Quaderni di Dipartimento [serie ordinaria – Anno 2008] - Di.S.E.S.

ELENCO DEI QUADERNI DI DIPARTIMENTO – WORKING PAPERS

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ISSN: 2279-9559 (dal n. 1 al n. 157), 2279-9567 (dal n. 158 al n. 363), 2279-9575 (dal n. 364 in poi)

328	Andrea BONFIGLIO
	Evaluating Implications of Agricultural Policies in a Rural Region through a CGE Analysis [dicembre 2008]
	Keywords:
	Common Agricultural Policy, Social Accounting Matrix, policy impact, regional CGE model
	JEL Classification:
	C63	Mathematical and Quantitative Methods – Mathematical Methods; Programming Models; Mathematical and Simulation Modeling – Computational Techniques; Simulation Modeling
	C68	Mathematical and Quantitative Methods – Mathematical Methods; Programming Models; Mathematical and Simulation Modeling – Computable General Equilibrium Models
	O18	Economic Development, Technological Change, and Growth – Economic Development – Regional, Urban, and Rural Analyses; Transportation
	Q18	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – Agricultural Policy; Food Policy
	Abstract:
	This paper aims to analyse economic and social effects produced by changes in agricultural policy on an Italian "significantly rural" region, the Marche region. To this aim, a regional CGE model based on a 2004 SAM, constructed for this purpose, has been applied. Two policy scenarios have been analysed: total removal of price support and full decoupling. Results suggest that price support has indeed sustained agricultural output but has limited growth potentialities of the region. Moreover, it turned out that decoupling partly removes obstacles to a higher allocative efficiency and favours an improvement in income distribution.
	Citations: CitEc

327	Aleksandra PARTEKA, Massimo TAMBERI
	Determinants of Export Diversification: an Empirical Investigation [novembre 2008]
	Keywords:
	sectoral diversification, structural change, trade
	JEL Classification:
	C23	Mathematical and Quantitative Methods – Single Equation Models; Single Variables – Models with Panel Data; Longitudinal Data; Spatial Time Series
	F15	International Economics – Trade – Economic Integration
	O14	Economic Development, Technological Change, and Growth – Economic Development – Industrialization; Manufacturing and Service Industries; Choice of Technology
	O33	Economic Development, Technological Change, and Growth – Technological Change; Research and Development – Technological Change: Choices and Consequences; Diffusion Processes
	Abstract:
	Empirical findings confirm that relatively high specialisation of economic structures tends to be associated with low levels of income per capita, but countries diversify their export structures along their path of growth. However, usually only per capita income, and eventually, country-specific fixed effects are the sole explanatory variables taken into consideration in the estimation of specialisation curves. We extend the analysis of specialisation – economic development nexus and search for the determinants of trade diversification process. Using a panel data-set for 60 countries and twenty years (1985-2004), we combine synthetic specialisation measures obtained with manufacturing exports data (SITC Rev2, 3 digit) with a wide range of country-specific variables characterising their size, geographical conditions, endowments, human capital or institutional setting. It turns out that distance from major markets and country size are the most relevant and robust determinants of export diversification process, explaining together around half of between country variability in specialisation patterns. The results are robust to changes in the disaggregation scheme and in the estimation procedure.
	Citations: CitEc

