if this message does not display correctly, click here | Table of Contents Marianna Brunetti, Dept. Economics and Finance, University of Rome Tor Vergata, CEFIN
Elena Giarda, Dipartimento di Analisi e Ricerca Economica, Prometeia, UniversitĂ degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Fondazione Rodolfo Debenedetti
Costanza Torricelli, University of Modena and Reggio Emilia - Department of Economics, UniversitĂ degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Center for Research on Pensions and Welfare Policies (CeRP) Rama Dasi Mariani, University of Rome Tor Vergata
Alessandra Pasquini, CEIS, University of Rome Tor Vergata
Furio Camillo Rosati, University of Rome Tor Vergata Alessandro Giovannelli, University of Rome Tor Vergata
Tommaso Proietti, University of Rome II - Department of Economics and Finance
Ambra Citton, Ministry of Economy and Finance, Italy
Ottavio Ricchi, Government of the Italian Republic (Italy) - Ministry of Economy and Finance - RGS
Cristian Tegami, Sogei S.p.A.
Cristina Tinti, affiliation not provided to SSRN | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Furio Camillo Rosati - Director "Financial Fragility Across Europe and the US: The Role of Portfolio Choices, Household Features and Economic-Institutional Setup" 
CEIS Working Paper No. 487 MARIANNA BRUNETTI, Dept. Economics and Finance, University of Rome Tor Vergata, CEFIN
Email:
">
ELENA GIARDA, Dipartimento di Analisi e Ricerca Economica, Prometeia, UniversitĂ degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Fondazione Rodolfo Debenedetti
Email:
">
COSTANZA TORRICELLI, University of Modena and Reggio Emilia - Department of Economics, UniversitĂ degli studi di Modena e Reggio Emilia (UNIMORE) - Center for Research in Banking and Finance (CEFIN), Center for Research on Pensions and Welfare Policies (CeRP)
Email:
">
This paper investigates households’ financial fragility in twelve European countries and in the US by employing the first wave of the Household Finance and Consumption Survey (HFCS) and the 2010 Survey of Consumer Finances (SCF), respectively. Financial fragility is defined by taking into account both income constraints and portfolio composition (liquidity and indebtedness). Three main results emerge. First, the estimation of bivariate probit models reveals that in all countries holding an illiquid portfolio increases the likelihood of being financially fragile, while having a mortgage generally reduces it. Second, there are relevant differences among countries in their estimated average probability of financial fragility. Finally, decomposition of these differences by means of counterfactual methods provides evidence of a significant role of the country’s economic-institutional setup in providing a safety net against financial fragility. This is more true in Europe than in the US. "Elementary Facts About Immigration in Italy. What Do We Know About Immigration and its Impact"
CEIS Working Paper No. 488 RAMA DASI MARIANI, University of Rome Tor Vergata
ALESSANDRA PASQUINI, CEIS, University of Rome Tor Vergata
Email:
">
FURIO CAMILLO ROSATI, University of Rome Tor Vergata In the recent past, in Italy, immigration has been at the centre of academic and policy debates. Nonetheless, the still growing literature has focused mainly on the experience of old settlement countries and has mainly looked at single aspects of the phenomenon. In order to guide effective policy intervention, we offer an exhaustive view of immigration in Italy. We combine the presentation of stylized facts from available data, based on descriptive analyses, with a review of existing studies. Our conclusions tell that evidence available for Italy does not match the policy relevance of an issue that has been dominating the public debate in the last years and also identify areas where solid evidence or analysis is needed. "Nowcasting GDP and its Components in a Data-Rich Environment: The Merits of the Indirect Approach"
CEIS Working Paper No. 489 ALESSANDRO GIOVANNELLI, University of Rome Tor Vergata
Email:
">
TOMMASO PROIETTI, University of Rome II - Department of Economics and Finance
Email:
">
AMBRA CITTON, Ministry of Economy and Finance, Italy
Email:
">
OTTAVIO RICCHI, Government of the Italian Republic (Italy) - Ministry of Economy and Finance - RGS
Email:
">
CRISTIAN TEGAMI, Sogei S.p.A.
