including into the model a spatial effect which, in turn, relies on new sets of linguistic, geographical, institutional and cultural metrics. We confirm that the first dimension of the European political space is mainly explained by the Members of European Parliament's ideological position on a left-right scale. We also find that correlation across legislators plays a significant role in explaining the first dimension when their pairwise distance is defined according to an individualism index, which turns out to be closely related to left-right ideology positioning. Even more interestingly, we show that "space" intended in a broad economic sense plays an important role in interpreting the second dimension of the political spectrum. The most relevant metric that induces spatial effects along the second dimension is based on an institutional index. Moreover, we also find that the second dimension is influenced by the gender composition of the political parties.
{"title":"Do Individual Heterogeneity and Spatial Correlation Matter? An Innovative Approach to the Characterisation of the European Political Space","authors":"G. Iannantuoni, Elena Manzoni, F. Rossi","doi":"10.2139/ssrn.3083570","DOIUrl":"https://doi.org/10.2139/ssrn.3083570","url":null,"abstract":"In this paper we refine the interpretation of the European two-dimensional political space and the investigation of its determinants compared to the approach commonly adopted in the spatial voting literature. Specifically, we take into account heterogeneity and cross-correlation among legislators by explicitly including into the model a spatial effect which, in turn, relies on new sets of linguistic, geographical, institutional and cultural metrics. We confirm that the first dimension of the European political space is mainly explained by the Members of European Parliament's ideological position on a left-right scale. We also find that correlation across legislators plays a significant role in explaining the first dimension when their pairwise distance is defined according to an individualism index, which turns out to be closely related to left-right ideology positioning. Even more interestingly, we show that \"space\" intended in a broad economic sense plays an important role in interpreting the second dimension of the political spectrum. The most relevant metric that induces spatial effects along the second dimension is based on an institutional index. Moreover, we also find that the second dimension is influenced by the gender composition of the political parties.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131223281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Can a DSGE model replicate the financial crisis effects without assuming unprecedented and implausibly large shocks? Starting from the assumption that the subprime crisis triggered the financial crisis, we introduce balance-sheet effects for housing market borrowers and for commercial banks in an otherwise standard DSGE model. Our crisis experiment is initiated by a shock to subprime lending risk, which is calibrated to match the observed increase in subprime delinquency rates. Due to contagion of prime borrowers and to the ensuing adverse effect on banks balance sheets, this apparently small shock is sufficient to trigger a decline in housing investment comparable to what was observed during the financial crisis. The adverse effect of subprimers risk on commercial banks' agency problem is a crucial driver of our results.
{"title":"Subprime Mortgages and Banking in a DSGE Model","authors":"Martino Ricci, P. Tirelli","doi":"10.2139/ssrn.2991333","DOIUrl":"https://doi.org/10.2139/ssrn.2991333","url":null,"abstract":"Can a DSGE model replicate the financial crisis effects without assuming unprecedented and implausibly large shocks? Starting from the assumption that the subprime crisis triggered the financial crisis, we introduce balance-sheet effects for housing market borrowers and for commercial banks in an otherwise standard DSGE model. Our crisis experiment is initiated by a shock to subprime lending risk, which is calibrated to match the observed increase in subprime delinquency rates. Due to contagion of prime borrowers and to the ensuing adverse effect on banks balance sheets, this apparently small shock is sufficient to trigger a decline in housing investment comparable to what was observed during the financial crisis. The adverse effect of subprimers risk on commercial banks' agency problem is a crucial driver of our results.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132319044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between private and official deals, as well as between debt flow and stock reduction. Analyzing 520 restructuring episodes, over the period 1975-2013, we find that private and official defaults may have different growth outcomes. Most importantly, controlling for the severity of the debt crisis, we are able to detect a more lasting and negative relationship between default and growth. While private defaults are generally associated with lower growth during the crisis and over the long run (mitigated by the amount involved), for official defaulters we do not observe a growth contraction throughout the years of the crisis and they are associated with higher growth over the long run (independently of the amount involved). When debt relief operations involve debt write offs, however, the negative relationship between private default and growth becomes blurred, while official defaulters strongly benefit in terms of growth from the face value reduction. Using the Synthetic Control Method, we present further evidence for the heterogeneity of the economic impact of debt restructurings, confirming that official and private defaults may have different effects on GDP growth and should then be treated differently.
