Bank of Italy

A forward-looking tracker of negotiated wages in the euro area

Retrieved on:

lördag, februari 10, 2024

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Key Points:

The macroeconomic effects of global supply chain reorientation

Retrieved on:

lördag, februari 10, 2024

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We analyse the macroeconomic

Key Points:

We analyse the macroeconomic
effects of supply chain reorientation through localisation policies, using a global dynamic
general equilibrium model.
While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
The large sensitivity of the global economy to the recent supply chain shocks suggests that
the international trade reconfiguration implied by localisation policies could also have sizable
impacts on key macroeconomic variables such as output, employment and inflation.
Thus, localisation focuses on the
goods in our model most closely related to global supply chains.
Retaliation also attenuates any positive effects from
reshoring on output and implies a reduction in the volume of overall international trade.
This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
most susceptible to supply chain disruptions.
Either that, or the economic costs are considered a worthwhile trade-off for an increase
in security of supply, for example.
While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
Recent supply chain shocks have had large effects, with disruptions in 2021 estimated
to have reduced euro area GDP by around two percent and doubled the rate of manufacturing producer inflation (Celasun et al., 2022).
To analyse this issue, we simulate a (partial) reshoring of production back to Europe in
a global dynamic general equilibrium framework.
Thus,
localisation focuses on the goods in our model most closely related to global supply chains.3 We
model reshoring through a direct change to the export goods? production-function parameters.
Since reshoring
effectively shortens the supply chain, the sum of markups along the chain falls.
This means that imports that are at the end of the supply chain (i.e.
In particular, our work relates to papers examining the potential for countries to reduce
their exposure to global supply chains.
(2021) demonstrate that reduced reliance on foreign inputs does not mitigate pandemicinduced contractions in labour supply.
(2021) find no evidence of a relationship
between global value chain integration and macroeconomic volatility.
This dynamic, along with factors such as natural disasters, climate-change
induced volatility and terrorism mean that supply chain disruptions could be a new normal
(Grossman et al., 2021).
Our work contributes to the literature providing dynamic general equilibrium analyses of
protectionist policies, in particular those using global macroeconomic models to quantify trade
policy changes.
(2008) analyse the effect of a rise in protectionism in response
to rising global trade imbalances.
Linde? and Pescatori (2019) find that although the macroeconomic costs of a
trade war are substantial, a fully symmetric retaliation is the best response.
(2020) consider a rich input-output structure and demonstrate that closer integration amplifies
the adverse effects of protectionist trade policies.
Several recent studies have also examined the economic effects of a global trade fragmentation.
First, we modify a dynamic general
equilibrium model of the global economy in order to analyse the transmission of localisation
policies.
This allows for a comprehensive treatment of cross-border macroeconomic interdependences and spillovers between the different regions.
4
There is, however, substantial cross-country heterogeneity in terms of impact, with small open economies
(SOEs) reliant on global supply chains more affected.
ECB Working Paper Series No 2903
7

Second, we are able to assess both long-run effects and the transition dynamics of localisation
policies.
Our model contains a detailed monetary block and captures inflation dynamics, which is a key
concern for supply chain reorientation.
Overall, our paper contains a careful analysis of the key aspects of the localisation debate,
including effects of localisation on domestic competition and efficiency.
Section 2 provides a brief overview of the model, the modifications to examine
global supply chain reorientation, some key details on the calibration and a brief discussion of
the nature of our exercise.
(2020) for discussions of the relative strengths and weaknesses of
trade and macroeconomic models in assessing large economic shocks.
2.1
Supply chain reorientation

Our analysis focuses on imported inputs used to produce goods for export, as the introduction
of localisation policies is in response to recent disruptions to global supply chains.
Since reshoring
effectively shortens the supply chain, the sum of markups along the chain falls.
Further to
these effects, engagement with global firms provides an opportunity for knowledge spillovers to
local firms (Criscuolo et al., 2017).
This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
most susceptible to supply chain disruptions.
(B12)
Adjusting the share of local inputs in export goods, of course, affects prices and quantities all
along the supply chain.

