Libera Università Internazionale degli Studi Sociali Guido Carli

About: Libera Università Internazionale degli Studi Sociali Guido Carli is a education organization based out in Rome, Lazio, Italy. It is known for research contribution in the topics: Politics & Monetary policy. The organization has 692 authors who have published 2493 publications receiving 36411 citations. The organization is also known as: Libera Universita Internazionale degli Studi Sociali Guido Carli & Libera Università Internazionale degli Studi Sociali "Guido Carli".

Bellman Equations Associated to The Optimal Feedback Control of Stochastic Navier-Stokes Equations

Abstract: In this paper we study infinite-dimensional, second-order Hamilton-Jaco bi-Bellman equations associated to the feedback synthesis of stochastic Navier-Stokes equations forced by space-time white noise. Uniqueness and existence of viscosity solutions are proven for these infinite-dimensional partial differential equations. c 2004 Wiley Periodicals, Inc.

China's move to a Circular Economy as a development strategy

Abstract: While China's rapid growth rates have been widely admired, they have been accompanied by extensive pollution and waste. It is therefore unsurprising that China has adopted as its development model the Circular Economy (CE), encompassing notions of industrial ecology and resource reduction, reuse and recycling. This article analyses and appraises China's capacity to implement such a strategy. The article engages in a discussion of what China means by a CE and whether the policies of eco-industrial development being pursued actually fit with this general goal. We also offer our own econometric update on China's progress towards a CE. The article tests the conjecture that China is able to link its ‘compressed development’ strategy with industrial ecology ideas – seeing the CE as not only a source of competitive advantage, but also pointing towards a solution to global resource depletion and waste accumulation and devastation. While it must be understood that China faces enormous obstacles in implementing the CE idea, and starts from a very low base in doing so, nevertheless it has certain latecomer and administrative advantages in putting its economy on a new, closed-loop footing, as compared with more advanced countries with established industrial systems.

Quadratic Hedging Methods for Defaultable Claims

Abstract: We apply the local risk-minimization approach to defaultable claims and we compare it with intensity-based evaluation formulas and the mean-variance hedging. We solve analytically the problem of finding respectively the hedging strategy and the associated portfolio for the three methods in the case of a default put option with random recovery at maturity.

Formal independence of regulatory agencies and Varieties of Capitalism: A case of institutional complementarity?

Abstract: The Varieties of Capitalism literature posits that national economic institutions reflect the mode of coordination of a country's market actors. Despite the importance of this claim and a rich literature on the emergence of regulatory capitalism, few studies test such prediction for Independent Regulatory Agencies (IRAs). This article connects the two fields of research by analysing the impact of economic coordination on the formal independence of IRAs. The results show that, beyond issues of credible commitment and policy stability, the collective action capacity of market actors matters. In particular, regulators in Coordinated Market Economies enjoy less independence than in Liberal Market Economies, while intermediate regimes grant IRAs the least autonomy. The policy implications are nontrivial. Similar to other macroeconomic institutions, inappropriate combinations of economic coordination and IRA independence may engender Pareto-suboptimal regulatory solutions. In such cases, policymakers should reconsider the rules governing national regulators.