if this message does not display correctly, click here | Table of Contents Mariarosaria Comunale, Bank of Lithuania - Economics Department Alberto Bucci, University of Milan - Department of Business Policy and Economics
Lorenzo Carbonari, Università di Roma "Tor Vergata"
Monia Ranalli, University of Rome III
Giovanni Trovato, University of Rome Tor Vergata - Faculty of Economics Nicolò Fraccaroli, University of Rome Tor Vergata, Faculty of Economics, Department of Economics, Law and Institutions, Bank of England | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Furio Camillo Rosati - Director "An Investigation of the Exchange Rate Pass-Through in the Baltic States" 
CEIS Working Paper No. 469 MARIAROSARIA COMUNALE, Bank of Lithuania - Economics Department
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In this paper, we investigate the Exchange Rate Pass-Through (ERPT) to import and consumer prices in the three Baltic states. We apply reduced form equations first. Then, to look at measures of shock-dependent ERPT, we use Bayesian VARs with zero and sign restrictions and a local projection exercise, using common euro area shocks. We find that results from reduced form equations are in line with the ERPT literature. As for shock-dependent ERPTs, the magnitudes are overall bigger than in the literature in the case of import prices. They get smaller for consumer prices and even smaller if we remove energy and food prices. "Health and Development"
CEIS Working Paper No. 470 ALBERTO BUCCI, University of Milan - Department of Business Policy and Economics
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LORENZO CARBONARI, Università di Roma "Tor Vergata"
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MONIA RANALLI, University of Rome III
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GIOVANNI TROVATO, University of Rome Tor Vergata - Faculty of Economics
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In this paper we examine whether the Solow growth model is consistent with across-countries variations in standard of living once investments in education and health are explicitly and simultaneously taken into account. Using a sample of low- and middle-income economies, we provide evidence that per capita GDP is positively affected by population's health, here proxied by the life expectancy at birth. Public expenditure on health affects indirectly the level of per capita income through its positive effect on life expectancy. Using a Finite Mixture approach, we also show that richer economies are those where the impact of unobserved factors on the level of per capita income is stronger. "Supervisory Governance, Capture and Non-Performing Loans"
CEIS Working Paper No. 471 NICOLÃ’ FRACCAROLI, University of Rome Tor Vergata, Faculty of Economics, Department of Economics, Law and Institutions, Bank of England
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Supervisory governance is believed to affect financial stability. While the literature has identified pros and cons of having a central bank or a separate agency responsible for microprudential banking supervision, the advantages of having this task shared by both institutions have received considerably less attention in the literature. Shared supervision has however inherent benefits for the stability of the banking system, as it increases the costs of supervisory capture: capturing a single supervisor, be it the central bank or an agency, has in fact lower costs than capturing two. Nevertheless, while this argument has been proposed theoretically, it has never been tested empirically. This paper fills this void introducing a new dataset on the supervisory governance of 116 countries from 1970 to 2016. It finds that, while nonperforming loans are not significantly affected by supervisory governance per se, they are significantly lower in countries where supervision is shared and the risk of capture is high. This last result, which is robust to a number of controls and robustness checks, proves new evidence in support of the detrimental impact of shared supervision on supervisory capture. | | ^top
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