ORIGINAL ARTICLES
Olufemi A. Aluko, Muazu Ibrahim, Institutions and the financial development-economic growth nexus in sub-Saharan Africa
Elie Bouri, Konstantinos Gkillas, Rangan Gupta, Trade uncertainties and the hedging abilities of Bitcoin
Martin Nordström, A forecast evaluation of the Riksbank’s policy-rate projections
Russell Kashian, Robert Drago, Race in relation to bank depositors and mortgage applications
Muzaffarjon Ahunov, Leo Van Hove, National culture and (dis) trust in banks: Cross-country evidence
Edoardo Beretta, The fourfold relation between the essence of money, inflation, bubbles and debt-A theoretical macrofounded analysis

BUSINESS MODELS IN FINANCE: RISK AND EVOLUTION EDITED BY RYM AYADI, CLAUDIO GIANNOTTI AND VALERIO PESIC

INTRODUCTION
Rym Ayadi, Claudio Giannotti, Valerio Pesic, Business models in finance: risk and evolution (e12172)

SPECIAL ISSUE ARTICLES
Emilia Bonaccorsi Di Patti, Francesco Palazzo, Bank profitability and macroeconomic conditions: Are business models different? (e12155)
Giacomo Caterini, Edoardo Gaffeo, Lucio Gobbi, How diverse are national banking systems? An analysis on banking business models, profitability, and riskiness (e12156)
Matteo Farnè, Angelos T. Vouldis, Does a bank’s business model affect its capital and profitability? (e12161)
Giovanna Paladino, Zeno Rotondi, Banking business models and risk: Findings from the ECB’s comprehensive assessment (e12158)
Domenica Tropeano, Does the BRRD affect the retail banking business model in the Euro area? (e12162)
Franz Flögel, Marius Beckamp, Will FinTech make regional banks superfluous for small firm finance? Observations from soft information-based lending in Germany (e12159)
Michael Brei, Claudio Borio, Leonardo Gambacorta, Bank intermediation activity in a low-interest-rate environment (e12164)

ORIGINAL ARTICLES
Idika E. Okorie, Saralees Nadarajah, On nonlinear dependencies in African stock markets (e12137)
Bert J. Smoluk, Community banks, money and labour productivity (e12154)
Kerry Liu, Chinese commercial paper: The bank lending channel of monetary transmission and beyond (e12157)
Anna Pirogova, Antonio Roma, Performance of value-and size-based strategies in the Italian stock market (e12160)

THE POLITICAL ECONOMY OF MIGRANT REMITTANCES EDITED BY EMMANUEL K. K. LARTEY

INTRODUCTION
Emmanuel K. K. Lartey, The political economy of migrant remittances (e12153)

ORIGINAL ARTICLES
Emmanuel K. K. Lartey, The effect of remittances on the current account in developing and emerging economies (e12149)
Supriyo De, Ergys Islamaj, M. Ayhan Kose, S. Reza Yousefi, Remittances aver the business cycle: Theory and evidence (e12143)
David A. Gregorian, Maxym Kryshko, Deposit insurance, remittances, and dollarization: Survey-based evidence from a top remittance -receiving country (e12138)
Anupam Das, Murshed Chowdhury, Macroeconomic impacts of remittances in Bangladesh: The role of reverse flows (e12139)
Denise Stanley, Nicolas Fleming, The impact of foreign and domestic remittance types and senders on education outcomes (e12140)
Annie L. Hines, Nicole B. Simpson, Migration, remittances and human capital investment in Kenya (e12142)
Fabrizio Ferriani, Giacomo Oddo, More distance, more remittance? Remitting behavior, travel cast, and the size of the informal channel (e12146)
Supriyo De, Saad Quayyum, Kirsten Schuettler, Seyed Reza Yousefi, Oil prices, growth, and remittance outflows from the Gulf Cooperation Council (e12144)
Stephen Snudden, Labor and behavior determinants of remittances in Saudi Arabia (e12145)
James T. Bang, Arindam Mandal, Aniruddha Mitra, Transnational remittances and state protection of human rights: A case far caution (e12147)
Cynthia Bansak, Brian Chezum, Nepal’s civil war and the changing sources of income: The role of sectoral shifts and remittances in mitigation and recovery (e12148)
Wasseem Mina, Diaspora and government welfare spending: Do migrant remittances increase public social protection? (e12141)

ORIGINAL ARTICLE
Stefan W. Schmitz, Michael Sigmund, Laura Valderrama, The Interaction Between Bank Solvency and Funding Costs: A Crucial Effect in Stress Tests (e12130)

NOTES AND OPINIONS
Vittoria Cerasi, Barbara Chizzolini, Marc Ivaldi, A Test of The lmpact of Mergers on Bank Competition (e12135)