326	Francesco BALDUCCI
	I mercati delle registrazioni e dei concerti nell'era della musica digitale [settembre 2008]
	Keywords:
	media, music industry, peer-to-peer, recodr companies strategy
	JEL Classification:
	L1	Industrial Organization – Market Structure, Firm Strategy, and Market Performance
	L82	Industrial Organization – Industry Studies: Services – Entertainment; Media
	O33	Economic Development, Technological Change, and Growth – Technological Change; Research and Development – Technological Change: Choices and Consequences; Diffusion Processes
	Z11	Other Special Topics – Cultural Economics; Economic Sociology; Economic Anthropology – Economics of the Arts and Literature
	Abstract:
	[ITALIANO] Le preferenze dei consumatori si stanno trasformando in maniera decisa nei confronti della musica digitale. La diffusione del file sharing e della musica attraverso internet ha modificato profondamente il mercato musicale, i ruoli e le interrelazioni fra gli agenti economici. Il mercato delle registrazioni su supporto tradizionale quello maggiormente penalizzato dal crescente numero di download a causa del fenomeno della sostituzione. Nel mercato degli spettacoli live invece l'effetto dominante quello promozionale. Di conseguenza in una prima fase i profitti delle case discografiche – basati principalmente sulle registrazioni – si sono ridotti mentre quelli di artisti e promoter sono aumentati. Tramite il modello si formalizza il funzionamento dell'odierno mercato musicale alla luce delle interrelazioni fra agenti e sottomercati. Si propone inoltre una soluzione strategica di ingresso nel mercato dei live da parte delle case discografiche tramite fusione con il promoter. Secondo questo scenario anche il profitto delle case discografiche potrebbe aumentare in presenza di file sharing. [ENGLISH] Consumption behaviours, listening habits and musical preferences are constantly changing. The widespread diffusion of digital music has radically modified the music market and agents' behaviour. The greater availability of music made possible by the internet has a negative impact on the recorded music market, due to substitution effect. At the same time, it actually stimulates live concert attendance, thanks to promotional effect. The model shows that, given the present contractual arrangements within the music industry, record companies profit decreases with the number of downloads, while artists profit – based mostly on live shows – increases. A strategic solution for record companies is then proposed. They should extend their business frontiers by entering the concert industry, either by competing or cooperating with artists. In that scenario record companies profit can increase with the number of downloads.
	Citations: CitEc

325	David BARTOLINI, Alberto ZAZZARO
	Are Antitrust Fines Friendly to Competition? An Endogenous Coalition Formation Approach to Collusive Cartels [luglio 2008]
	Keywords:
	antitrust policy, coalition formation, collusive cartels
	JEL Classification:
	C70	Mathematical and Quantitative Methods – Game Theory and Bargaining Theory – General
	L40	Industrial Organization – Antitrust Issues and Policies – General
	L41	Industrial Organization – Antitrust Issues and Policies – Monopolization; Horizontal Anticompetitive Practices
	Abstract:
	A well-established result of the theory of antitrust policy is that it might be optimal to tolerate some degree of collusion among firms if the Authority in charge is constrained by limited resources and imperfect information. However, few doubts are cast on the common opinion by which stricter enforcement of antitrust laws definitely makes market structure more competitive and prices lower. In this paper we challenge this presumption of effectiveness and show that the introduction of a positive (expected) antitrust fine may drive firms from partial cartels to a monopolistic cartel. Moreover, introducing uncertainty on market demand, we show that the social optimal competition policy can call for a finite or even zero antitrust penalty even if there are no enforcement costs. We first show our results in a Cournot industry with five symmetric firms and equilibrium binding agreements. Then we extend the analysis to the case of n symmetric firms and a generic rule of coalition formation. Finally, we consider the case of asymmetric firms and show that our results still hold for an industry populated by one Stackelberg leader and two followers.
	Citations: CitEc

324	Francesco BALDUCCI
	Music or Hi-Tech Lovers? An Empirical Analysis of the Digital Music Market in Italy [luglio 2008]
	Keywords:
	market segmentation, media, music, technological change
	JEL Classification:
	L82	Industrial Organization – Industry Studies: Services – Entertainment; Media
	O33	Economic Development, Technological Change, and Growth – Technological Change; Research and Development – Technological Change: Choices and Consequences; Diffusion Processes
	Z11	Other Special Topics – Cultural Economics; Economic Sociology; Economic Anthropology – Economics of the Arts and Literature
	Abstract:
	Using survey data on cultural consumption by about 650 university students, this article proposes a market segmentation and some rule-of-thumb policy implications for the music industry. Consumption behaviors, listening habits and musical preferences are explained by a large number of variables Nevertheless it is possible to reduce this overload of information into two common factors (using factor analysis). Cluster analysis is accordingly used to group the students-consumers: the digital music lovers cluster is the most profitable for the music industry, whilst those of uninterested subjects and pure hi-tech lovers are the least. The analysis shows that the new digital technologies (for example file sharing) may be harmful for the music industry only within one specific group of consumers. New technologies can instead promote music consumption (especially of live music) by the other categories. By investing in music knowledge and enjoyment, it is possible to make consumers buy digital music legally from authorized sites.
	Citations: CitEc

