Mo.Fi.R. Working papers

The MoFiR publishes a series of working paper on in banking, financial economics, and international finance.  Managing editor:  Giulia Bettin.

The MoFiR working papers are available on RePEc. Statistics or abstract visits and downloads are here 

2025

• Caiazzo, E. (2025). Systemic banking crises in complex economies, MoFiR wp n°190.

• Oliviero T., Rondinella S., Zazzaro A. (2025). Are green firms more financially constrained? The sensitivity of investment to cash flow, MofiR wp n°189.

2024

• Cucculelli M.,  Giampaoli N., Renghini M. (2024). Identification of STEP and NZIA technologies through text mining: An empirical analysis of patent data, MoFiR wp n°188.

• Marchionne F., Giampaoli N., Renghini M. (2024). Institutions and financial crises, MoFiR wp n°187.

• Barbaglia L., Fatica S., Rho C. (2024). Flooded credit markets: physical climate risk and small business lending, MoFiR wp n° 186.

• Bellucci A., Borisov A., Gucciardi G., Zazzaro A. (2024). The staying power of face-to-face in the global venture capital market, MoFiR wp n° 185.

2023

• Bellucci A., Borisov A., Zazzaro A. (2023). Authority, Information, And Credit Terms: Evidence From Small Business Lending, MoFiR wp n°184.

• Bellucci A., Gucciardi G. (2023).  A Turning Point for Banking: Unravelling the Changing Landscape of Banking Activity in Europe since the COVID-19 pandemic, MoFiR wp n°183.

• Cortina J. J. ,  Martinez Peria M. S., Schmukler S. L., Xiao J. (2023). The internazionalization of China's equity markets, MoFiR wp n°182.

• Broner F.,  Didier, T.,  Schmukler S. L., von Peter G. (2023). Bilateral International Investments: The Big Sur?, MoFiR wp n°181.

• Mistrulli P., Uddin MD T., Zazzaro A. (2023).  Discrimination Of Immigrants In Mortgage Pricing And Approval: Evidence From Italy, MoFiR wp n°180.

• Bettin G., Jallow A., Zazzaro A. (2023). How Do Monthly Remittances Respond To Natural Disasters In Migrants' Home Countries?, MoFiR wp n°179.

• Caiazzo E., Zazzaro A. (2023). Bank diversity and financial contagion, MoFiR wp n°178.

2022

• Bellucci A., Borisov A., Giombini G., Zazzaro A. (2022). Information asimmetry, external certification and the cost of bank debt, MoFiR wp n°177.

• Fratianni M., Giri F., Lucchetti R., Valentini F. (2022). Monetization, wars and the Italian fiscal multiplier, MoFiR wp n°176.

• Bellucci A., Gucciardi G., Locatelli R., Schena C. (2022). Gender gap in business angel financing, MoFiR wp n°175.

• Beccari G., Marchionne F., Pisicoli B. (2022). Alternative financing and investment in intangibles: evidence from Italian firms, MoFiR wp n° 174.

• Mistrulli P. E., Oliviero T., Rotondi Z., Zazzaro A. (2022). Job protection and mortgage conditions: Evidence from Italian administrative data, MoFiR wp n° 173.

• Cascarino G., Gallo R., Palazzo F., Sette E. (2022). Public guarantees and credit additionality during the Covid-19 pandemic, MoFiR wp n° 172.

• Bellucci A., Fatica S., Georgakaki A., Gucciardi G., Letout S., Pasimeni F. (2022). Venture Capital Financing and Green Patenting, MoFiR wp n°171.

2021

• De Bonis R., Ferrero G. (2021). O tell me the truth about Central Bank Digital Currency, MoFiR wp n°170.

• Marchionne F., Fratianni M., Giri F., Papi L. (2021). Frequency vs. Size of Bank Fines in Local Credit Markets, MoFiR wp n°169.

• Bellucci A., Borisov A., Giombini G., Zazzaro A. (2021). Estimating the Relationship Between Collateral and Interest Rate: A Comparison of Methods, MoFiR wp n°168.

2020

• Bellucci A., Borisov A., Gucciardi G., Zazzaro A. (2020). The Reallocation Effects of COVID-19: Evidence from Venture Capital Investments around the World, MoFiR wp n°167.

• Didier T., Levine R., Montanes R.L., Schmukler S.L. (2020). Capital market financing and firm growth, MoFiR wp n°166.

