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This paper investigates income redistribution and risk sharing among Italy’s regions and the implications for public policy. Using a richer data set than in previous works, this study allows for an assessment of public consumption’s and investment’s roles. The findings suggest that Italy’s fiscal system provides interregional redistribution at 30–35 percent and risk sharing at 20–30 percent of GDP, mainly through public consumption. Compared with results in the literature for other European countries, there appears to be less redistribution and risk sharing in Italy through its welfare and tax systems because of their different structures.

Macroeconomics --- Public Finance --- Fiscal Policy --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Regional Economic Activity: Growth, Development, and Changes --- Personal Income, Wealth, and Their Distributions --- Macroeconomics: Consumption --- Saving --- Wealth --- National Government Expenditures and Welfare Programs --- Public finance & taxation --- Personal income --- Consumption --- Expenditure --- Fiscal stance --- Disposable income --- National accounts --- Fiscal policy --- Social assistance spending --- Income --- Economics --- Expenditures, Public --- National income --- Italy

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The paper compares the degree of capital market integration across euro-area countries with that across regions in Italy and provinces in Canada. Analyzing saving-investment correlations, and developing as well as fitting to the data a model of capital flows, reveal no compelling differences between the integration across countries before monetary union and that across the regions or provinces. The evidence does not suggest that EMU will prompt a major reallocation of net capital flows within the euro area that would entail sizable shifts in countries’ equilibrium current accounts.

Banks and Banking --- Exports and Imports --- Finance: General --- Production and Operations Management --- Current Account Adjustment --- Short-term Capital Movements --- International Monetary Arrangements and Institutions --- Financial Aspects of Economic Integration --- Macroeconomics: Production --- Interest Rates: Determination, Term Structure, and Effects --- General Financial Markets: General (includes Measurement and Data) --- International economics --- Finance --- Macroeconomics --- Current account --- Productivity --- Real interest rates --- Capital market integration --- Capital markets --- Balance of payments --- Production --- Financial services --- Economic integration --- Financial markets --- Industrial productivity --- Interest rates --- International economic integration --- Capital market --- Italy

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Most financial institutions in the European Union (EU) are still based in one country, but a number of large financial institutions (LCFI) have systemic cross-border exposures. The paper explains how, despite much progress, nationally-segmented supervisory frameworks and national accountability for financial stability hinder optimization across borders of banks' operations and efficient and effective LCFI supervision. A full-fledged EU-level prudential regime that operates along-side national regimes--a European Banking Charter (EBC)--could harness market forces to establish a level playing field for financial sector competition, while plugging some significant gaps in Europe's financial stability framework without concentrating excessive powers.

Banks and Banking --- Finance: General --- Financial Risk Management --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- General Financial Markets: Government Policy and Regulation --- Financial Crises --- Bankruptcy --- Liquidation --- General Financial Markets: General (includes Measurement and Data) --- Economic & financial crises & disasters --- Finance --- Banking --- Financial sector stability --- Deposit insurance --- Financial crises --- Solvency --- Financial sector policy and analysis --- Competition --- Financial markets --- Banks and banking --- Financial services industry --- Crisis management --- Debt --- United States

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Money. Monetary policy --- Deflation (Finance) --- Monetary policy. --- Prices. --- 336.748 --- deflation --- crise financiere --- politique monetaire --- politique des prix --- 336.748.14 deflatie --- Economic policy --- AA* / International - Internationaal --- CN / China - Chine --- DE / Germany - Duitsland - Allemagne --- JP / Japan - Japon --- 333.842 --- 331.31 --- 333.841 --- 330.05 --- 332.41 --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Disinflation --- Finance --- Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- deflatie --- financiele crisis --- monetair beleid --- prijsbeleid --- Deflatie. --- Economisch beleid. --- Inflatie. --- Working papers --- Deflation (Finance). --- 336.748 Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- Monetary policy --- Prices --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Monetary management --- Currency boards --- Money supply --- Economisch beleid --- Inflatie --- Deflatie

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This paper examines the usefulness of asset prices in predicting recessions in the G-7 countries. It finds that asset price drops are significantly associated with the beginning of a recession in these countries. In particular, the marginal effect of an equity/house price drop on the likelihood of a new recession can be substantial. Equity price drops are, however, larger and are more frequent than house price drops, making them on average more helpful as recession predictors. These findings are robust to the inclusion of the term-spread, uncertainty, and oil prices. Lastly, there is no evidence of significant bias resulting from the rarity of recession starts.

Business cycles. --- Stock price forecasting. --- Housing --- Dwellings --- Home prices --- House prices --- Housing prices --- Residential real estate --- Forecasting, Stock price --- Security price forecasting --- Stocks --- Business forecasting --- Economic cycles --- Economic fluctuations --- Cycles --- Prices. --- Prices --- Forecasting --- Finance: General --- Investments: Stocks --- Macroeconomics --- Real Estate --- Business Fluctuations --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Financial Forecasting and Simulation --- Price Level --- Inflation --- Deflation --- Energy: Demand and Supply --- Housing Supply and Markets --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Property & real estate --- Investment & securities --- Finance --- Asset prices --- Oil prices --- Stock markets --- Financial institutions --- Financial markets --- Stock exchanges --- United States