323	Agnese SACCHI
	Il decentramento della funzione redistributiva: effetti sul benessere degli individui [giugno 2008]
	Keywords:
	decentramento fiscale, disuguaglianza, funzione redistributiva
	JEL Classification:
	D31	Microeconomics – Distribution – Personal Income, Wealth, and Their Distributions
	H72	Public Economics – State and Local Government; Intergovernmental Relations – State and Local Budget and Expenditures
	H77	Public Economics – State and Local Government; Intergovernmental Relations – Intergovernmental Relations; Federalism; Secession
	Abstract:
	[ENGLISH] The objective of the paper is to evaluate theoretically the effects of the assignment of redistribution function to lower levels of government on individuals' welfare, focusing on the level of national and local income inequality. First studies on fiscal federalism suggested negative support to the decentralization of redistribution function (Stigler, 1957; Musgrave, 1959; Oates, 1972). Only in the recent literature, it is possible to find some positive results about the convenience of decentralized redistribution (Wellisch, 2000; Tresch, 2002). In particular, it has been investigated whether economic conditions exist to assign favourably the redistributive responsibility to lower levels of government. The idea – not yet very explored in literature – is to establish what relation should occur between local inequality and overall inequality in order to have socially suitable redistributive spending at local level. It turns out to be a relevant issue, especially if we consider the institutional reforms introduced in Italy in the recent years. The most important result is that even if the mainstream of federalism and redistribution does not find the convenience of decentralized redistribution, there is some space – at least theoretically – for local redistribution, as support of national policies or, in some cases, as a substitute of them. It is possible if certain conditions on income inequality at overall and local level are fulfilled. [ITALIANO] Obiettivo del presente lavoro è valutare gli effetti dell'articolazione su più livelli di governo della funzione redistributiva sul benessere degli individui ponendo l'attenzione sul grado di disuguaglianza a livello nazionale e locale, attraverso un'analisi teorica. Su questo tema, i primi studi sul federalismo fiscale hanno dato sempre risposte negative (Stigler, 1957; Musgrave, 1959; Oates, 1972), e solo in tempi più recenti è emersa qualche incerta risposta positiva (Wellisch, 2000; Tresch, 2002). In particolare, si è tentato di indagare se esistano condizioni economiche per cui sia conveniente assegnare lo svolgimento dei compiti redistributivi ai livelli inferiori di governo. Più specificamente, l'idea – peraltro ancora poco esplorata in letteratura – è arrivare a stabilire in quale rapporto dovrebbero stare disuguaglianza locale e disuguaglianza totale, affinché risulti socialmente conveniente avere spesa redistributiva gestita a livello locale. Questo si è rivelato un tema rilevante, specie osservando le recenti riforme istituzionali che hanno riguardato l'Italia. Il risultato più rilevante è che, nonostante la visione dominante in tema di federalismo e redistribuzione abbia negato la convenienza del decentramento della funzione redistributiva, si aprono spazi – almeno in linea teorica – per la redistribuzione locale, a sostegno delle politiche nazionali o, in alcuni casi, addirittura in sostituzione di queste ultime, in dipendenza dal rapporto tra la disuguaglianza del reddito nazionale e locale.
	Citations: CitEc