• Calomiris C.W., Larrain M., Schmukler S.L., Williams T. (2020). Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses, MoFiR wp n°165.

• Bettin G., Pigini C., Zazzaro A. (2020). Financial inclusion and poverty transitions: an empirical analysis for Italy, MoFiR wp n°164.

• Manaresi F., Menon C., Santoleri P. (2020). Supporting innovative entrepreneurship: an evaluation of the Italian "Start-up Act", MoFir wp n°163.

• Didier T., Huneeus F., Larrain M., Schmukler S.L. (2020). Financing firms in hibernation during the COVID-19 pandemic, MoFiR wp n°162.

• Uchida H., Yamada K., Zazzaro A. (2020). Management innovations in family firms after succession: evidence from Japanese SMEs, MoFiR wp n°161.

• Murro P., Oliviero T., Zazzaro A. (2020). Relationship lending and employment decisions in firms’ bad times, MoFiR wp n°160.

• Cucculelli M., Sun Yu, Zhu Yi (2020). Imprese familiari e mercati esteri, MoFiR wp n°159.

• Caselli F.G., Presbitero A.F. (2020). Aid Effectiveness in Fragile States, MoFiR wp n° 158.

2019

• Fatica S., Panzica R., Rancan M. (2019). The pricing of green bonds: are financial institutions special?, MoFiR wp n°157.

• Calomiris C.W., Larrain M., Schmukler S.L. (2019). Capital Inflows, Equity Issuance Activity, and Corporate Investment, MoFiR wp n°156.

• Fratianni M., Gallegati M., Giri F. (2019). Mr Phillips and the medium-run: temporal instability vs frequency stability, MoFiR wp n°155.

• Abraham F., Cortina J.J., Schmukler S.L. (2019). The Rise of Domestic Capital Markets for Corporate Financing:Lessons from East Asia, MoFiR wp n°154.

• Bellucci A., Pennacchio L., Zazzaro A. (2019). R&D subsidies and Firms' Debt Financing, MoFiR wp n°153.

• Giammetti R. (2019). Tariffs, Domestic Import Substitution and Trade Diversion in Input-Output Production Networks: how to deal with Brexit, MoFiR wp n°152.

• Carillo M. R., Lombardo V., Zazzaro A. (2019). The rise and fall of family firms in the process of development, MoFiR wp n°151.

2018

• Alessandrini P., Papi L. (2018). L'impatto della bolla regolamentare sulle banche, MoFiR wp n°150.

• Cortina J.J., Didier T., Schmukler S.L. (2018). Corporate Borrowing and Debt Maturity: The Effects of Market Access and Crises, MoFiR wp n°149.

• Alessandrini P., Papi L. (2018). Banche locali e piccole imprese dopo la crisi tra nuove regole e innovazioni digitali, MoFiR wp n°148.

• Marchionne F., Zazzaro A. (2018). Risk and competitiveness in the Italian banking sector, MoFiR wp n°147.

• Bartolini D., Sacchi A., Scalera D., Zazzaro A. (2018). The closer the better? Institutional distance and information blurring in a political-agency model, MoFiR wp n°146.

2017

• Bacci S., Bartolucci F., Bettin G., Pigini C. (2017). A mixture growth model for migrants' remittances: an application to the German Socio-Economic Panel, MoFiR wp n°145.

• Alessandrini P. (2017). Funzioni economiche del risparmio per il buon funzionamento dell'economia, MoFiR wp n°144.

• Marchionne F., Pisicoli B., Fratianni M. (2017). Regulation, financial crises, and liberalization traps, MoFiR wp n°143.

• Cortina J.J., Didier T., Schmukler S.L. (2017). Corporate Debt Maturity in Developing Countries: Sources of Long- and Short-Termism, MoFiR wp n°142.

• Raddatz C., Schmukler S.L., Williams T. (2017). International Asset Allocations and Capital Flows: The Benchmark Effect, MoFiR wp n°141.

• Cucculelli M. (2017). Firm age and the probability of product innovation. Do CEO tenure and product tenure matter?, MoFiR wp n°140.

• Didier T., Montanes R.L., Schmukler S.L. (2017). International financial integration of East Asia and Pacific, MoFiR wp n°139.

