Italian Households' Saving and Wealth During the Crisis

Italian Households' Saving and Wealth During the Crisis
Author: Laura Bartiloro
Publisher:
Total Pages: 31
Release: 2013
Genre:
ISBN:
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This paper investigates trends in Italian households' saving and wealth in the last twenty years, with a special emphasis on the period immediately following the financial crisis in 2008. The analysis is based on data from the Italian Survey on Household Income and Wealth (1991-2010. The crisis has intensified the trends already under way, as confirmed by the further decline in the saving rate and the deterioration in the financial situation of low-income households, young people and tenants. Overall inequality in wealth distribution has increased. Poverty indicators based on income and wealth summarize these developments: in 2010 nine per cent of Italian households were on a low income and in the event of job loss, had sufficient financial asset to survive at the poverty line for barely six months. This percentage increases to 15 per cent for young people and to 26 per cent for tenants.

Saving and the Accumulation of Wealth

Saving and the Accumulation of Wealth
Author: Albert Ando
Publisher: Cambridge University Press
Total Pages: 428
Release: 2006-11-23
Genre: Business & Economics
ISBN: 9780521032230
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The evolution of private saving and its interaction with government fiscal policy play an important and complex role in the development of the national economy. To gain insight into this process, we must first understand the savings behavior of individual households and the ways in which they aggregate over the entire population to produce national saving. Italy provides an ideal laboratory in which to assess the impact of government and private transfer, imperfections in the capital markets, productivity growth and shifting demographic patterns on the saving behavior of individual households and on their aggregation into total private saving. The book draws on the Italian experience and data, and offers new findings on many aspects of the process of saving determination.

The Wealth Decumulation Behavior of the Retired Elderly in Italy

The Wealth Decumulation Behavior of the Retired Elderly in Italy
Author: Luigi Ventura
Publisher:
Total Pages: 0
Release: 2020
Genre:
ISBN:
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In this paper, we analyze the wealth accumulation and saving behavior of the retired elderly in Italy using micro data from the "Survey of Italian Households' Income and Wealth," a panel survey of households conducted every two years by the Bank of Italy. We find that, on average, the retired elderly in Italy are decumulating their wealth (dissaving) but that their wealth decumulation rates are much slower than expected. Moreover, we also find that more than 40 percent of the retired elderly in Italy are continuing to accumulate wealth and that more than 80 percent are doing positive amounts of saving. Thus, the Wealth Decumulation Puzzle (the tendency of the retired elderly to decumulate their wealth more slowly than expected) appears to apply in the case of Italy, as it does in most other countries, before as well as after the Global Financial Crisis. Moreover, our regression analysis of the determinants of the wealth accumulation and saving behavior of the retired elderly in Italy suggests that the lower than expected wealth decumulation rates and dissaving of the retired elderly in Italy is due largely to intergenerational transfers (bequests and inter vivos transfers) and saving for precautionary purposes, especially the former.

Italian Sovereign Spreads

Italian Sovereign Spreads
Author: Ms.Edda Zoli
Publisher: International Monetary Fund
Total Pages: 26
Release: 2013-04-03
Genre: Business & Economics
ISBN: 1484357701
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Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect CDS spreads and bond yields of Italian banks, and are transmitted rapidly to firm lending rates. Banks with lower capital ratios and higher nonperforming loans were found to be more sensitive to swings in sovereign spreads. Credit supply constraints due to bank funding shortages from the sovereign debt crisis were a major factor behind the lending slowdown in late 2011, while in 2012 weak demand appears to have been driving changes in credit more than supply.

Housing Markets in Europe

Housing Markets in Europe
Author: Olivier de Bandt
Publisher: Springer Science & Business Media
Total Pages: 416
Release: 2010-10-14
Genre: Business & Economics
ISBN: 3642153402
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During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.

The Financial Crisis Inquiry Report

The Financial Crisis Inquiry Report
Author: Financial Crisis Inquiry Commission
Publisher: Cosimo, Inc.
Total Pages: 692
Release: 2011-05-01
Genre: Political Science
ISBN: 1616405414
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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Handbook of the Economics of Finance

Handbook of the Economics of Finance
Author: G. Constantinides
Publisher: Elsevier
Total Pages: 698
Release: 2003-11-04
Genre: Business & Economics
ISBN: 9780444513632
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Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.

Financialisation and the Financial and Economic Crises

Financialisation and the Financial and Economic Crises
Author: Eckhard Hein
Publisher: Edward Elgar Publishing
Total Pages: 351
Release: 2016-05-27
Genre: Business & Economics
ISBN: 1785362380
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Financialisation and the Financial and Economic Crisesprovides comparative, empirical case studies of a diverse set of eleven countries. In particular, the book helps in understanding the current (mal)performance of Euro area economies by explaining the causes of the shifts in growth regimes during and after the crises. It goes well beyond the dominant interpretation of the recent financial and economic crises as being rooted in malfunctioning and poorly regulated financial markets. The contributions to this book provide detailed accounts of the long-term effects of financialisation and cover the main developments leading up to and during the crisis in eleven selected countries: the US, the UK, Spain, Greece, Portugal, Germany, Sweden, Italy, France, Estonia, and Turkey. The introductory chapter presents the theoretical framework and synthesizes the main findings of the country studies. Furthermore, the macroeconomic effects of financialisation on the EU as a whole are analyzed in the final chapter. Offering an illuminating overview and invaluable alternative perspective on the long-run developments leading to the recent crises, this book is essential reading for researchers, students and policymakers and an ideal starting point for further research. Contributors:S. Bahçe, R. Barradas, C.A. Carrasco, H. Cömert, G. Cornilleau, J. Creel, D. Detzer, N. Dodig, N. Erdem, T. Evans, J. Ferreiro, G. Gabbi, C. Gálvez, C. Gomez, A. González, E. Hein, E. Juuse, E. Karaçimen, A.H. Köse, S. Lagoa, E. Leão, J. Lepper, Ö. Orhangazi, G. Özgür, R. Paes Mamede, M. Shabani, A. Stenfors, E. Ticci, J. Toporowski, L. Tserkezis, J. Tyson, Y. Varoufakis, P. Vozzella, G.L. Yalman

The European Social Model in Crisis

The European Social Model in Crisis
Author: Daniel Vaughan-Whitehead
Publisher: Edward Elgar Publishing
Total Pages: 640
Release: 2015-04-30
Genre: Business & Economics
ISBN: 1783476567
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This is the first book to provide a comprehensive and systematic assessment of the impact of the crisis and austerity policies on all elements of the European Social Model. This book assesses the situation in each individual EU member state on the basi