322	Barbara ERMINI
	Oltre Gibrat. Capitale umano dei fondatori, endogeneità del finanziamento pubblico e crescita delle giovani imprese hi-tech italiane [maggio 2008]
	Keywords:
	capitale umano, crescita di impresa, finanziamenti pubblici, imprese hi-tech, legge di Gibrat
	JEL Classification:
	C31	Mathematical and Quantitative Methods – Multiple or Simultaneous Equation Models; Multiple Variables – Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Intera
	H25	Public Economics – Taxation, Subsidies, and Revenue – Business Taxes and Subsidies
	J24	Labor and Demographic Economics – Demand and Supply of Labor – Human Capital; Skills; Occupational Choice; Labor Productivity
	L25	Industrial Organization – Firm Objectives, Organization, and Behavior – Firm Performance: Size, Diversification, and Scope
	L26	Industrial Organization – Firm Objectives, Organization, and Behavior – Entrepreneurship
	Abstract:
	Questo lavoro sviluppa un'analisi empirica delle determinanti della crescita dimensionale di un panel di 510 giovani imprese hi-tech italiane nel periodo tra il 1990 e il 2001. Inizialmente, si esamina la relazione tra crescita d'impresa da un lato e dimensione e età dall'altro. L'analisi si concentra quindi sulla valutazione dell'impatto sulla crescita d'impresa del capitale umano dei fondatori e di un finanziamento pubblico selettivo focalizzando l'attenzione sulle conseguenze di una possibile endogeneità del finanziamento pubblico al capitale umano dei fondatori. I risultati evidenziano che le imprese più piccole crescono più velocemente. Contrariamente all'evidenza dominante, l'età ha un impatto positivo; la particolare natura del settore high-tech può spiegare questo risultato. La crescita d'impresa è inoltre influenzata dalle caratteristiche del capitale umano dei fondatori che descrivono la sua attitudine 'vocazionale' tecnico-scientifica, valutata a partire dalle scelte accademiche, e la sua esperienza di lavoro specifica nel settore. Se si introducono controlli per la possibile endogeneità del finanziamento pubblico, emerge che l'accesso a sussidi pubblici selettivi non favorisce la crescita delle giovani imprese hi-tech Complessivamente, si suggerisce che vi sia un problema di auto-selezione nell'accesso ai finanziamenti pubblici da parte degli imprenditori più capaci.
	Citations: CitEc

321	Francesco VENTURINI
	Information Technology, Research & Development, or Both? What Really Drives A Nation's Productivity [maggio 2008]
	Keywords:
	Information Technology, Productivity, Research & Development, Spillovers, Trade
	JEL Classification:
	E22	Macroeconomics and Monetary Economics – Macroeconomics: Consumption, Saving, Production, Employment, and Investment – Capital; Investment; Capacity
	F43	International Economics – Macroeconomic Aspects of International Trade and Finance – Economic Growth of Open Economies
	O32	Economic Development, Technological Change, and Growth – Technological Change; Research and Development – Management of Technological Innovation and R&D
	O47	Economic Development, Technological Change, and Growth – Economic Growth and Aggregate Productivity – Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
	Abstract:
	To what extent are the productivity spillovers of information technology related to R&D activity? Do these factors distinctly affect economic growth, or does the IT impact merely reflect the embodiment of R&D-driven technical progress? Based on country-level data, this work shows that both forms of technically advanced capital (R&D and IT) matter for long-run productivity growth. We control for either the domestic specialization in digital productions or import penetration of high-tech goods. In any case, the national endowment of IT assets emerges as a robust source of spillovers. It is also shown that the R&D base of the domestic producers of IT goods is a fundamental driver of productivity for the industrialized countries. In terms of TFP gains, a low degree of industry specialization in information technology can hardly be compensated by a country's trade openness, ie importing R&D-intensive (IT) goods from abroad. This contrasts to what occurs for less advanced productions.
	Citations: CitEc

