Archivi categoria: Blog


In Latin America, where economic problems tend to be more destructive than elsewhere of the Western world, the future economic, political and social stability will be highly dependent on governments’ responses to the coronavirus pandemic. As foreign capital and investments diminish and a global recession is looming, Latin American countries are facing a distressing outlook, which will inevitably lead to a major societal restructuring.

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Fonte: yahoo finance

È ormai ampiamente riconosciuto, anche in ambienti mainstream, che le istituzioni di deposito (le banche) non “prestano” le riserve (base money) che la banca centrale fornisce loro, accrescendo la quantità di moneta privata (broad money) in circolazione attraverso il cosiddetto “moltiplicatore monetario”, ma molto più semplicemente creano depositi, e quindi moneta, nel momento in cui concedono un prestito, attraverso un semplice allargamento del loro stato patrimoniale: cresce l’attivo, e cresce il passivo in egual misura. Solo in un secondo momento esse si preoccupano di ottenere dalla banca centrale le riserve necessarie per coprire i requisiti minimi imposti dal regolatore o i requisiti prudenziali che si autoimpongono a seconda della loro propensione al rischio.

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Among the disastrous consequences of the Coronavirus, many people joyfully praised the reduction in CO2 emissions as a turning point in the fight for the environment. If we look at the past, unfortunately, they could be getting things very wrong.


Air pollution is one of the major causes of death all over the world: every year, more than four and a half million people die for causes directly related to poor air quality [1]. However, policymakers around the globe did not succeed to tackle the issue effectively.


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E’ probabilmente banale affermare che questo virus cambierà non solo le nostre abitudini sanitarie e sociali, ma le fondamenta del nostro assetto economico. Da chi dice che verremo forzatamente proiettati nell’era dello smart working, a chi dice che assisteremo alla nascita dell’Europa unita, le voci di molti sedicenti profeti si fanno sentire. Com’è giusto che sia: il nostro gusto per il dramma e lo spettacolo diventa insaziabile in momenti di crisi. Non è mio interesse stabilire qui il valore di verità di queste affermazioni. Però mi aggiungo con gusto alla schiera dei profeti perché il dramma e lo spettacolo piacciono anche a me.

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‘Eurobonds’ are securities denominated in a foreign (respect to the country of issuing) currency. Then, why everybody is so concerned, especially now days, about something that exist since 1963 – when Autostrade issued in Italy for the first time 60.000 bonds denominated in U.S. Dollar? Well, the ‘Eurobond’ we are talking about is also called ‘stability bond’, a government’s bond, denominated in euro, issued jointly by eurozone states. Again, ‘what’s the point?’, we all know sovereign is issued also, if not primary, through traded securities. The point here is what is underlying the issues of common government securities, i.e. interest rates and collaterals.


In this series of articles, we will explain what Eurobonds are, why there are so many concerns around them and if they could be developed someday soon. In particular, we will go through European peculiarities and we will analyse all viable options to face extreme conditions as it is for COVID-19.


Someone tried to bribe Germany

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Social networks are an incredible source of information and they connect the world in a click. But they can also be a means to spread hate, fake news and terrorist propaganda.

On March 15th, 2019, In Christchurch, third largest city of New Zealand, a white-supremacist killed 51 people and injured 49 in two mosques, and the shooting was live-streamed on Facebook.

In early 2018, a whistle-blower revealed to The Guardian and to The New York Times that Facebook allowed Cambridge Analytica, a political consulting firm, to obtain data of as much of 50 million users for electoral purposes. The ads for billions of Americans were pivoted towards the candidate they might like the most based on their personal habits and information.

These are just two examples that show how social networks have failed, at least partially, to self-regulate themselves.

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Among the intense debate about the European Stability Mechanism, some economists claim that under the ESM conditionalities Italy would finally implement the structural reforms it needs to enhance its productivity and competitiveness. Although economists have asked these measures for years, politicians have been too populist and selfish to endanger their popularity and approve unpopular policies in the short-term, but that would strengthen Italian economy in the long-term. This view is widely shared inside economics departments, also among many students. Despite its diffusion, this claim is wrong because it implies that economics oversteps its boundaries by imposing political decisions in an authoritarian way. In this article I explain my view after having briefly discussed the features of ESM and its effectiveness (when I talk about ESM borrowings I do not mention the unconditional borrowings up to 2% of GDP approved during the last Eurogroup).

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