{"title":"Life after Default: Private vs. Official Sovereign Debt Restructurings","authors":"S. Marchesi, T. Masi","doi":"10.2139/ssrn.3042568","DOIUrl":"https://doi.org/10.2139/ssrn.3042568","url":null,"abstract":"This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between private and official deals, as well as between debt flow and stock reduction. Analyzing 520 restructuring episodes, over the period 1975-2013, we find that private and official defaults may have different growth outcomes. Most importantly, controlling for the severity of the debt crisis, we are able to detect a more lasting and negative relationship between default and growth. While private defaults are generally associated with lower growth during the crisis and over the long run (mitigated by the amount involved), for official defaulters we do not observe a growth contraction throughout the years of the crisis and they are associated with higher growth over the long run (independently of the amount involved). When debt relief operations involve debt write offs, however, the negative relationship between private default and growth becomes blurred, while official defaulters strongly benefit in terms of growth from the face value reduction. Using the Synthetic Control Method, we present further evidence for the heterogeneity of the economic impact of debt restructurings, confirming that official and private defaults may have different effects on GDP growth and should then be treated differently.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122031260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A new class of preference-aggregation rules is proposed, weak-veto rules. Weak-veto rules are applicable in settings characterized by strong pre-existing views on the desirability of different outcomes, whose recommendations should be modified only in the presence of strenuous opposition. They are characterized by strategy-proofness, strong efficiency, and unanimity-basedness. When non-manipulability requirements are strengthened to K-strategy-proofness, the positive results are weakened, except for the case of three alternatives and a sub-class of weak-veto rules based on Kemeny distances. This demonstrates the compatibility of stronger efficiency and non-manipulability properties for the three-alternative model.
{"title":"An Investigation of Weak-Veto Rules in Preference Aggregation","authors":"Stergios Athanasoglou","doi":"10.2139/ssrn.2920436","DOIUrl":"https://doi.org/10.2139/ssrn.2920436","url":null,"abstract":"A new class of preference-aggregation rules is proposed, weak-veto rules. Weak-veto rules are applicable in settings characterized by strong pre-existing views on the desirability of different outcomes, whose recommendations should be modified only in the presence of strenuous opposition. They are characterized by strategy-proofness, strong efficiency, and unanimity-basedness. When non-manipulability requirements are strengthened to K-strategy-proofness, the positive results are weakened, except for the case of three alternatives and a sub-class of weak-veto rules based on Kemeny distances. This demonstrates the compatibility of stronger efficiency and non-manipulability properties for the three-alternative model.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122014215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We take school admission mechanisms to the lab to test whether the widely-used manipulable Boston-mechanism disadvantages students of lower cognitive ability and whether this leads to ability segregation across schools. Results show this is the case: lower ability participants receive lower payoffs and are over-represented at the worst school. Under the strategy-proof Deferred Acceptance mechanism, payoff differences are reduced, and ability distributions across schools harmonized. Hence, we find support for the argument that a strategy-proof mechanisms “levels the playing-field”. Finally, we document a trade-off between equity and efficiency in that average payoffs are larger under Boston than under Deferred Acceptance.
{"title":"Cognitive Ability and Games of School Choice","authors":"Christian Basteck, M. Mantovani","doi":"10.2139/ssrn.2798709","DOIUrl":"https://doi.org/10.2139/ssrn.2798709","url":null,"abstract":"We take school admission mechanisms to the lab to test whether the widely-used manipulable Boston-mechanism disadvantages students of lower cognitive ability and whether this leads to ability segregation across schools. Results show this is the case: lower ability participants receive lower payoffs and are over-represented at the worst school. Under the strategy-proof Deferred Acceptance mechanism, payoff differences are reduced, and ability distributions across schools harmonized. Hence, we find support for the argument that a strategy-proof mechanisms “levels the playing-field”. Finally, we document a trade-off between equity and efficiency in that average payoffs are larger under Boston than under Deferred Acceptance.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126477986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Unsophisticated applicants can be at a disadvantage under manipulable and hence strategically demanding school choice mechanisms. Disclosing information on applications in previous admission periods makes it easier to asses the chances of being admitted at a particular school, and hence may level the playing field between applicants who differ in their cognitive ability. We test this conjecture experimentally for the widely used Boston mechanism. Results show that, absent this information, there exist a substantial gap between subjects of higher and lower cognitive ability, resulting in significant differences in payoffs, and ability segregation across schools. The treatment is effective in improving applicants’ strategic performance. However, because both lower and higher ability subjects improve when they have information about past demands, the gap between the two groups shrinks only marginally, and the instrument fails at levelling the playing field.