320	Giovanni BUSETTA, Dario CORSO
	La legge di Okun: asimmetrie e differenziali territoriali in Italia [maggio 2008]
	Abstract:
	[ABSTRACT] Okun's law turns out from the relationship between economic growth and unemployment fluctuations of the American economy during the sixties. Following his results several analyses tried to test the empirical relevance of the relation, initially estimated by Okun, for different countries and historical periods. Generally, authors found heterogeneous results in estimating Okun's coefficient, depending on the sample and context analylised. Moreover, recent analyses focused on the influence exerted by asymmetric components on the relation between output growth and unemployment rate. In this paper we propose an application regarding the Italian regions. In particular, we perform a panel analysis in order to estimate the influence of asymmetry and local market differences on Okun's relationship. Moreover, observing particularly low values of participation rate on labor market in southern areas, we propose other indicators more compatible with a delayed development area to estimate Okun's coefficient. [SOMMARIO] La legge di Okun consiste in una relazione empirica che lega le variazioni del tasso di disoccupazione alle variazioni nei tassi di crescita del PIL reale. L'interesse rivolto dalla letteratura economica nei confronti di tale relazione deriva dalle sue implicazioni in termini di politiche macroeconomiche. Molti lavori hanno verificato tale relazione in contesti spazio-temporali differenti. Ne è emersa una certa variazione del coefficiente stimato, sia in relazione ai diversi orizzonti temporali, che al variare del contesto spaziale di riferimento In aggiunta, soprattutto i lavori più recenti hanno concentrato l'attenzione sulla eventuale presenza di componenti asimmetriche nella relazione. L'obiettivo della presente analisi consiste nel verificare la validità della legge di Okun in Italia a livello sub nazionale, valutando contemporaneamente gli effetti della suddetta componente asimmetrica. Alla base di tale verifica risiede, infatti, l'ipotesi che in Italia siano presenti alcuni di quegli aspetti che lo stesso Okun indicava come probabili cause di una modifica dei risultati ottenuti dalle stime e soprattutto che le diversità, tipiche dei due mercati subnazionali del lavoro, possano condurre a stime significativamente diverse per il Centro-Nord e per il Mezzogiorno.
	Citations: CitEc

319	Roberto ESPOSTI
	Why Should Regional Agricultural Productivity Growth Converge? Evidence from Italian Regions [aprile 2008]
	Keywords:
	TFP growth, convergence, panel data, spillover, unit root
	JEL Classification:
	O13	Economic Development, Technological Change, and Growth – Economic Development – Agriculture; Natural Resources; Energy; Environment; Other Primary Products
	O18	Economic Development, Technological Change, and Growth – Economic Development – Regional, Urban, and Rural Analyses; Transportation
	Q10	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – General
	Q16	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – R&D; Agricultural Technology; Biofuels; Agricultural Extension Services
	Abstract:
	The paper analyses agricultural TFP growth across Italian regions during the 1952-2002 period, and aims at identifying those factors that favour or hinder regional agricultural TFP growth convergence. Among them, idiosyncratic, R&D-spillover and learning components are included. Of major relevance is whether regions, despite their inescapable heterogeneity, tend to share common technological improvements, that is, to move along the same productivity growth rate TFP growth decomposition ultimately allows attributing observed productivity performance to convergence and divergence forces. Appropriate testing and estimation procedures are adopted to take into account panel unitroot issues and cross-sectional dependence.
	Citations: CitEc

318	Giulia LISTORTI
	Price Transmission Mechanisms: a Policy Investigation of International Wheat Markets [marzo 2008]
	Keywords:
	cointegration, common agricultural policy, international price trasmission, law of one price
	JEL Classification:
	Q11	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – Aggregate Supply and Demand Analysis; Prices
	Q17	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – Agriculture in International Trade
	Q18	Agricultural and Natural Resource Economics; Environmental and Ecological Economics – Agriculture – Agricultural Policy; Food Policy
	Abstract:
	This work focuses on soft wheat price transmission mechanisms between the United States and the European Union. In particular, by performing a cointegration analysis, it aims at analyzing if and to which extent the prices in the two countries were related in the years from 1978 to 2003, provided that the market of this commodity was deeply influenced by the Common Agricultural Policy. The issue of how domestic and international policy regime changes affected price transmission elasticities is also explored.
	Citations: CitEc