• Fratianni M. (2017). "It is time to separate money banks from credit banks in Italy", MoFiR wp n°138.

• Manaresi F., Pierri N. (2017). "Credit Constraints and Firm Productivity: Evidence from Italy", MoFiR wp n°137.

• Berton F., Mocetti S., Presbitero AF., Richiardi MG. (2017). "Banks, Firms, and Jobs", MoFiR wp n°136.

• Ferri G., Murro P., Peruzzi V., Rotondi Z. (2017). "Bank lending technologies and credit availability in Europe. What can we learn from the crisis?", MoFiR wp n°135.

2016

• Gregori W. D., Sacchi A. (2016). "Has the Grexit news spilled over into euro area financial markets? The role of domestic political leaders, supranational executives and institutions", MoFiR wp n°134.

• Bellucci A., Pennacchio L., Zazzaro A. (2016). "Public subsidies for SME research and development: Empirical evaluation of collaborative versus individual place-based programs", MoFiR wp n°133, forthcoming in Small Business Economics.

• Calcagnini G., Giombini G., Travaglini G. (2016). "How labor regulation affects innovation and investment: a neo-Schumpeterian approach", MoFiR wp n°132.

• Calcagnini G., Giombini G., Perugini F. (2016). "Bank foundations, social capital, and the growth of Italian provinces", MoFiR wp n°131.

• De Bonis R. (2016). "What Piketty said in Capital in the Twenty-first Century and how economists reacted", MoFiR wp n°130.

• Astore M., Fratianni M. (2016). "We can't pay": How Italy cancelled war debts after Lausanne, MoFiR wp n°129.

• Cucculelli M., Peruzzi V., Zazzaro A. (2016). Relational capital in lending relationships: Evidence from European family firms, MoFiR wp n°128.

• Bettin G., Lucchetti R., Pigini C. (2016). State dependence and unobserved heterogeneity in a double hurdle model for remittances: evidence from immigrants to Germany. MoFiR wp n°127.

• Ermini B., Papi L., Scaturro F. (2016). Over-education among Italian Ph.D graduates. Does the crisis make a difference. MoFiR wp n°126.

• Alessandrini P., Fratianni M., Papi L., Zazzaro A. (2016). The asymmetric burden of regulation: will local banks survive?. MoFiR wp n°125.

  • Alessandrini P., Fratianni M., Papi L., Zazzaro A. (2016). Banks, regions and development after the crisis and under the new regulatory system. MoFiR wp n°124, published in Credit and Capital Markets, 49(4): 535-561.

• Brzozowski J., Cucculelli M. (2016). Learning from crisis: a systematic literature review. MoFiR wp n°123.

  • Ferri G., Rotondi Z. (2016). Misure del rischio di credito nel finanziamento delle imprese e incidenza dei prestiti in default: un'analisi comparata per le banche europee. MoFiR wp n°122.

  • Filomeni S., Udell G.F., Zazzaro A. (2016). Hardening soft information: how far has technology taken us?, MoFir wp n°121.

  • Bettin G., Zazzaro A. (2016). The impact of natural disasters on remittances to low- and middle-income countries, MoFiR wp n°120, published in the Journal of Development Studies.

  • Alessandrini P., Bracalente B., Casini Benvenuti S. (2016). Italia di mezzo: omogeneità originarie e progetto di macroregione sistema, MoFiR wp n°119.

• Bellucci A., Borisov A., Zazzaro A. (2016). Bank organization and loan contracting in small business financing, MoFiR wp n°118.

2015

• Fratianni M. and Giri F. (2015). The tale of two great crises, MoFiR wp n°117.

• Berg A, Buffie E, Pattillo C, Portillo R, Presbitero AF, Zanna F (2015). Some misconceptions about public investment efficiency and growth, MoFiR wp n°116.

• Presbitero AF (2015). Too much and too fast? Public investment scaling-up and absorptive capacity, MoFiR wp n°115.

• Abuka C, Alinda RK, Minoiu C, Peydro JL, Presbitero AF (2015). Monetary Policy in a Developing Country: Loan Applications and Real Effects, MoFiR wp n°114.

• Alessandrini P. and Fratianni M. (2015). In the absence of fiscal union, the Eurozone needs a more flexible monetary policy, MoFiR wp n°113.

• Peruzzi V. (2015). Does family ownership structure affect investment-cash flow sensitivity? Evidence from Italian SMEs, MoFiR wp n°112.