{"title":"Protecting Unsophisticated Applicants in School Choice through Information Disclosure","authors":"Christian Basteck, M. Mantovani","doi":"10.2139/ssrn.2797584","DOIUrl":"https://doi.org/10.2139/ssrn.2797584","url":null,"abstract":"Unsophisticated applicants can be at a disadvantage under manipulable and hence strategically demanding school choice mechanisms. Disclosing information on applications in previous admission periods makes it easier to asses the chances of being admitted at a particular school, and hence may level the playing field between applicants who differ in their cognitive ability. We test this conjecture experimentally for the widely used Boston mechanism. Results show that, absent this information, there exist a substantial gap between subjects of higher and lower cognitive ability, resulting in significant differences in payoffs, and ability segregation across schools. The treatment is effective in improving applicants’ strategic performance. However, because both lower and higher ability subjects improve when they have information about past demands, the gap between the two groups shrinks only marginally, and the instrument fails at levelling the playing field.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122018531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. Comi, M. Gui, Federica Origo, L. Pagani, G. Argentin
We provide evidence on whether ICT-related teaching practices affect student achievement. We use a unique student-teacher dataset containing variables on a wide set of very specific uses of computer and ICT by teachers matched with data on national standardized tests for 10th grade students. Our identification strategy relies on a within-student between-subject estimator and on a rich set of teacher's controls. We find that computer-based teaching methods increase student performance when they increase students’ awareness in ICT use and when they enhance communication. Instead, we find a negative impact of practices requiring an active role of the students in classes using ICT. Our findings suggest that the effectiveness of ICT at school depends on the actual practice that teachers make of it and on their ability to integrate ICT into their teaching process.
{"title":"Is it the Way They Use it? Teachers, ICT and Student Achievement","authors":"S. Comi, M. Gui, Federica Origo, L. Pagani, G. Argentin","doi":"10.2139/ssrn.2795207","DOIUrl":"https://doi.org/10.2139/ssrn.2795207","url":null,"abstract":"We provide evidence on whether ICT-related teaching practices affect student achievement. We use a unique student-teacher dataset containing variables on a wide set of very specific uses of computer and ICT by teachers matched with data on national standardized tests for 10th grade students. Our identification strategy relies on a within-student between-subject estimator and on a rich set of teacher's controls. We find that computer-based teaching methods increase student performance when they increase students’ awareness in ICT use and when they enhance communication. Instead, we find a negative impact of practices requiring an active role of the students in classes using ICT. Our findings suggest that the effectiveness of ICT at school depends on the actual practice that teachers make of it and on their ability to integrate ICT into their teaching process.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127492461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThe purpose of this paper is to estimate foreign direct investment (FDI) premia in the former Soviet states.Design/methodology/approachThe authors follow an empirical approach. Using Orbis data for a sample of more than 3,000 companies, the authors characterize FDI involvement and FDI premia of firms from three distinctive groups of former Soviet states, designated “upper-middle”-income, “lower-middle”-income and “high”-income countries. This yields interesting within-group and between-group results on the effects of outward FDI (OFDI) and inward FDI (IFDI) on firm-level innovation.FindingsThe authors unveil new facts about innovation and FDI in the former Soviet states. FDI firms innovate more than non-FDI firms and OFDI firms innovate more than IFDI firms. The innovation effect of OFDI is the largest for firms from the “lower-middle” countries, followed by the “high” and “upper-middle” countries. The innovation effect of IFDI is the largest for firms from the “lower-middle” countries, followed by the “upper-middle” and “high” countries. FDI to and from Europe has the largest impact on innovation; this holds across country groups.Research limitations/implicationsThe estimates of this paper document robust FDI premia, i.e., a positive and significant correlation between firm-level innovation and FDI. However, the cross-sectional nature of the data does not permit a proper causality analysis.Originality/valueThe paper contributes to the literature on FDI premia by: considering IFDI and OFDI in a unified empirical framework; dissecting IFDI and OFDI by location; measuring firm-level productivity in terms of innovation; and providing cross-country comparable evidence on both emerging and advanced economies. At the same time, the paper contributes to the literature on FDI from emerging economies by: taking a firm-level quantitative approach; focusing on a relatively unexplored set of countries; and providing comparable cross-country evidence on both emerging and advanced economies.