B20 and C2FO Collaborate on Solutions for Micro, Small and Medium-Sized Businesses

Retrieved on:

tisdag, augusti 29, 2023

KANSAS CITY, Mo., Aug. 29, 2023 /PRNewswire-PRWeb/ -- C2FO, the world's on-demand working capital platform, is proud to announce its collaboration with the Business 20 (B20) and inclusion in a major policy paper published at the 2023 B20 meeting in New Delhi, India. The B20 is the official dialogue forum between the global business community and the G20, the key forum for intergovernmental leaders around the globe. The paper addresses the challenges micro, small and medium-sized enterprises (MSMEs) face in accessing working capital and provides global leaders with actionable recommendations for achieving sustainability targets with inclusive long-term employment and economic growth.

Key Points:

The B20 is the official dialogue forum between the global business community and the G20, the key forum for intergovernmental leaders around the globe.
In addition to C2FO's work with the B20, the company is an active member of the SME Finance Forum.
As a member of this global network, C2FO engages in dialogue about policy changes to promote SME financing worldwide.
C2FO remains committed to ensuring every business has access to the capital it needs to thrive.

TerraPay Group Expands Business Operations in Italy and Sets Sights on European Union

Retrieved on:

onsdag, augusti 16, 2023

Partnership, SDG, General counsel, GCC, EMI, CCO, TUB, European, Bank of Italy, SE, Growth, Entrepreneurship, Meanings of minor planet names: 61001–62000, Consolidated, Bank, Cryptocurrency, Central Africa

Having obtained approval from the Bank of Italy, TerraPay is set to expand its operations within the country and subsequently, throughout the European Union.

Key Points:

Having obtained approval from the Bank of Italy, TerraPay is set to expand its operations within the country and subsequently, throughout the European Union.
Under Article 114-quinquies Consolidated Banking Act (TUB), the Bank of Italy authorized TerraPay Italy as an electronic money institution.
Leveraging its extensive expertise and innovative approach in the digital payments sector, TerraPay aims to positively impact and contribute to the European market.
"The commitment of the TerraPay team, supported by the international firm Orrick, was crucial in reaching this historic milestone," stated Ambar Sur, Founder and CEO, TerraPay.

TerraPay Group Expands Business Operations in Italy and Sets Sights on European Union

Retrieved on:

onsdag, augusti 16, 2023

Having obtained approval from the Bank of Italy, TerraPay is set to expand its operations within the country and subsequently, throughout the European Union.

Key Points:

Having obtained approval from the Bank of Italy, TerraPay is set to expand its operations within the country and subsequently, throughout the European Union.
Under Article 114-quinquies Consolidated Banking Act (TUB), the Bank of Italy authorized TerraPay Italy as an electronic money institution.
Leveraging its extensive expertise and innovative approach in the digital payments sector, TerraPay aims to positively impact and contribute to the European market.
"The commitment of the TerraPay team, supported by the international firm Orrick, was crucial in reaching this historic milestone," stated Ambar Sur, Founder and CEO, TerraPay.

iSwiss Introduces Two Billion Euro Securitization Open to Everyone

Retrieved on:

fredag, januari 27, 2023

Bank of Italy, Bank, Mining, Sale, Goldfield, Gold, Security (finance), Cryptocurrency

Lugano, Switzerland--(Newsfile Corp. - January 27, 2023) - iSwiss Bank , one of the largest players in the securitization sector and winner of several international awards, including this year's iSuccess Forbes 2022 in Monte Carlo for the most innovative company in the sector, has introduced a two billion euro securitization open to anyone.