317	Fabio FIORILLO
	Love for Variety and Non Market Allocation Mechanisms in Public Provision of Goods [marzo 2008]
	Keywords:
	Dixit-Stiglitz's framework, non market allocation, public provision
	JEL Classification:
	D4	Microeconomics – Market Structure and Pricing
	H4	Public Economics – Publicly Provided Goods
	Abstract:
	In this note we modify a Dixit-Stiglitz's classical framework to consider the love for variety argument in public provision of goods and services. Since in the supply of public goods and services the allocation cannot be driven by market, we analyse which is the optimal allocation mechanism.
	Citations: CitEc

316	Nicoletta MARINELLI, Giulio PALOMBA
	A Model for Pricing the Italian Contemporary Art Paintings at Auction [marzo 2008]
	Keywords:
	Heckit model, auctions, painting prices, selection bias, statistical sufficiency
	JEL Classification:
	C34	Mathematical and Quantitative Methods – Multiple or Simultaneous Equation Models; Multiple Variables – Truncated and Censored Models; Switching Regression Models
	D44	Microeconomics – Market Structure and Pricing – Auctions
	Z11	Other Special Topics – Cultural Economics; Economic Sociology; Economic Anthropology – Economics of the Arts and Literature
	Abstract:
	This paper aims to model the auction prices of Italian contemporary art paintings. The contribution to the existing literature is twofold concerning both the methodological and the conceptual aspects. From the former point of view, we use the two-stages Heckit model which allows us to take into account the sample selection bias deriving from the "buying" risk, that affects transactions at auction. From the latter point of view, we have found that some sale characteristics such as auction house prestige and year of sale, are more important than the physical aspects of the paintings. Moreover, some artistic characteristics, the artist's name and their living status are also relevant. An estimation using pre-sale evaluation by experts has also been tried: this explanatory variable seems to be the main driver regarding both the probability of having an unsold painting and the auction price levels reached by sold works. Nevertheless, the hypothesis of its sufficiency is rejected and some problems related to the economic interpretation of the results arise. The whole analysis is carried out after creating a new dataset of 2817 transactions which took place at the most important auction houses between 1990 and 2006.
	Citations: CitEc

315	Corrado DI GUILMI
	Financial Determinants of Firms Profitability: A Hazard Function Investigation [marzo 2008]
	Keywords:
	asymmetric information, hazard function, pecking order theory
	JEL Classification:
	C40	Mathematical and Quantitative Methods – Econometric and Statistical Methods: Special Topics – General
	G32	Financial Economics – Corporate Finance and Governance – Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
	Abstract:
	In this paper a hazard function analysis is performed on a set of European firms in order to identify a stochastic relationship among financial structure and profits. The relative proportions of debt and equity financing appear to influence expected profitability with a different degree for each nation. Within each country, relevant differences are recorded among listed and non listed firms. These results highlight the role of institutional factors, in particular related to credit and stock markets, in reducing informational asymmetries between investors and managers. The cross-sectional study is performed by means of degradation analysis, an engineering tool new in economics.
	Citations: CitEc

