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This paper contains a critical discussion of the opening of the highway concession to the private sector in Italy over the past 20 years. It describes the political context, legal mechanisms and regulatory settings; offers an analysis of the changes in the equity composition of concessionaires after the introduction of public-private partnerships, quality standards, and tariff dynamics; and provides some examples. The Italian experience reflects the typical problems of the "build-now-regulate-later" approach recognized in the highway public-private partnership literature. The Italian model is also characterized by the existence of an overly complex regulatory framework, as well as the lack of a single agent in charge of contract enforcement and independent data collection.

Bankruptcy and Resolution of Financial Distress --- Debt Markets --- Host Country --- Infrastructure Economics --- Output --- Political Economy --- Private Entities --- Private Sector Development --- Roads & Highways --- Rule of Law --- Transport Economics Policy & Planning

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This paper studies a transmission mechanism through which pro-vulnerable income transfers may affect individual decision-making of non-beneficiaries in an extreme poverty context, leading to labor supply contraction and the so-called dependency syndrome. The argument is based on the distributional distortion this transfer may provoke to the relative quality of leisure, enjoyed by the population in an extreme poverty scenario. Assuming the existence of vulnerable individuals and different income groups based on certain physical, economic, or social characteristics, the author studies their decision processes and, in particular, their reactions to the aid program. The results of this theoretical research provide some insights on the conditions that an optimal pro-poor income transfer should present. A literature review is presented in support of the arguments made in the theoretical part.

Dependency --- Economic Theory & Research --- Food & Beverage Industry --- Income Distribution --- Income Transfers --- Labor Policies --- Labour Supply --- Macroeconomics and Economic Growth --- Poverty Monitoring & Analysis --- Safety Nets --- Services & Transfers to Poor

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This paper contains a critical discussion of the opening of the highway concession to the private sector in Italy over the past 20 years. It describes the political context, legal mechanisms and regulatory settings; offers an analysis of the changes in the equity composition of concessionaires after the introduction of public-private partnerships, quality standards, and tariff dynamics; and provides some examples. The Italian experience reflects the typical problems of the "build-now-regulate-later" approach recognized in the highway public-private partnership literature. The Italian model is also characterized by the existence of an overly complex regulatory framework, as well as the lack of a single agent in charge of contract enforcement and independent data collection.

Bankruptcy and Resolution of Financial Distress --- Debt Markets --- Host Country --- Infrastructure Economics --- Output --- Political Economy --- Private Entities --- Private Sector Development --- Roads & Highways --- Rule of Law --- Transport Economics Policy & Planning

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In absence of deposit insurance, underdeveloped financial systems can exhibit a coordination failure between banks, unable to commit on safe asset holding, and depositors, anticipating low deposit repayment in bad states. This paper shows conditions under which a government can solve this failure by imposing safe asset purchases, which boosts deposits by increasing depositor repayment in bad states. In so doing, financial regulation stimulates bank profits if subsequent deposit growth exceeds the intermediation margin decline. As a result, it also promotes loans and branch installation with deposits. Two empirical tests are presented: 1) a regulation change by the National Bank of Ethiopia in 2011; 2) the introduction of bank taxes in Antebellum USA (1800-1861). Analyzing bank balance sheets and long-term branch installation, the regulation effects are isolated exploiting heterogeneity in bank size and policies introduction respectively, and find increases in branches, deposits, loans, and safe assets, with no decline in overall profits.

Access to finance --- Banks and banking reform --- Finance and financial sector development --- Financial intermediation --- Public sector corruption and anticorruption measure --- Public sector development

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Combining administrative data on credit, internet penetration and a land reform in Rwanda, this paper shows that the complementarity between technology and law can overcome financial frictions. Leveraging quasi-experimental variation in 3G availability from lightning strikes and incidental coverage, we show that mobile connectivity steers borrowers from microfinance to commercial banks and improves loan terms. These effects are partly due to the role of 3G internet in facilitating the acquisition of land titles from the reform, used as a collateral for bank loans and mortgages. We quantify that the collateral's availability mediates 35% of the overall effect of mobile internet on credit and 80% for collateralized loans.

Bank credit --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Commercial banks --- Communications Equipment --- Computers --- Credit --- Currency crises --- Depository Institutions --- Diffusion Processes --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Finance --- Finance: General --- Financial inclusion --- Financial institutions --- Financial Instruments --- Financial Markets and the Macroeconomy --- Financial markets --- Financial services industry --- Industries: Financial Services --- Informal sector --- Institutional Investors --- Loans --- Macroeconomics --- Micro Finance Institutions --- Microelectronics --- Mobile and Wireless Communications --- Mobile internet --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money --- Mortgages --- Non-bank Financial Institutions --- Pension Funds --- Technological Change: Choices and Consequences --- Technology --- Wap (wireless) technology --- Wireless Internet