Pubblicazini SSD SECS-P/02 – Dipartimento di Scienze Economiche e Sociali

DiSES – Pubblicazioni 2014-2015

S S D

AGR/01

SECS-P/01

SECS-P/02

SECS-P/02 – Politica economica

Pietro Alessandrini, Michele Fratianni, Andrew Hughes Hallett, Andrea Filippo Presbitero (2014), External imbalances and financial fragility in the euro area in “Open Economies Review”, Vol. 25, n. 1, pp. 3-34
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/163503

Pietro Alessandrini, Luca Papi, Andrea Filippo Presbitero, Alberto Zazzaro (2014), Crisi finanziaria globale, crisi sovrana e crisi bancaria: l’Italia e il confronto europeo in Alberto Zazzaro, “Le banche e il credito alle imprese durante la crisi”, pp. 25-62, Bologna: Il Mulino.
Lang.: ita – ISBN: 9788815247001 – Referee: Nessuno – Rilev.: Nazionale – Category: Contributo in volume (Capitolo o Saggio)
IRIS: https://iris.univpm.it/handle/11566/157722

David Bartolini, Raffaella Santolini (2014), Political institutions behind good governance
Lang.: eng – Category: Altro
Abstract: The present work looks at the role of political institutions – political regimes and electoral rules – in determining the performance of the government to define and implement sound policies for the economy. The results of the empirical investigation on a panel of 80 democracies over the period 1996-2011, show an important impact of the political regime on the performance of the government – the presidential regimes reduces the quality of the government -, while electoral rules do not matter. However, the analysis shows that the interaction between political regimes and electoral rules plays a crucial role for the quality of the government. In particular, a presidential regime improves the government performance when associated with a majoritarian rule, while worsens it when combined with a proportional rule.
Note: Quaderno di ricerca n. 405 – ISSN 2279-9575
IRIS: https://iris.univpm.it/handle/11566/187302

Andrea Bonfiglio, Roberto Esposti, Francesco Pagliacci, Franco Sotte, Beatrice Camaioni (2014), Regional perspectives and distributional effects of European regional policies
Lang.: eng – Rilev.: Internazionale – Category: Monografia o trattato scientifico
Note: European Research
IRIS: https://iris.univpm.it/handle/11566/223954

Beatrice Camaioni, Roberto Esposti, Antonello Lobianco, Francesco Pagliacci, Franco Sotte (2014), Looking for PeripheRurality
Lang.: eng – Rilev.: Internazionale – Category: Monografia o trattato scientifico
IRIS: https://iris.univpm.it/handle/11566/223956

Beatrice Camaioni, Roberto Esposti, Francesco Pagliacci, Franco Sotte (2014), How much rural is the CAP?
Lang.: eng – Rilev.: Internazionale – Category: Monografia o trattato scientifico
Note: European Reseach
IRIS: https://iris.univpm.it/handle/11566/223955

Beatrice Camaioni, Roberto Esposti, Francesco Pagliacci, Franco Sotte (2014), How does space affect the allocation of the EU Rural Development Policy Expenditure? An econometric assessment, Dipartimento di Scienze Economiche e Sociali – Università Politecnica delle Marche, Ancona
Category: Monografia o trattato scientifico
IRIS: https://iris.univpm.it/handle/11566/223935

F. Clementi, Marco Gallegati, Mauro Gallegati (2015), Growth and cycles of the Italian economy since 1861:the new evidence in “Italian Economic Journal”, Vol. 1, n. 1, pp. 25-59
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Abstract: Based on a newly-available large set of historical national accounts, this paper revisits the main features of economic growth and cycles in Italy for the post-Unification period 1861–2011. Alongside the structural changes in growth dynamics,themain sources of output and productivity growth are identified. As regards the analysis of the underlying cyclical component, a business cycle chronology is first establishedand then both the specific patterns of individual cycles and the co-movements of output with keymacroeconomic variables are investigated. In the 150 years since itspolitical Unification, Italy’s economic growth was mainly propelled by consumption and investments, whereas on the supply side the industry and services sectors were byfar the main contributors, also because of the positive effect of labour reallocation to nonfarm activities. Over the same period, Italy experienced approximately 20 businesscycles of varying duration and amplitude. Output fluctuations were dominated by the short-term variability of agricultural production before World War II and by fluctuations of the industry sector thereafter. The cyclical behaviour exhibited by aggregate demand components conforms quite well to that evidenced in the standard internationalbusiness cycle literature, although some exceptions arise in the pre-World War II years.
IRIS: https://iris.univpm.it/handle/11566/140878

