In the Euro Area there is a scarcity of risk-free securities; these are issued today only by a few sovereigns with a very high rating, but not by any European institution given strong German opposition. This situation creates huge capital flows in stress periods (flight-to-quality) and it contributes to the diabolic loop between bank and […]
Angelo Baglioni and Rony Hamaui
Angelo Baglioni is Full Professor of Economics at the Catholic University of Milan. He is member of the Scientific and Steering Committee of the Monetary Analysis Laboratory at Catholic University of Milan, and was previously Visiting Professor at the University of Siena. Rony Hamaui is President of Intesa SanPaolo Forvalue, adjunct Professor of Monetary Economic at Catholic University of Milan and Board Member of the LSE Alumni Italy and CDEC (Centro di documentazione ebraica).