Key Points:

Lugano, Switzerland--(Newsfile Corp. - January 27, 2023) - iSwiss Bank , one of the largest players in the securitization sector and winner of several international awards, including this year's iSuccess Forbes 2022 in Monte Carlo for the most innovative company in the sector, has introduced a two billion euro securitization open to anyone.
The transaction is managed by iSwiss Bank, through its own Italian special purpose vehicle, registered with the Bank of Italy.
The value of the entire transaction is estimated at two billion euro, making it one of the largest securitization transactions in the world.
For more information about iSwiss and the two billion euro securitization, please visit: www.iswiss.ch

VEOLIA ENVIRONNEMENT ANNOUNCES THE RESULTS OF THE PREVIOUSLY ANNOUNCED TENDER OFFER OF ANY AND ALL OF ITS 6.750% NOTES DUE 2038

Retrieved on:

måndag, november 21, 2022

2038 Notes purchased by the Company pursuant to the Tender Offer will be cancelled and will not be re-issued or resold.

Key Points:

2038 Notes purchased by the Company pursuant to the Tender Offer will be cancelled and will not be re-issued or resold.
2038 Notes which have not been validly tendered and accepted for purchase pursuant to the Tender Offer will remain outstanding after the Settlement Date.
This press release is neither an offer to purchase nor a solicitation to tender any of these 2038 Notes nor is it a solicitation for acceptance of the Tender Offer.
The Company is making the Tender Offer only by, and pursuant to the terms of, the Offer to Purchase.

Veolia Environnement Launches Cash Tender Offer to Purchase Any and All of its 6.750% Notes due 2038

Retrieved on:

torsdag, november 10, 2022

The Tender Offer is not contingent upon the tender of any minimum principal amount of 2038 Notes.

Key Points:

The Tender Offer is not contingent upon the tender of any minimum principal amount of 2038 Notes.
The Offer to Purchase is expected to be distributed to holders of 2038 Notes beginning today.
This press release is neither an offer to purchase nor a solicitation to tender any of these 2038 Notes nor is it a solicitation for acceptance of the Tender Offer.
The Company is making the Tender Offer only by, and pursuant to the terms of, the Offer to Purchase.

Imperial Capital Hires Michael Chan as Head of Media, Sports and Entertainment Investment Banking

Retrieved on:

onsdag, oktober 26, 2022

LOS ANGELES, Oct. 26, 2022 /PRNewswire/ -- Imperial Capital, LLC ("Imperial Capital") announced today that Michael Chan has joined the firm as a Managing Director and Head of Media, Sports and Entertainment Investment Banking. Based in the firm's Los Angeles office, Mr. Chan will foster the firm's media, sports and entertainment relationships while providing them with the full spectrum of corporate finance solutions including M&A advisory, debt financings and equity capital raises. "Michael joins Imperial Capital as part of the group's recruiting mandate to source high quality, culture-driven talent to strategically grow investment banking coverage in sectors important to the firm," said Jonathan Lee, COO of Investment Banking.

Key Points:

LOS ANGELES, Oct. 26, 2022 /PRNewswire/ -- Imperial Capital, LLC ("Imperial Capital") announced today that Michael Chan has joined the firm as a Managing Director and Head of Media, Sports and Entertainment Investment Banking.
"Michael joins Imperial Capital as part of the group's recruiting mandate to source high quality, culture-driven talent to strategically grow investment banking coverage in sectors important to the firm," said Jonathan Lee , COO of Investment Banking.
Complementing Imperial Capital's existing corporate credit sales and trading franchise, Imperial Capital International expanded the Imperial Capital franchise into the EEA.
For more information regarding Imperial Capital (International), LLP, please contact:
About Imperial Capital SIM S.p.A.
Imperial Capital SIM S.p.A situated in Milan, Italy is an authorized subsidiary of Imperial Capital.

Imperial Capital Names Denji Yiu as Head of U.S. Fixed Income Sales

Retrieved on:

tisdag, september 27, 2022

Fixed Income Sales group in his new role, said Randy Wooster, CEO of Imperial Capital.

Key Points:

Fixed Income Sales group in his new role, said Randy Wooster, CEO of Imperial Capital.
For more information regarding Imperial Capital, please contact:
Imperial Capital International, founded in 2011, is an affiliate of Imperial Capital, LLC with an office in central London.
Complementing Imperial Capitals existing corporate credit sales and trading franchise, Imperial Capital International expanded the Imperial Capital franchise into the EEA.
For more information regarding Imperial Capital (International), LLP, please contact:
About Imperial Capital SIM S.p.A.
Imperial Capital SIM S.p.A situated in Milan, Italy is an authorized subsidiary of Imperial Capital.