Marco Cucculelli, Pietro Alessandrini (2014), I sostegni finanziari ai distretti: credito, innovazioni finanziarie e interventi pubblici in Coltorti Fulvio, “Idee, esperienze e progetti per rafforzare o ricostruire la competitività dei territori”, pp. 44-60, Unioncamere, Roma
Lang.: ita – ISBN: 9788860771391 – Referee: Esperti anonimi – Rilev.: Nazionale – Category: Contributo in volume (Capitolo o Saggio)
Abstract: Il presente lavoro assume come base di riferimento la profonda evoluzione strutturale che ha alterato l’assetto organizzativo e l’estensione delle relazioni geografico-produttive delle imprese distrettuali. L’ampliamento territoriale dei rapporti funzionali tra imprese e il maggiore peso delle imprese mediograndi hanno rilevanti conseguenze non solo sulla divisione del lavoro nei distretti e sulla loro competitività, ma anche sulle esigenze di una struttura finanziaria più solida. La crisi attuale, che ha colpitosensibilmente i distretti in alcune regioni, ha messo in evidenza la necessità di una maggiore diversificazione della domanda di finanziamenti e della introduzione di strumenti innovativi dal latodell’offerta di credito. Nel lavoro si passano in rassegna gli interventi di sostegno finanziario dell’operatore pubblico afavore dei distretti. In particolare, l’analisi a livello regionale mostra una elevata eterogeneità negli approcci seguiti, con riferimento ai tempi degli interventi e alla natura delle azioni proposte. Inoltre, si registra una sostanziale assenza di interventi diretti alle aree distrettuali attraverso l’attivazione dirisorse finanziarie specifiche, mentre nella gran parte dei casi si è fatto ricorso a risorse e strumenti sviluppati per altre iniziative ed estesi implicitamente alle aree e/o imprese distrettuali.Le conclusioni mettono in evidenza le interazioni finanziarie virtuose che si ritiene necessario attivare con il concorso di tutti gli attori: le imprese, le banche, i confidi, le istituzioni pubbliche.
IRIS: https://iris.univpm.it/handle/11566/206547

Barbara Ermini, Raffaella Santolini (2014), Does globalization matter on fiscal decentralization? New evidence from the OECD in “Global Economic Review”, Vol. 43, n. 2, pp. 153-183
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Abstract: In this paper, we re-examine the effects of globalization on fiscal decentralization of Organisation for Economic Co-operation and Development (OECD) member countries by using the overall KOF index of globalization and its main subcomponents — economic, political and social integration. Using different indicators of fiscal decentralization, we find a positive impact of the overall index of globalization on both tax revenue and expenditure decentralization side, although not robust across different panel data specifications. Focusing on the links between decentralization and subcomponents of globalization, we find that both economic and social integration foster fiscal decentralization, whereas political integration inhibits its growth.
IRIS: https://iris.univpm.it/handle/11566/172102

Roberto Esposti (2014), La multifunzionalità in agricoltura: tra diversificazione e trasformazione. in “AgriMarchEuropa”, Vol. 5
Lang.: ita – Referee: Comitato scientifico – Rilev.: Locale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/224132

Roberto Esposti (2014), La risposta delle imprese agricole al disaccoppiamento: tra teoria ed evidenza empirica. in “AgriRegioniEuropa”, Vol. 10, n. 39, pp. 50-54
Lang.: ita – Referee: Esperti anonimi – Rilev.: Nazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/224131

Roberto Esposti (2014), The economic impact of agricultural projects in a petroleum-exporting country: the case of palm oil in the Republic of Congo in “International Development Planning Review”, Vol. 36, n. 2, pp. 133-154
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/185504

Roberto Esposti (2014), On Why and How Agriculture Declines. Evidence from Italian Regions in the Post-WWII Period in “Structural Change and Economic Dynamics”, Vol. 31, pp. 73-88
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/185503