Email:
">
CRISTINA TINTI, affiliation not provided to SSRN The national accounts provide a coherent and exaustive description of the current state of the economy, but are available at the quarterly frequency and are released with a nonignorable publication lag. The paper proposes and illustrates a method for nowcasting and forecasting the sixteen main components of Gross Domestic Product (GDP) by output and expenditure type at the monthly frequency, using a high-dimensional set of monthly economic indicators spanning the space of the common macroeconomic and financial factors. The projection on the common space is carried out by combining the individual nowcasts and forecasts arising from all possible bivariate models of the unobserved monthly GDP component and the observed monthly indicator. We discuss several pooling strategies and we select the one showing the best predictive performance according to a pseudo real time forecasting experiment. Monthly GDP can be indirectly estimated by the contemporaneous aggregation of the value added of the different industries and of the expenditure components. This enables the comparative assessment of the indirect nowcasts and forecasts vis-Ă -vis the direct approach and a growth accounting exercise. Our approach meets the challenges posed by the dimensionality, since it can handle a large number of time series with a complexity that increases linearly with the cross-sectional dimension, while retaining the essential heterogeneity of the information about the macroeconomy. The application to the Italian case leads to several interesting discoveries concerning the time-varying predictive content of the information carried by the monthly indicators. | | ^top
About this eJournal Submissions To submit your research to SSRN, sign in to the SSRN User HeadQuarters, click the My Papers link on left menu and then the Start New Submission button at top of page. Distribution Services If your organization is interested in increasing readership for its research by starting a Research Paper Series, or sponsoring a Subject Matter eJournal, please email:
">
Distributed by Economics Research Network (ERN), a division of Social Science Electronic Publishing (SSEP) and Social Science Research Network (SSRN) Directors ECONOMICS RESEARCH CENTERS PAPERS MICHAEL C. JENSEN
Harvard Business School, SSRN, National Bureau of Economic Research (NBER), European Corporate Governance Institute (ECGI), Harvard University - Accounting & Control Unit
Email:
">
Please contact us at the above addresses with your comments, questions or suggestions for ERN-RES. | | | | | | Subscription Management You can change your journal subscriptions by logging into SSRN User HQ. If you have questions or problems with this process, please email
">
or call 877-SSRNHelp (877.777.6435 or 212.448.2500). Outside of the United States, call 00+1+212+4482500. | | Site Subscription Membership Many university departments and other institutions have purchased site subscriptions covering all of the eJournals in a particular network. If you want to subscribe to any of the SSRN eJournals, you may be able to do so without charge by first checking to see if your institution currently has a site subscription. To do this please click on any of the following URLs. Instructions for joining the site are included on these pages. If your institution or department is not listed as a site, we would be happy to work with you to set one up. Please contact
">
for more information. | | Individual Membership (for those not covered by a site subscription) Join a site subscription, request a trial subscription, or purchase a subscription within the SSRN User HeadQuarters: https://hq.ssrn.com/Subscriptions.cfm | | Financial Hardship If you are undergoing financial hardship and believe you cannot pay for an eJournal, please send a detailed explanation to
">
| |
To ensure delivery of this eJournal, please add
">
(Economics Research Network) to your email contact list. If you are missing an issue or are having any problems with your subscription, please Email
">
or call 877-SSRNHELP (877.777.6435 or 585.442.8170). FORWARDING & REDISTRIBUTION Subscriptions to the journal are for single users. You may forward a particular eJournal issue, or an excerpt from an issue, to an individual or individuals who might be interested in it. It is a violation of copyright to redistribute this eJournal on a recurring basis to another person or persons, without the permission of SSRN. For information about individual subscriptions and site subscriptions, please contact us at
">
| | Copyright © 2020 Elsevier, Inc. All Rights Reserved | |
|