• Miyakawa D., Hosono K., Uchino T., Ono A., Uchida H., Uesugi I. (2015). Financial shocks and firm exports: a natural experiment approach with a massive earthquake, MoFiR wp n°111.

• Uchida H., Miyakawa D., Hosono K., Ono A., Uchino T., Uesugi I. (2015). Financial shocks, bankruptcy and natural selection, MoFiR wp n°110.

• Cesaroni T. (2015). Procyclicality of credit rating systems: how to manage it, MoFiR wp n°109.

• Ferri G. and Leogrande A. (2015). Was the Crisis due to a shift from stakeholder to shareholder finance? Surveying the debate, MoFiR wp n°108.

• Bruni L. and Ferri G. (2015). Does Cooperativeness Promote Happiness? Cross-country Evidence, MoFiR wp n°107.

• Bellucci A., Borisov A., Giombini G., Zazzaro A. (2015). Collateral and local lending: testing the lender-based theory, MoFiR wp n°106.

• Papi L., Sarno E., Zazzaro A. (2015). The geographical network of bank organizations: issues and evidence for Italy, MoFiR wp n°105.

• Cucculelli M. (2015). Financing investments: the enterprise perspective, MoFiR wp n°104.

• Fratianni M., Marchionne F. (2015). De-leveraging, de-risking and moral suasion in the banking sector, MoFiR wp n°103.

2014

• Pigini C., Presbitero A.F., Zazzaro A. (2014). State Dependence in Access to Credit, MoFiR wp n° 102.

• Presbitero A.F., Rabellotti R. (2014). Is Access to Credit a Constraint for Latin American Enterprises? An Empirical Analysis with Firm-Level Data, MoFiR wp n°101.

  • Fratianni M., Marchionne F. (2014). Bank asset reallocation and sovereign debt, MoFiR wp n°100, published in the "Journal of International Financial Markets, Institutions & Money", 47: 15-32.

  • Cucculelli M., Mannarino L., Pupo V., Ricotta F. (2014). Owner-management, firm age and productivity in Italian family firms, MoFiR wp n°99.

  • Brzozowski J., Cucculelli M., Surdej A. (2014). Transnational ties and performance of immigrant entrepreneurs: the case of IT industry in Italy, MoFiR wp n°98.

• Bettin G., Lucchetti R. (2014). Steady streams and sudden bursts: persistence patterns in remittance decisions, MoFiR wp n°97, published in the "Journal of Population Economics", 29(1): 263-292.

  • Papi L. (2014). Le autorità indipendenti nel settore bancario, MoFiR wp n°96.

  • Presbitero A.F., Sacchi A., Zazzaro A. (2014). Property tax and fiscal discipline in OECD countries, MoFiR wp n°95.

• Fratianni M., Pattison, J. (2014). Basel III, clubs and Eurozone asymmetries, MoFiR wp n°94, published in the "Journal of Economic Integration", 30: 1-28.

• Bettin G., Presbitero A.F., Spatafora N. (2014). Remittances and vulnerability in developing countries, MoFiR wp n°93, forthcoming in the "World Bank Economic Review".

2013

• • Eberhardt M., Presbitero A.F. (2013). This Time They’re Different: Heterogeneity and Nonlinearity in the Relationship between Debt and Growth, MoFiR wp n°92.

  • Cingano F., Manaresi F., Sette E. (2013). Does credit crunch investments down? New evidence on the real effects of the bank-lending channel, MoFiR wp n°91.

  • Piras C., Presbitero A.F., Rabellotti R. (2013). Definitions Matter: Measuring Gender Gaps in Firms' Access to Credit , MoFiR wp n°90.

• • Carillo M.R., Lombardo V., Zazzaro A. (2013). Family firm connections and entrepreneurial human capital in the process of development, MoFiR wp n°89.

  • Presbitero A.F. (2013). Aid and Vulnerability, MoFiR wp n°88.

  • Alessadrini P., Papi L., Presbitero A.F., Zazzaro A. (2013). Crisi finanziaria globale, crisi sovrana e crisi bancaria: L'Italia e il confronto europeo, MoFiR wp n°87, forthcoming in Zazzaro A. (ed.) "Le banche e il credito alle imprese durante la crisi", Il Mulino, Bologna, 2013.