Roberto Esposti, Beatrice Camaioni, Francesco Pagliacci, Franco Sotte (2014), La distribuzione territoriale della PAC: tante politiche in una. in “AgriRegioniEuropa”, Vol. 10, n. 38, pp. 24-27
Lang.: ita – Referee: Esperti anonimi – Rilev.: Nazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/224130

Roberto Esposti, Silvia Coderoni (2014), Is there a Long-Term Relationship between Agricultural GHG Emissions and Productivity Growth? A Dynamic Panel Approach in “Environmental & Resource Economics”, Vol. 58, n. 2, pp. 273-302
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/160726

Marco Gallegati (2014), Early warning signals of financial stress: a “wavelet-based” composite indicators approach in Frauke Schleer-van Gellecom, “Advances in Non-linear Economic Modeling. Theory and Applications”, pp. 115-138, SPRINGER BERLIN, Heidelberg
Lang.: eng – ISBN: 9783642420382 – Referee: Sì, ma tipo non specificato – Rilev.: Internazionale – Category: Contributo in volume (Capitolo o Saggio)
Abstract: In this paper we exploit the usefulness of wavelet multi resolution analysis in providing early warning signals of financial stress conditions.The proposed “wavelet-based” approach gives rise to a composite indicator obtained by aggregating several “scale-based” sub-indexes whose individual components are selected on the basis of their cross-correlationsproperties at different frequency bands. The performanceof the “wavelet-based” composite indicator is assessed by evaluating its predictive power relative to the individual financial variables taken in isolation through an out-of-sample forecasting exercise for the US financial stress index. The findings indicate that the wavelet-based compositeindicator largely outperforms any individual financial variabletaken in isolation in early detecting nancial stress at every horizon and that the gain tends to increase as the time horizon increases.
IRIS: https://iris.univpm.it/handle/11566/115663

Marco Gallegati (2014), Making leading indicators more leading. A “wavelet-based” method for the construction of composite leading indexes in “PECD Journal: Journal of Business Cycle Measurement and Analysis”, Vol. 2014, n. 1, pp. 67-87
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Abstract: This paper proposes a novel wavelet-based approach for constructing composite indicators. The wavelet-based methodology exploits the ability of wavelet analysis to analyze the relationships between variables on a scale-by-scale, rather than aggregate, basis. A wavelet-basedindex which combines several “scale-based” sub-indexes is constructed by using a “scale-by-scale” selection of the components included in the OECD composite leading indicator (CLI) for the US. The comparisonwith the CLI and its derived measures indicate that the wavelet-based composite index tends to provide early signals of business cycle turning points well in advance of the OEDC CLI. Moreover we find that the reliability of the signals tends to increase considerably when the sub-index obtained from the time scale components corresponding tominor cycles, i.e. 2-4 years, is removed from the overall wavelet-based index.
IRIS: https://iris.univpm.it/handle/11566/115662

Marco Gallegati, Mauro Gallegati, J.B. Ramsey, W. Semmler (2014), Does Productivity Affect Unemployment?A Time-Frequency Analysis for the US in Gallegati Marco, Semmler W., “Wavelet Applications in Economics and Finance”, pp. 23-46, Springer Verlag Germany:Tiergartenstrasse 17, D 69121 Heidelberg
Lang.: eng – ISBN: 9783319070605 – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Contributo in volume (Capitolo o Saggio)
Abstract: The effect of increased productivity on unemployment has long been disputed both theoretically and empirically. Although economists mostly agree on the long run positive effects of labor productivity, there is still much disagreementover the issue as to whether productivity growth is good or bad for employment in the short run. Does productivity growth increase or reduce unemployment? This paper try to answer this question by using the property of wavelet analysis to decompose economic time series into their time scale components, each associated to a specific frequency range. We decompose the relevant US time series data in different time scale components and consider co-movements of productivityand unemployment over different time horizons. In a nutshell, we conclude that, according to US post-war data, productivity creates unemployment in the short andmedium terms, but employment in the long run.
IRIS: https://iris.univpm.it/handle/11566/183503