314	Fabio TRAMONTANA, Laura GARDINI, Puu TONU
	Cournot Duopoly with Capacity Limit Plants [febbraio 2008]
	Keywords:
	Border Collision Bifurcations, Capacity Limits, Cournot, Discontinuous Reaction Functions, Duopoly, Nonlinear Dynamics
	JEL Classification:
	C61	Mathematical and Quantitative Methods – Mathematical Methods; Programming Models; Mathematical and Simulation Modeling – Optimization Techniques; Programming Models; Dynamic Analysis
	C62	Mathematical and Quantitative Methods – Mathematical Methods; Programming Models; Mathematical and Simulation Modeling – Existence and Stability Conditions of Equilibrium
	C72	Mathematical and Quantitative Methods – Game Theory and Bargaining Theory – Noncooperative Games
	C73	Mathematical and Quantitative Methods – Game Theory and Bargaining Theory – Stochastic and Dynamic Games; Evolutionary Games; Repeated Games
	D21	Microeconomics – Production and Organizations – Firm Behavior: Theory
	D24	Microeconomics – Production and Organizations – Production; Cost; Capital, Total Factor, and Multifactor Productivity; Capacity
	L13	Industrial Organization – Market Structure, Firm Strategy, and Market Performance – Oligopoly and Other Imperfect Markets
	Abstract:
	This article considers a Cournot duopoly under an isoelastic demand function and cost functions with built-in capacity limits. The special feature is that each firm is assumed to operate multiple plants, which can be run alone or in combination. Each firm has two plants with different capacity limits, so it has three cost options, the third being to run both plants, dividing the load according to the principle of equal marginal costs. As a consequence, the marginal cost functions come in three disjoint pieces, so the reaction functions, derived on basis of global profit maximization, as well can consist of disjoint pieces. We first analyze the case in which the firms are taken as identical, and then the generic case. It is shown that stable Cournot equilibria may coexist with several other stable cycles. Then we compare the coexistent periodic attractors in terms of the resulting profits. The main property is the non-existence of unstable cycles. This is reflected in a particular bifurcation structure, due to border collision bifurcations, and to particular basin frontiers, related to the discontinuities.
	Citations: CitEc

313	Andrea CIRILLI, Paolo VENERI
	Spatial structure and mobility patterns: towards a taxonomy of the Italian urban systems [febbraio 2008]
	Abstract:
	Urban spatial organization has become a wide field of research in the last years, since it is thought to be an important determinant of the city's performance, from many points of view. Nevertheless, Italian urban spatial organization has not been studied in depth yet and a general description of the Italian urban territory is lacking. The aim of this work is to build a taxonomy of the Italian cities – where the latter are conceptualised as agglomeration of contiguous municipalities – on the basis of their spatial organization features and of their patterns of commuting-to-work mobility. To reach this aim, three preliminary steps had to be carried out. First of all, the major Italian urban systems have been identified following a functional approach that is based on the principle of maximum self-containment of commuters' flows, as allowed by Local Labour Systems (LLSs). Secondly, original indicators have been built to gain a better understanding of cities' spatial organization and of their patterns of mobility. Thirdly, the relation between these two dimensions has been investigated through a multivariate statistical analysis. The results of the analysis show that spatial organization – especially urban dispersion – and mobility patterns are closely related and cities might be aggregated in five groups, ranging from the most compact and transit-oriented cities to the most dispersed and car-oriented ones.
	Citations: CitEc

312	David BARTOLINI
	A model of Cooperative Investments with Three Players [febbraio 2008]
	Keywords:
	hold-up, innovation, multilateral bargaining
	JEL Classification:
	C70	Mathematical and Quantitative Methods – Game Theory and Bargaining Theory – General
	L22	Industrial Organization – Firm Objectives, Organization, and Behavior – Firm Organization and Market Structure
	L51	Industrial Organization – Regulation and Industrial Policy – Economics of Regulation
	Abstract:
	We consider a model with three players in which one of them has the possibility to make a relationship-specific investment which produces an innovation. The innovation affects only the payoff of the other two players – hence, a cooperative innovation. We show that, in some cases, the presence of a third player reduces the hold-up problem, but when the competition becomes too fierce it may lead to overinvestment. In contrast to the prevailing literature on contract theory, we show that, even with a cooperative innovation, the possibility to sign a simple (incomplete) contract can still influence the ex-ante incentive to invest. The model is then applied to investigate the separation of regulatory powers where a monopolistic firm can be regulated either by one or two regulators.
	Citations: CitEc