  • Marchionne F., Zazzaro A. (2013). Rischio e concorrenza nel sistema bancario italiano durante la crisi finanziaria globale, MoFiR wp n°86, forthcoming in Zazzaro A. (ed.) "Le banche e il credito alle imprese durante la crisi", Il Mulino, Bologna, 2013.

  • Bua G., Pradelli J., Presbitero A.F. (2013). Domestic public debt in low-income countries: trends and structure, MoFiR wp n°85.

  • Alessandrini P. (2013). The Bancor, MoFiR wp n°84, forthcoming in Rochon L.P., Rossi S., Vernengo M. (eds) "The encyclopaedia of Central Banking", Edward Elgar, 2014.

  • Papi L., Presbitero A.F., Zazzaro A. (2013). I consorzi di garanzia fidi durante la crisi, MoFiR wp n°83, forthcoming in Zazzaro A. (ed.) "Le banche e il credito alle imprese durante la crisi", Il Mulino, Bologna, 2013.

  • De Bonis R., Fano D., Sbano T. (2013). Household aggregate wealth in the main OECD countries from 1980 to 2011: what do the data tell us?, MoFiR wp n°82, published in Rivista Bancaria Minerva Bancaria, 2014, 5-6: 7-40.

  • Fratianni M., Rinaldi, A. M., Savona P. (2013). Una proposta per ridurre il fardello del debito pubblico italiano, MoFiR wp n°81.

  • Papi L., Presbitero A.F., Zazzaro A. (2013). IMF Lending and Banking Crises, MoFiR wp n°80.

  • Bellucci A., Borisov A., Zazzaro A. (2013). Do Banks Price Discriminate Spatially? Evidence from Small Business Lending in Local Credit Markets, MoFiR wp n°79, published in the "Journal of Banking and Finance", 37(13), 4183-4197.

  • Panizza U., Presbitero A.F. (2013). Public Debt and Economic Growth in Advanced Economies: A Survey, MoFiR wp n°78, published in the "Swiss Journal of Economics and Statistics", 149: 175-204.

  • Pietrovito F., Pozzolo A.F., Salvatici L. (2013). Internationalization Choices: An Ordered Probit Analysis at Industry-level, MoFiR wp n°77, published in "Empirical Economics", 50, 561-594.

• Fratianni M., Marchionne F. (2013). The Fading Stock Market Response to Announcements of Bank Bailouts, MoFiR wp n°76, published in the "Journal of Financial Stability", 9(1): 69-89.

2012

• • Bettin G., Lucchetti R. (2012). Intertemporal remittance behaviour by immigrants in Germany, MoFiR wp n°75.

  • Giannola A., Lopes A., Zazzaro A. (2012). La convergenza dello sviluppo finanziario tra le regioni italiane dal 1890 a oggi, MoFiR wp n°74.

  • Fratianni M. (2012). 150 Years of Italian Political Unity and Economic Dualism: An Introduction, MoFiR wp n°73.

  • Presbitero A.F., Richiardi M., Amighini, A. (2012). Is Labor Flexibility a Substitute to Offshoring? Evidence from Italian Manufacturing, MoFiR wp n°72.

• Fratianni M., Pattison J. (2012). Is International Economic Cooperation Still Alive, or Merely Failing?, MoFiR wp n°71.

• Nucci F., Pozzolo AF. (2012). Exchange Rate, External Orientation of Firms and Wage Adjustment, MoFiR wp n°70, published in "The World Economy", 37: 1589-1611.

  • Gulamhussen M.A., Pinheir C., Pozzolo A.F. (2012). Were multinational banks taking excessive risks before the recent financial crisis?, MoFiR wp n°69, published in the "Journal of Financial Stability", 14: 30-34.

  • De Bonis R., Piazza M., Tedeschi R. (2012). The Perverse Effect of Government Credit Subsidies on Banking Risk, MoFiR wp n°68.

