Working papers by Alberto Rinaldi
This paper analyses the evolution of the corporate networks in two Latin economies – Argentina an... more This paper analyses the evolution of the corporate networks in two Latin economies – Argentina and Italy – from 1913 to 1990 by using the interlocking directorates’ technique. The paper focuses on six benchmark years: 1914 (1913 for Italy); 1923 (1927), 1936 (1937), 1954 (1952), 1970 (1972), and 1990 (1983). For each benchmark year, the largest 25 banks and 100 industrial companies have been selected for each country. For each benchmark year, after showing a descriptive statistics of the companies and the directors included in the sample, the paper develops a network connectivity analysis of the system in the two countries. This is integrated by historical and structural analysis. For the first time in corporate networks’ historical analyses, this paper includes syndics – special auditors for firms – as well as directors in the sample. This paper shows that, despite both Argentina and Italy belong to the same legal family, their corporate networks show a different structure and evolution over time. Also the actors that shaped the overall structure of the two corporate networks are different: in Argentina a major role was played by foreign multinationals, while in Italy the crucial actors were banks and state-owned enterprises.
Papers by Alberto Rinaldi
Francesca Carnevali’s work stressed the key role of politics and institutions in determining a co... more Francesca Carnevali’s work stressed the key role of politics and institutions in determining a country’s banking structure, which in turn shapes its industrial structure. Segmented banking systems in France, Germany and Italy allowed different types of banks to specialize in different market segments, ensuring the fulfilment of smaller firms’ financial requirements. In Britain, local banks did not survive the wave of amalgamation of the 1960s. This void left smalland medium-sized enterprises (SMEs) and banks facing high transaction costs on the credit market due to little – or even an absence of – knowledge of the local business environment. Focusing on the Italian case this paper discusses how major parties in the political spectrum, as well as economic institutions such as the Bank of Italy, agreed to foster SMEs after the Second World War. This led to the establishment of a segmented banking system, in which local banks were preserved to serve the financial needs of SMEs clustere...
RePEc: Research Papers in Economics, May 1, 2013
RePEc: Research Papers in Economics, Sep 1, 2007
RePEc: Research Papers in Economics, Oct 1, 2008
Pallas Athéné Books, 2020
Management & Organizational History
This paper analyzes the impact of Covid-19 crisis on the medical device industry, a sector of par... more This paper analyzes the impact of Covid-19 crisis on the medical device industry, a sector of particular relevance for the economy of Emilia-Romagna. This is an anti-cyclical sector which accounts for 6% of world trade in goods and in a post-coronavirus scenario can represent an important driver for economic growth. MNEs play a paramount role in this sector, especially German, American Swiss companies with a global manufacturing system and worldwide distribution channels. Such a significant presence of MNEs can be detected also in the region, where one of major biomedical districts in the EU is located. This paper argues that the vulnerability of GVCs that has been made apparent by the Covid epidemics creates the opportunity for a renewed industrial policy by the Region Emilia-Romagna that facilitates local SMEs to join most advanced GVCs in which SMEs \u2013 especially supplier ones \u2013 are involved in strategic stages of the value chains such as R&D and design. A possible tool is conditioning regional funding to R&D projects of MNEs to their partnering with a minimum number of local SMEs. Keywords: Covid-19; medical device industry; GVC; Regional industrial polic
Business History, 2021
Although regional resilience has been widely discussed in recent years, scholars recognise that t... more Although regional resilience has been widely discussed in recent years, scholars recognise that there is little understanding of the determinants of the long-term adaptive capacity of regions. Poli...
This paper analyses the impact of different sources of financing (foreign capital, migrants’ remi... more This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on economic development in Italy between 1861 and WWI. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that both international capital and domestic saving had a significant impact on investment, while remittances did not. Foreign capital was invested directly, but also via domestic banks, in particular the “German-style” universal banks. Finally, foreign and domestic capital had different attitudes towards the types of investment (construction vs. plant, machinery and transport equipment) and industries they financed. Combined tog...
This paper analyses the impact of different sources of financing (foreign capital, migrants remit... more This paper analyses the impact of different sources of financing (foreign capital, migrants remittances, and domestic banks intermediation) on Italy's economic development between 1861 and the World War I. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that investment in Italy was fueled by a plurality of sources of funding. A crucial role was played by national saving mobilized by domestic banks and also remittances had a significant impact. Our evidence is instead weaker for foreign capital.
L'Italia \ue8, tra i paesi industrializzati, quello con la proporzione pi\uf9 elevata di adde... more L'Italia \ue8, tra i paesi industrializzati, quello con la proporzione pi\uf9 elevata di addetti occupati in imprese piccole e piccolissime. Questo saggio sostiene che un ruolo importante nel determinare la formazione di una struttura produzttiva siffatta \ue8 stato svolto dalle politiche pubbliche. In particolare, nel secondo dopoguerra lo stato ha creato un regime speciale per l'artigianato che ha subordinato l'accesso ad una vasto spettro di provvidenze pubbliche al non superamento di limiti dimensionali ben precisi fissati dalla legge. In questo modo, le politiche per l'artigianato, anzich\ue9 stimolare la crescita dimensionale delle imprese sovvenute, hanno finito per fungere da incentivo al mantenimento di una dimensione limitata
Il capitolo suggerisce una serie di raccomandazioni di politica economica alla luce dell'anal... more Il capitolo suggerisce una serie di raccomandazioni di politica economica alla luce dell'analisi di oltre un secolo e mezzo di storia economica dell'Italia unit
Using new historical data, this paper evaluates Wagner’s Law in Italy over the time period from 1... more Using new historical data, this paper evaluates Wagner’s Law in Italy over the time period from 1862 to 2009. To this aim, cointegration and Granger causation are used to investigate the long run relationship between government expenditure and GDP. Moreover, DOLS method is applied to estimate consistent long run elasticity between these two variables. Our main findings are that Wagner’s Law does not hold in the long run for total government expenditure. However, we find strong support for Wagner’s Law in the shorter time span from 1862 to the end of the 19th century. Such a result seems the consequence of state - building after Italy’s political unification. The new - born Italian state made a huge effort to create nation - wide infrastructures (i.e., railways, telegraph, mail, and so on) as well as an administrative structure well - ramified throughout the country. Conversely, evidence in support of Wagner’s Law is weaker in the period following WW2. Now Wagner’s Law is not verifie...
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Working papers by Alberto Rinaldi
Papers by Alberto Rinaldi