311	Marco LILLA
	Income Inequality and Education from ECHP data [febbraio 2008]
	Keywords:
	education premium, inequality, quantile regression
	JEL Classification:
	D31	Microeconomics – Distribution – Personal Income, Wealth, and Their Distributions
	J24	Labor and Demographic Economics – Demand and Supply of Labor – Human Capital; Skills; Occupational Choice; Labor Productivity
	J31	Labor and Demographic Economics – Wages, Compensation, and Labor Costs – Wage Level and Structure; Wage Differentials
	Abstract:
	This paper analyses income inequality and its changes over the period 1993-2000 for a set of 13 Countries in European Community Household Panel (ECHP) survey. Focusing on wages and incomes of workers in general, inequality is related to education as a proxy of individual abilities, skills. Estimation of education premia is performed by quantile regressions to stress dikerences in income distribution and questioning the true impact of education. The same estimates are used to decompose income inequality and show the rise in residual inequality.
	Citations: CitEc

310	Pietro ALESSANDRINI, Michele FRATIANNI
	Resurrecting Keynes to Revamp the International Monetary System [gennaio 2008]
	Keywords:
	Keynes Plan, exchange rates, external imbalances, international monetary system, key currency, supranational bank money
	JEL Classification:
	E42	Macroeconomics and Monetary Economics – Money and Interest Rates – Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
	E52	Macroeconomics and Monetary Economics – Monetary Policy, Central Banking, and the Supply of Money and Credit – Monetary Policy
	F33	International Economics – International Finance – International Monetary Arrangements and Institutions
	F36	International Economics – International Finance – Financial Aspects of Economic Integration
	Abstract:
	There is a broad consensus that the current, large US current-account deficits financed with foreign capital inflows at low interest rates cannot continue forever; there is much less consensus on when the system is likely to end and how badly it will end. The paper resurrects the basic principles of the plan Keynes wrote for the Bretton Woods Conference to propose an alternative to the current international monetary system. We argue for the creation of a supranational bank money that would coexist along side national currencies and for the establishment of a new international clearing union. The new international money would be created against domestic earning assets of the Fed and the ECB. In addition to recording credit and debit entries of the supranational bank money, the new agency would determine the size of quotas, the size and time length of overdrafts, and the coordination of monetary policies. The substitution of supranational bank money for dollars would harden the external constraint of the United States and resolve the n-1 redundancy problem.
	Citations: CitEc

309	Pietro ALESSANDRINI, Andrea PRESBITERO, Alberto ZAZZARO
	Banche e Imprese nei Distretti Industriali [gennaio 2008]
	Keywords:
	banche, distanza funzionale, distretti, razionamento, relationaship lending
	JEL Classification:
	G21	Financial Economics – Financial Institutions and Services – Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
	R51	Urban, Rural, and Regional Economics – Regional Government Analysis – Finance in Urban and Rural Economies
	R58	Urban, Rural, and Regional Economics – Regional Government Analysis – Regional Development Planning and Policy
	Abstract:
	Given the changes that occurred in the organization and specialization of Italian industrial districts and the changing geography of the banking system, in this paper is we aim at reassessing the bank-firm relationship in industrial districts. Using firm-level data on a sample of Italian SME, we examine the determinants of credit rationing and relationship lending. Firstly, we test whether firms located in industrial district area have more access to banking credit and rely more on relationship lending. Secondly, we assess if being localized in industrial clusters have heterogeneous effects due to the structure of local credit markets. Our results point out the firms operating in industrial districts are less credit rationed, while their probability of relationship lending is not significantly different from the one of the average firm. Furthermore, a higher operational proximity of banks to local economies is associated with more access to banking credit and and to a lower probability of engaging in relationship lending, while a higher functional distance of the banking system from local communities is associated with tighter financing constraints and a lower probability of relationship lending. These effects are significantly intensified for firms located inside industrial districts.
	Citations: CitEc