  • Brown M., Schaller M., Westerfeld S., Heusler M. (2012). Information or Insurance? On the Role of Loan Officer Discretion in Credit Assessment, MoFiR wp n°67

  • Alessandrini P., Fratianni M., Hallett A.H., Presbitero A.F. (2012). External Imbalances and Financial Fragility in the Euro Area, MoFiR wp n°66

  • Panizza U., Presbitero A.F. (2012). Public Debt and Economic Growth: Is There a Causal Effect?, MoFiR wp n°65

  • Dierles M., Erner C., Langer T., Norden L. (2012). Business credit information sharing and default risk of private firms, MoFiR wp n°64

  • Gambini A., Sarno E., Zazzaro A. (2012). Composizione e struttura di rete tra le società quotate in Italia, MoFiR wp n°63

  • De Haas R., Korniyenko Y., Loukoianova E., Pivovarsky A. (2012). Foreign Banks and the Vienna Initiative: Turning Sinners into Saints, MoFiR wp n°62

  • Arauio L., Minetti R. (2012). Credit Crunches, Asset Prices and Technological Change, MoFiR wp n°61

  • Presbitero A.F., Udell G.F., Zazzaro A. (2012). The Home Bias and the Credit Crunch: A Regional Perspective, MoFiR wp n°60, forthcoming in "Journal of Money, Credit and Banking"

  • Gobbi G., Sette E. (2012). Relationship Lending in a Financial Turmoil, MoFiR wp n°59

  • Presbitero A.F., Rabellotti R. (2012). Geographical Distance and Moral Hazard in Microcredit - Evidence from Colombia, MoFiR wp n°58, published in the "Journal of International Development".

2011

• Marinangeli M, Presbitero AF (2011). Can the Poor Save More - Evidence from Bangladesh, MoFiR wp n°57, forthcoming in "Rivista Italiana degli Economisti".

• Bettin G. Lucchetti R, Zazzaro A (2011). Financial Development and Remittances: Micro-Econometric Evidence, MoFiR wp n°56, published in "Economics Letters", 115: 184-186.

• Alessandrini P, Presbitero AF (2011). Low Income Countries Vulnerabilities and the Need for an SDR-Based International Monetary System, MoFiR wp n°55, published in "Open Economies Review", 23(1):129-50.

  • Fratianni M, Marchionne F (2011) Trade Costs and Economic Development, MoFiR wp n°54, published in "Economic Geography" (April 2012)

  • Fratianni M (2011). Riflessioni sulla Politica Economica Italiana in Occasione del 150esimo Anniversario dell'Unità, MoFiR wp n°53, published in "Economia Italiana", forthcoming.

• Caiazza S, Pozzolo AF, Trovato G (2011). Do Domestic and Cross-Border M&As Differ? Cross-Country Evidence from the Banking Sector, MoFiR wp n°52, published in  "Applied Financial Economics", 24: 967-981.

  • Cipollina M, Giovannetti G, Pietrovito F, Pozzolo AF (2011) FDI and Growth: What Cross-Country Industry Data Say, MoFiR wp n°51, published in "The World Economy", 35: 599-629.

  • Ciari L, De Bonis R (2011) Entry Decisions After Deregulation: the Role of Incumbents' Market Power, MoFiR wp n°50.

• Papi L (2011) Central Bank Capital Adequacy for Central Banks With or Without a Monetary Policy, Mo, MoFiR wp n°49.

• Fratianni M (2011) Sviluppo, Rischio e Conti con l'Estero delle Regioni Italiane: Commenti e Riflessioni, MoFiR wp n°48, published in "Economia Italiana", 3, 2010.

2010

• • Bellucci A, Borisov A, Zazzaro A (2010) Do Male and Female Loan Officers Differ in Small Business Lending? A Review of the Literature, MoFiR wp n°47, published in: G. Calcagnini and I. Favaretto (eds) "The Economics of Small Business", New York: Springer, 2011.

  • Cau G, Stacchini M (2010) The Certification Role of Bank Directors on Corporate Boards, MoFiR wp n°46.

• Caiazza S, Clare A, Pozzolo AF (2010) What Do Foreigners Want? Evidence from Targets in Bank Cross-Border M&As, MoFiR wp n°45, published in the "Journal of Banking and Finance", 36: 2641-2659.

• Presbitero AF (2010) Total Public Debt and Growth in Developing Countries, MoFiR wp n°44, published in the "European Journal of Development Research", forthcoming.

• Oh CH, Fratianni, M (2010) Do Additional Bilateral Investment Treaties Boost Foreign Direct Investment?, MoFiR wp n°43.

• Amighini A, Presbitero AF, Richiardi MG (2010) Delocalizzazione Produttiva e Mix Occupazionale, MoFiR wp n°42.

