51 records from EconBiz based on author Name

1. The bonfire of banknotes

Manna, Michele;
2022
Type: Graue Literatur; Non-commercial literature;
Availability: Link Link

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2. Un indice OEE per la stampa delle banconote in Banca d'Italia

Manna, Michele;
2021
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

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3. The Bonfire of Banknotes

abstract

In this paper we examine the role played by cash in crime. Our sources include research papers by economists (which point to a link between cash and corruption/shadow economy), works by crime scholars, and reports by international institutions and law enforcement agencies. Overall, opinions differ on how best to frame such role, as cash could be broadly regarded as a component of crime (our opinion), a catalyst, or even a cause of it. This range of views partly owes to the fact that good quality data with enough time depth are not easily available in this field of research. As an additional factor of complexity, crime is a multi-line business and the odds are that cash weighs more prominently on, say, the street selling of drugs than on wholesale segments. Finally, the role played by cash in criminal activity ought to be cast against the complexity and financial dimension of crime in our days, including its ongoing transition toward crypto-assets and the Darknet. The paper thus explores this dimension too

Manna, Michele;
2023
Availability: Link Link

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4. Banks' holdings of and trading in government bonds

Manna, Michele; Nobili, Stefano;
2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link

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5. Banks' holdings of and trading in government bonds

Manna, Michele; Nobili, Stefano;
2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

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6. Using Money Market Rates to Assess the Alternatives of Fixed vs. Variable Rate Tenders : The Lesson from 1989-1998 Data for Germany

abstract

This paper uses the variability of money market rates to compare the conduct of the central bank's key market operation as a fixed-rate tender (FRT) or a variable-rate tender (VRT). Nowadays, leading central banks generally use FRTs or other approaches (e.g. target rates) which yield step changes in the policy rate, as opposed to the more piecemeal, but also more noisy changes resulting from the VRT rate. Given the central bankers' preference for stable money market conditions, FRTs should thus remain associated with lower market variability. In fact, daily data for the German overnight and three-month rates from 1989 to 1998, when the Bundesbank alternated FRTs and VRTs, indicate that the average variability of money market rates is broadly the same under the two tender procedures. A small model shows that this finding holds true under rather general conditions, and is not only a feature of the experience in Germany

Manna, Michele;
2021
Availability: Link Link

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7. Un indice OEE per la stampa delle banconote in Banca d’Italia (An OEE index for the Bank of Italy’s Banknote Production Plant)

abstract

Italian Abstract: Il lavoro presenta una serie mensile dell’indice di Overall Equipment Effectiveness (OEE) per la stampa delle banconote in Banca d’Italia, dal gennaio 2014 al settembre 2020. L’OEE esprime il grado di funzionamento di un sito industriale, misurando in percentuale il rapporto tra il volume di produzione conforme agli standard realizzato in un dato intervallo di tempo e quanto si era pianificato di produrre. Il lavoro evidenzia i progressi registrati nell’indice dopo il riassetto della stamperia a partire dal marzo 2018, nonché la resilienza nello svolgimento dell’attività nella fase più recente di emergenza sanitaria. Tramite verifiche econometriche si misura in circa 10 punti percentuali la flessione dell’indice nella fase più intensa delle trattative che poi ebbero ad esito la riorganizzazione, quantificando così un fenomeno ben attestato nella letteratura di organizzazione industriale

Manna, Michele;
2021
Availability: Link Link

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8. Strategy and tactics in public debt management

Dottori, Davide; Manna, Michele;
2015
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link

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9. Banks’ Holdings of and Trading in Government Bonds

abstract

In this paper we examine the holdings of government securities by domestic banks along with those of five other sectors: foreign banks, foreign non-banks, the official foreign sector, the domestic central bank and domestic non-banks. We use data for 21 advanced economies from 2004 Q1 to 2016 Q2. The results offer four main insights. First, banks are reluctant to undertake major changes in their holdings of domestic bonds but do accept frequent changes of more intermediate size. Second, the foreign official sector emerges as the clearest example of a contrarian investor, buying when prices fall and selling when prices rise. Third, the greater the holdings by domestic and foreign banks, the lower the yields tend to be on 10-year benchmark sovereign bonds. Finally, in all countries included in the sample we find a positive home bias in banks' sovereign holdings while foreign banks hold fewer bonds than predicted by a neutral portfolio measure. These results suggest that banks regard domestic government bonds as a special asset class (hence the positive bias and avoidance of major changes in inventories) which they manage in a flexible manner (hence the frequent intermediate changes and lack of systematic timing of transactions), in all likelihood to meet requests from their customers. All in all, this behaviour by domestic banks provides a positive contribution to the liquidity of the market

Manna, Michele; Nobili, Stefano;
2018
Availability: Link Link
Citations: 7 (based on OpenCitations) Cited By

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10. Modelling public debt strategies

Manna, Michele; Bernardini, Emmanuela; Bufano, Mauro; Dottori, Davide;
2013
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link

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