Micro and Macroeconomic Effects of Financial Innovation

Fondazione Costantino Bresciani Turroni

Micro and Macroeconomic Effects of Financial Innovation
University of Milan - Papers and Proceedings of the VIII Round Table
of Costantino Bresciani Turroni Foundation

Edited by Paola Parravicini e Gianandrea Goisis

Collana: «Colloquium»
17 x 24 cm – pagg. 202 – 2010 – € 32,00
ISBN 978-88-7916-445-0

Versione e-book disponibile per l'acquisto qui oppure su Casalini Torrossa

TABLE OF CONTENTS: G. Goisis - P. Parravicini, Introduction – 1. M. Bagella - R. Ciciretti, Financial markets and the post-crisis scenario – 2. G. Goisis, Micro and macroeconomic effects of financial innovation in a domestic and international perspective – 3. G. Goisis - M. L. Giorgetti - P. Parravicini - F. Salsano - G. Tagliabue, Economies of scale and scope in the European banking sector – 4. G. Goisis - P. Parravicini, Balance of payment deficits and the international financial downturn: a few alternative assumptions – 5. E. Lancellotti, The impact of financial innovation – 6. A. Montesano, Risk allocation and uncertainty: some unpleasant outcomes of financial innovation – 7. G. Palmerio, Some thoughts of financial innovation and financial crisis – 8. P. Porta, Great Depression n. 2: finance and the real world – 9. L. Prosperetti, Some regulatory lessons to be drawn from the financial crisis – 10. B. Rossignoli - F. Arnaboldi, Financial innovation: theoretical issues and empirical evidence in Europe – 11. G. Tagliabue, The role of controls in the international financial crisis – 12. S. Zamagni, The lesson and warning of a crisis foretold: a political economy approach.

The book is a collection of papers on micro and macro economic effects of financial innovation and contains updates and new inputs on this problem, ranging from the analysis of the international economic downturn that is still going on to the choices made with respect to the economic policies that preceded and followed it. Inappropriate risk management, poor control by the authorities in charge, as well as the uncurbed spending of some developed countries, which resulted into long-term deficits of the commercial balance, are seen as the main causes for a crisis that affected the financial and real sector globally, expanding from the Anglo-Saxon countries to the entire international economic system. There is general agreement about the assumption that serious reforms are needed to escape the crisis, regulating the behaviours of the “controlling” and “controlled” parties alike. The subject is obviously prone to further consideration, which the progression of such events will continue to stimulate and which will surely be the object of new scientific meetings during the next few months.

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