• Del Boca A, Fratianni M, Spinelli F, Trecroci C (2010) Wage Bargaining and the Phillips Curve in Italy, MoFiR wp n°41.

  • Barba Navaretti G, Calzolari G, Pozzolo AF (2010) Levi M Multinational Banking in Europe: Financial Stability and Regulatory Implications. Lessons from the Financial Crisis, MoFiR wp n°40, published in "Economic Policy", 25(October): 703-753.

• De Bonis R, Stacchini M (2010) What Determines the Size of Bank Loans in Industrialized Countries? The Role of Government Debt, MoFiR wp n°39, published in "International Finance", 16(3): 289-310.

• De Bonis R, Silvestrini A (2010) The Effects of Financial and Real Wealth on Consumption: New Evidence from OECD Countries, MoFiR wp n°38, published in "Applied Financial Economics", 22(5): 409-425.

• De Bonis R, Ferri G, Rotondi Z (2010) Do Bank-Firm Relationships Influence Firm Internatioalization?, MoFiR wp n°37, published in "International Economics", 142: 60-80.

• Gulamhussen MA, Pinheiro C, Pozzolo AF (2010) Do Multinational Banks Create or Destroy Economic Value?, MoFiR wp n°36.

• Presbitero AF, Zazzaro A (2010) The Global Crisis in Low- and Middle-Income Countries: How the IMF Responded, MoFiR wp n°35.

2009

• • Bettin G, Lucchetti R, Zazzaro A (2009) Income, Consumption and Remittances: Evidence from Immigrants to Australia, MoFiR wp n°34, published as "Endogeneity and sample selection in a model for remittances" in the "Journal of Development Economics", 99(2): 370-384, 2012.

  • Busetta G, Zazzaro A (2009) Mutual Loan-Guarantee Societies in Monopolistic Credit Markets with Adverse Selection, MoFiR wp n°33, published in the "Journal of Financial Stability", forthcoming.

  • Cucculeli M, Marchionne F (2009) Market Opportunity and the Owner Identity. Are Family Firms Different?, MoFiR wp n°32.

• Bellucci A, Borisov AV, Zazzaro A (2009) Does Gender Matter in Bank-Firm Relationships? Evidence from Small Business Lending, MoFiR wp n°31, published in the "Journal of Banking & Finance", 34(12):2968-2984.

• Fratianni M, Marchionne F (2009) Rescuing Banks from the Effects of the Financial Crisis, MoFiR wp n°30, published as "The banking bailout of the subprime crisis: Was the bang worth the buck?" in the "Journal of International Financial Markets, Institutions and Money", 23: 240-264, 2013.

  • Presbitero AF (2009) The 2008-2009 Financial Crisi and the HIPCs: Another Debt Crisis?, MoFiR wp n°29, published in the "Rivista Bancaria - Minerva Bancaria", 2009(5-6):35-64.

• Bettin G, Zazzaro A (2009) A Remittances and Financial Development: Substitutes or Complements in Economic Growth?, MoFiR wp n°28, published in the "Bulletin of Economic Research", 64(4): 509-536, 2012.

• Presbitero AF (2009) La Crisi 2007 - ?: Fatti, Ragioni e Possibili Conseguenze, MoFiR wp n°27, published in the "Economia Marche - Review of Regional Studies", 2009(1): 9-34.

  • Alessandrini P, Fratianni M (2009) International Monies, Special Drawing Rights, and Supernational Money, MoFiR wp n°26, published in the "World Economics", 10(4):45-67

• Scalera D, Zazzaro A (2009) Do Inter-Firm Network Make Access to Finance Easier? Issues and Empirical Evidence, MoFiR wp n°25, published in: F. Cafaggi (ed) "Contractual Networks, Inter-Firm Cooperation and Economic Growth", Chelteman: Edward Elgar, 2011.

• Cucculelli M (2009) Owner Identity and Firm Performance: Evidence from European Companies, MoFiR wp n°24.

• Fratianni M, Marchionne F (2009) The Role of Banks in the Subprime Financial Crisis, MoFiR wp n°23, published in the "Review of Economic Conditions in Italy, 2009(1): 11-47.

  • Gambini A, Zazzaro A (2009) Who Captures Who? Long-Lasting Banking Relationships and Growth of Firms, MoFiR wp n°22, published with the title Long-lasting bank relationships and growth of firms in "Small Business Economics", forthcoming.