Marco Gallegati, J.B. Ramsey (2014), The forward looking information content of equity and bond markets for aggregate investments in “Journal of Economics and Business”, Vol. 75, n. September-Octob, pp. 1-24
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Abstract: The literature on aggregate investment has recently shifted attention away from the stock market in favor of the bond market as a consequence of the disappointing empirical results of stock market’s Q and the ability of credit spreads to forecast investment and output growth. In this paper we examine the different information content of Tobin’s Q and corporate bond spread for aggregate investments in the US by means of wavelet analysis. The evidence shows that equity and bond markets’ information contents are complementary each other rather than alternative. In particular, a progressive shift in the respective contributions of stock market’s Q and the relative price of corporate bonds for aggregate investments emerges when moving from higher to lower scales, the contribution of stock market’s Q being predominant at higher scales, whereas that of the relative price of corporate bonds has a tendency to increase as the time scale decreases.
IRIS: https://iris.univpm.it/handle/11566/161902

Marco Gallegati, J.B. Ramsey, W. Semmler (2014), Interest rate spreads and output: A time scale decompositionanalysis using wavelets in “Computational Statistic & Data Analysis”, Vol. 76, pp. 283-290
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Abstract: The information content of several interest rate spreads for future output growth is analyzed using wavelet analysis. The ‘‘scale-by-scale’’ regression analysis shows thatstandard indicators of the stance of monetary policy, such as the shape of the yield curve,the real federal funds rate, and the credit spread have different information content forfuture output at different time frames. This is consistent with the idea that allowingfor different time scales of variation in the data can provide a deeper understanding of the complex dynamics between real and financial variables, certainly richer than thoseobtainable using standard aggregate regression methods.
IRIS: https://iris.univpm.it/handle/11566/161903

Marco Gallegati, W. Semmler (2014), Wavelet Applications in Economics and Finance, Springer Verlag Germany:Tiergartenstrasse 17, D 69121 Heidelberg
Lang.: eng – ISBN: 9783319070612 – Rilev.: Internazionale – Category: Monografia o trattato scientifico
Abstract: This book deals with the application of wavelet and spectral methods for the analysis of nonlinear and dynamic processes in economics and finance. It reflects some of the latest developments in the area of wavelet methods applied to economics and finance. The topics include business cycle analysis, asset prices, financial econometrics, and forecasting. An introductory paper by James Ramsey, providing a personal retrospective of a decade’s research on wavelet analysis, offers an excellent overview over the field.
IRIS: https://iris.univpm.it/handle/11566/183502

C. Mussida, Matteo Picchio (2014), The trend over time of the gender wage gap in Italy in “Empirical Economics”, Vol. 46, n. 3, pp. 1081-1110
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/144479

C. Mussida, Matteo Picchio (2014), The gender wage gap by education in Italy in “The Journal of Economic Inequality”, Vol. 12, n. 1, pp. 117-147
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
IRIS: https://iris.univpm.it/handle/11566/144478

Luca Papi, Andrea Filippo Presbitero, Alberto Zazzaro (2014), I consorzi di garanzia fidi durante la crisi: alcune evidenze empiriche in Zazzaro A., “Le banche e il credito alle imprese durante la crisi”, pp. 301-330, Bologna: Il Mulino.
Lang.: ita – ISBN: 9788815247001 – Referee: Nessuno – Rilev.: Nazionale – Category: Contributo in volume (Capitolo o Saggio)
IRIS: https://iris.univpm.it/handle/11566/157724

Luca Papi, Andrea Filippo Presbitero, Alberto Zazzaro (2015), IMF lending and banking crises
Lang.: eng – Category: Altro
Keywords: Banking Crises; IMF Programs Political economy; Conditionality
Note: IMF Working Paper 15/19
IRIS: https://iris.univpm.it/handle/11566/225036

Matteo Picchio (2015), Is training effective for older workers? in “IZA Worls of Labor”, Vol. 121, pp. 1-10
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Keywords: older workers; training; human capital; employability
Abstract: The labor market position of older workers is cause for concern in many industrialized countries. Rapid population aging is challenging pension systems. The recent economic crisis has forced many older adults out of the workforce, into either pre-retirement or non-employment. Encouraging people to work longer and fostering the employability of older workers have become priorities for policymakers. Training specifically designed for older workers might help attain these goals, since it may refresh human capital and reduce the pay–productivity gap. Training older workers might also benefit employers and society as a whole.
IRIS: https://iris.univpm.it/handle/11566/213513