{"title":"Some Twins are Not Alike: FDI Premia in the Former Soviet States","authors":"V. Gattai, Rajssa Mechelli, Piergiovanna Natale","doi":"10.2139/ssrn.2795139","DOIUrl":"https://doi.org/10.2139/ssrn.2795139","url":null,"abstract":"PurposeThe purpose of this paper is to estimate foreign direct investment (FDI) premia in the former Soviet states.Design/methodology/approachThe authors follow an empirical approach. Using Orbis data for a sample of more than 3,000 companies, the authors characterize FDI involvement and FDI premia of firms from three distinctive groups of former Soviet states, designated “upper-middle”-income, “lower-middle”-income and “high”-income countries. This yields interesting within-group and between-group results on the effects of outward FDI (OFDI) and inward FDI (IFDI) on firm-level innovation.FindingsThe authors unveil new facts about innovation and FDI in the former Soviet states. FDI firms innovate more than non-FDI firms and OFDI firms innovate more than IFDI firms. The innovation effect of OFDI is the largest for firms from the “lower-middle” countries, followed by the “high” and “upper-middle” countries. The innovation effect of IFDI is the largest for firms from the “lower-middle” countries, followed by the “upper-middle” and “high” countries. FDI to and from Europe has the largest impact on innovation; this holds across country groups.Research limitations/implicationsThe estimates of this paper document robust FDI premia, i.e., a positive and significant correlation between firm-level innovation and FDI. However, the cross-sectional nature of the data does not permit a proper causality analysis.Originality/valueThe paper contributes to the literature on FDI premia by: considering IFDI and OFDI in a unified empirical framework; dissecting IFDI and OFDI by location; measuring firm-level productivity in terms of innovation; and providing cross-country comparable evidence on both emerging and advanced economies. At the same time, the paper contributes to the literature on FDI from emerging economies by: taking a firm-level quantitative approach; focusing on a relatively unexplored set of countries; and providing comparable cross-country evidence on both emerging and advanced economies.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131365468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the context of the property rights theory of the firm, we study the role of investment spillovers in shaping the efficiency ranking of ownership regimes. In our model, spillovers arise from asset-embodied investment and footloose investment. Under the former, the benefits of investment can be appropriated only through asset control; under the latter, the benefits of investment can be appropriated independently of asset control. Our model predicts that asset-embodied investment favors the adoption of non-integration, while joint ownership may prevail in the presence of footloose investment.
{"title":"Optimal Ownership Regime in the Presence of Investment Spillovers","authors":"Piergiovanna Natale, V. Gattai","doi":"10.2139/ssrn.2756717","DOIUrl":"https://doi.org/10.2139/ssrn.2756717","url":null,"abstract":"In the context of the property rights theory of the firm, we study the role of investment spillovers in shaping the efficiency ranking of ownership regimes. In our model, spillovers arise from asset-embodied investment and footloose investment. Under the former, the benefits of investment can be appropriated only through asset control; under the latter, the benefits of investment can be appropriated independently of asset control. Our model predicts that asset-embodied investment favors the adoption of non-integration, while joint ownership may prevail in the presence of footloose investment.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125523427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that "not all the oil price shocks are alike", yet without imposing any a priori identification assumption. We find evidence of recessionary effects triggered not only by oil price hikes, but also by oil price slumps in some cases, likewise for the most recent episode, which is also rising deflation risk and financial distress. In addition through uncertainty effects, the current slump might then be depressing aggregate demand by increasing the real interest rate, as ECB monetary policy is already conducted at the zero lower bound. The increase in real money balances following the slump points to the accommodation of the shock by the ECB, concurrent with the implementation of the Quantitative Easing policy (Q.E.). Yet, in so far as Q.E. failed to generate inflationary expectations within the current and expected environment of soft oil prices, the case for a more expansionary use of fiscal policy than in the past would become compelling, in order to counteract the deflationary and recessionary threats to the euro area.
{"title":"Macroeconomic and Financial Effects of Oil Price Shocks: Evidence for the Euro Area","authors":"C. Morana","doi":"10.2139/ssrn.2738044","DOIUrl":"https://doi.org/10.2139/ssrn.2738044","url":null,"abstract":"The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that \"not all the oil price shocks are alike\", yet without imposing any a priori identification assumption. We find evidence of recessionary effects triggered not only by oil price hikes, but also by oil price slumps in some cases, likewise for the most recent episode, which is also rising deflation risk and financial distress. In addition through uncertainty effects, the current slump might then be depressing aggregate demand by increasing the real interest rate, as ECB monetary policy is already conducted at the zero lower bound. The increase in real money balances following the slump points to the accommodation of the shock by the ECB, concurrent with the implementation of the Quantitative Easing policy (Q.E.). Yet, in so far as Q.E. failed to generate inflationary expectations within the current and expected environment of soft oil prices, the case for a more expansionary use of fiscal policy than in the past would become compelling, in order to counteract the deflationary and recessionary threats to the euro area.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"133 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120981127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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