• Cucculelli M, Micucci G (2009) The Age Effect of Entrepreneurship: Founder's Tenure, Firm Performance and the Economic Environment, MoFiR wp n°21.

• Fratianni M, Marchionne F (2009) The Limits to Integration, MoFiR wp n°20, published in Jovanovic MN: International Handbook of Economic Integration, Elgar, 204-225.

  • Bartolini D, Zazzaro A (2009) Are Antitrust Fines Friendly to Competition? An Endogenous Coalition Formation Approach to Collusive Cartels, MoFiR wp n°19, published in the "B.E. Journal of Economic Analysis and Policy (Topics)", forthcoming.

  • Bartolini D, Zazzaro A (2009) A The Anticompetitive Effects of the Antitrust Policy, MoFiR wp n°18, published with the title The anticompetitive effects of antitrust policies in Calcagnini G and Slatari E: "The economics of imprfect markets", New York: Springer.

  • Illueca M, Norden L, Udell GF (2009) Liberalization, Corporate Governance, and Saving Banks, MoFiR wp n°17.

  • Uchida H, Udell GF, Yamori N (2009) Loan Officers and Relationship Lending to SMEs, MoFiR wp n°16, published in the "Journal of Financial Intermediation", forthcoming.

  • Presbitero AF (2009) Debt Relief Effectiveness and Institution Building, MoFiR wp n°15, published in the "Development Policy Review", 27(5):529-59.

  • Marinez Oliva JC (2009) Riunificazione Intertedesca e Politiche per la Convergenza, MoFiR wp n°14.

  • Presbitero AF, Zazzaro A (2009) Competition and Relationship Lending: Friends or Foes?, MoFiR wp n°13, published in the "Journal of Financial Intermediation", 20(3): 387-413.

  • Nucci F, Pozzolo AF (2009) Exchange Rate, Employment and Hours: What Firm-Level Data Say, MoFiR wp n°12, published in the "Journal of International Economics", 82(2): 112-123.

  • Ferri G, Pozzolo AF (2009) Bank Internationalization and Trade: What Comes First?, MoFiR wp n°11.

• Alessandrini P, Presbitero AF (2009) La Nuova Geografia Bancaria nel Mezzogiorno: la Necessità di un Approccio Sistemico, MoFiR wp n°10.

2008

• • Pozzolo AF (2008) Bank cross-border mergers and acquisitions (Causes, consequences and recent trends), MoFiR wp n°9, published in: Alessandrini, Fratianni and Zazzaro (eds), The Changing Geography of Banking and Finance, Springer, 2009.

• Del Boca A, Fratianni M, Spinelli F, Trecroci C (2008) The Phillips Curve and the Italian Lira, 1861-1998, MoFiR wp n°8, forthcoming in the "North American Journal of Economics and Finance".

  • Alessandrini P, Zazzaro A (2008) Bank Localism and Industrial Districts, MoFiR wp n°7, published in: Becattini, Bellandi and De Propris (eds), A Handbook of Industrial Districts, Elgar, 2009.

• Fratianni M (2008) The Evolutionary Chain of International Financial Centers, MoFiR wp n°6.

  • Fratianni M (2008) Financial Crises, Safety Nets and Regulation, MoFiR wp n°5, published in the "Rivista Italiana degli Economisti", XIII(2): 169-207.

  • Alessandrini P, Presbitero AF, Zazzaro A (2008) Global Banking and Local Markets, MoFiR wp n°4, published in the "Cambridge Journal of Regions, Economy and Society", 2(2): 173-92, 2009.

  • Alessandrini P, Presbitero AF, Zazzaro A (2008) Geographical Organization of Banking Systems and Innovation Diffusion, MoFiR wp n°3, published in: Alessandrini, Fratianni and Zazzaro (eds), The Changing Geography of Banking and Finance, Springer, 2009.

• Alessandrini P, Presbitero AF, Zazzaro A (2008) Bank Size or Distance: What Hampers Innovation Adoption by SMEs?, MoFiR wp n°2, forthcoming in the "Journal of Economic Geography".

  • Alessandrini P, Fratianni M (2008) Resurrecting Keynes to Stabilize the International Monetary System, MoFiR wp n°1, published in the "Open Economies Review", 20(3): 339-58, 2009.