Claudia Pigini, Stefano Staffolani (2015), Beyond participation: do the cost and quality of higher education shape the enrollment composition? The case of Italy in “Higher Education”
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Keywords: Enrolment cost, University quality, Enrollment composition, University choices, Nested logit model
Abstract: We analyze the effects of costs, geographical accessibility, and quality of higher education institutions on participation and on the composition of enrolled students, in terms of their educational and socio-economic backgrounds. We develop a theoretical framework for higher education choices of secondary school graduates where differently talented individuals are financially constrained both in the participation decision and in the choice of which university to attend. The predictions of our theoretical model are tested by estimating a nested logit model for the enrollment decision and university choice where the effect of supply-side attributes is allowed to be heterogeneous across students’ secondary school background and family social class. We find that lower costs and a greater territorial diffusion increase enrollments of economically disadvantaged students and, at the same time, of students with weaker educational backgrounds. Instead, higher quality institutions attract more talented students regardless of their families’ economic and social status.
IRIS: https://iris.univpm.it/handle/11566/226140

Claudia Pigini, Stefano Staffolani (2015), The effects of University Costs and Institutional Incentives on Enrolments: empirical evidence for Italian Regions in Chiara Mussida, Francesco Pastore, “Geographical Labor Market Imbalances”, pp. 261-282, Springer, Heidelberg
ISBN: 978-3-642-55202-1 – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Contributo in volume (Capitolo o Saggio)
Keywords: Conditional logit model, Enrolment cost, Graduate’s mobility, Regional differentials, University enrolment
Abstract: We study the relationship between the enrolment decisions of Italian secondary school graduates and the cost of participating in higher education. In particular, we look into the role of incentives, such as scholarship grants and the supply of underpriced accommodation, that are policy tools in the hands of regional institutes (Enti Regionali per il diritto allo Studio Universitario, ERSU). We provide empirical evidence by estimating a conditional logit model mainly using the data from the Italian Institute of Statistics (ISTAT) survey of secondary school graduates in 2004. We find that the enrolment costs play a major role in students university choices: the elasticity of the probability of enrolment to tuition fees is $-0.062$ for the average region, the one to expected grants is 0.028 and the one to expected rent is -0.022. Differences between regions are quite marked: southern regions show lower elasticities, while small central and northern regions thelargest ones.
IRIS: https://iris.univpm.it/handle/11566/226139

Andrea Filippo Presbitero, R. Rabellotti (2014), Geographical Distance and Moral Hazard in Microcredit: Evidence from Colombia in “Journal of International Development”, Vol. 26, pp. 91-108
Lang.: eng – Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Keywords: microcredit, Colombia, distance, relationship lending
IRIS: https://iris.univpm.it/handle/11566/86646

Andrea Filippo Presbitero, Agnese Sacchi, Alberto Zazzaro (2014), Property tax and fiscal discipline in OECD countries in “Economics Letters”, Vol. 124, pp. 428-433
Lang.: eng – Referee: Nessuno – Rilev.: Internazionale – Category: Articolo in rivista
Abstract: This paper investigates the effects of property taxation on fiscal discipline for a sample of OECD countries over the period 1973–2011. We find that aggregate property taxation in total tax revenues is not statistically correlated with the primary surplus-to-GDP ratio. In contrast, a greater reliance on property taxes pertaining to sub-national governments contributes to fiscal discipline, suggesting that fiscal decentralization should favor responsive tax base instruments.
IRIS: https://iris.univpm.it/handle/11566/205847

Andrea Filippo Presbitero, Gregory F. Udell, Alberto Zazzaro (2014), Home Bias and the credit crunch: A national perspective in “Journal of Money, Credit and Banking”, Vol. 46, n. s1, pp. 53-85
Referee: Esperti anonimi – Rilev.: Internazionale – Category: Articolo in rivista
Keywords: banking; credit crunch; flight to quality; distance
Abstract: Using detailed data on loan applications and decisions for a large sample of manufacturing firms in Italy during the recent financial crisis, we find that the credit crunch has been harsher in provinces with a large share of branches owned by distantly managed banks. Inconsistent with a flight to quality we do not find evidence that economically weaker firms suffered more during the crisis. In contrast, we find that financially healthier firms were affected more in functionally distant credit markets than in markets populated by less distant banks, consistent with a home bias on the part of nationwide banks.
IRIS: https://iris.univpm.it/handle/11566/86386