Claudio Giraldi's scientific contributions
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Publications (3)
This paper analyzes the determinants of aggregate households' portfolio choices conditional on those components of wealth which can be regarded as highly or totally illiquid because of the existence of substantial transaction costs and/or institutional constraints on agents behaviour. The empirical analysis broadly confirms the importance of the ab...
Following years of control and regulation, there has been a massive trend towards the liberalisation of financial markets. This volume provides an analysis of this process and considers likely future developments. It is divided into three parts: the first covers the behaviour of households and firms; the second includes papers on stock, bond and cu...
In this article we try to assess the relative importance of real and financial determinants in firm's foreign currency borrowing by extending a model earlier developed by Kawai. We use this framework to examine the behavior of Italian firms during the 1980s. The financial components of firm's decisions are studied by means of a repeated mean-varian...
Citations
... For empirical evidence on the relationship between non–traded assets and financial portfolios, see e.g. Giraldi, Hamaui and Rossi (1993) and the references therein. Secondly, transaction costs and durables affect the real wage rigidity, as they affect both the marginal gain from higher wages and the utility loss from becoming unemployed. ...
... The literature on currency (mis)matching has two main strands. The first focuses on firms' incentives to reduce exposure to exchange rate risk (Kawai, 1981, Giraldi and Hamaui, 1991, Cotner, 1991). Matching firms' revenues and debt currency structures occurs if firms have no access to hedging opportunities through the forward market (Kawai, 1981). ...
Reference: Currency Mismatches and Banking Crises