ORIGINAL ARTICLES
Gustavo Barboza, Social Collateral, Dynamic Incentives, and Joint Liability in A Two-Step Trust Game: Lending to the Unbankable (e12132)
Oliviero Roggi, Alessandro Giannozzi, Tommaso Baglioni, Francesco Pagliai, Private Equity Characteristics and Performance: an Analysis of North American Venture Capital and Buyout Funds (e12128)
Tarlok Singh, Intertemporal Sustainability of Current Account lmbalances: New Evidence From the OECD Countries (e12129)
Akhand Akhtar Hossain, How Justified is Abandoning Money in the Conduct of Monetary Policy in Australia on the Grounds of lnstability in the Money-Demand Function? (e12131)
George A. Waters, Bubbles and Rationality in Bitcoin (e12133)

NOTES AND OPINIONS
Mike G. Tsionas, Financial Development and Economic Growth Nexus: A More Revisionist Approach (e12134)
Sheilla Nyasha, Nicholas Mbaya Odhiambo, Financial Development and Economic Growth Nexus: A Rejoinder to Tsionas (e12136)

ESSAYS
Laura Sabani, The IMF and the World Bank : The Role of Competition and Domain Dissent in Communication and Decision Making (e12117)
Guerino Ardizzi, Federico Crudu, Carmelo Petraglia, Innovation and Cost Efficiency in the Banking Industry: The Role of Electronic Payments (e12121)
Magda Kandil, External Cyclicality in the Face of Aggregate Demand Shocks: Pros and Cons Across Developed and Developing Countries (e12120)
Ivan Miroshnychenko, Stefano Bozzi, Roberto Barontini, Firm Growth and Legal Environment (e12116)
Anthony J. Makin, Optimal Monetary Policy in Inflation Targeting Open Economies (e12122)

OPINIONS AND CONTRIBUTIONS
Marcello Minenna, Dario Aversa, A Revised European Stability Mechanism to Realize Risk Sharing on Public Debts at Market Conditions and Realign Economic Cycles in the Euro Area (e12118)
Sofoklis Vogiazas, Constantinos Alexiou, Bitcoin: The Road to Hell is Paved With Good Promises (e12119)

THE FINANCIAL LITERACY COLLECTIVE: A COMPILATION OF TEN STUDIES FROM AROUND THE WORLD
Edited by Paola Agnese Bongini And Bilal Zia

INTRODUCTION
Paola Bongini, Bilal Zia, The Financial Literacy Collective, p. 235

ESSAYS
Angelo Baglioni, Luca Colombo, Giulio Piccirilli, On the Anatomy of Financial Literacy in Italy, p. 245
Andreas Oehler, Matthias Horn, Stefan Wendt, Lucia A. Reisch, Thomas J. Walker, Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy, p. 305
Tracey West, Andrew C. Worthington, Synthesizing an Index of Financial Literacy Using Not-For-Purpose Survey Data, p. 331
Panu Kalmi, The Effects of Financial Education: Evidence from Finnish Lower Secondary Schools, p. 353
Asta Zokaityte, The UK’s Money Advice Service: Edu-Regulating Consumer Decision-Making, p. 387
Tabea Bucher-Koenen, Bettina Lamla-Dietrich, The Long Shadow of Socialism: Puzzling Evidence on East-West German Differences in Financial Literacy, p. 413
Cristina Ottaviani, Daniela Vandone, Financial Literacy, Debt Burden and Impulsivity: A Mediation Analysis, p. 439
Gustavo Barboza, I Will Pay tomorrow, or Maybe the Day After. Credit Card Repayment, Present Biased and Procrastination, p. 455
Alfonso Arellano, Noelia Cámara, David Tuesta, Explaining the Gender Gap in Financial Literacy: The Role of Non-Cognitive Skills, p. 495
Peter De Goeij, Geert Van Campenhout, Marjana Suboti?, Improving Index Mutual Fund Risk Perception: Increase Financial Literacy or Communicate Better?, p. 519

ESSAYS
Nicola Borri, Alberto Cagnazzo, The Performance of Market-Timing Strategies of Italian Mutual Fund Investors, p. 5
Luca Baldo, Annalisa Bucalossi, Antonio Scalia, Leverage Ratio and Central Bank Operations in the Euro Area, p. 21
Annalisa Di Clemente, Estimating the Marginal Contribution to Systemic Risk by a CoVaR-model Based on Copula Functions and Extreme Value Theory, p. 69
Ken Nyholm, A Rotated Dynamic Nelson-Siegel Model, p. 113
Matias Vernengo, Nathan Perry, Exchange Rate Depreciation, Wage Resistance and Infl ation in Argentina (1882-2009), p. 125
Rosa Capolupo, Finance, Investment and Growth: Evidence for Italy, p. 145
Davide Castellani, Mortgage-backed Securitization and SME Lending During the Financial and Economic Crisis: Evidence from the Italian Cooperative Banking System, p. 187

OPINIONS AND CONTRIBUTIONS
Sheilla Nyasha, Nicholas M. Odhiambo, Financial Development and Economic Growth Nexus: A Revisionist Approach, p. 223

THE INDUSTRIAL ORGANIZATION OF BANK LENDING 2
Edited by Marcello Pagnini, Paola Rossi, Valerio Vacca

Introduction, p. 409

ESSAYS
Lucia Dalla Pellegrina, Serena Frazzoni, Zeno Rotondi, Andrea Vezzulli, Access to Credit for Small Innovative Businesses, p. 411
Carlo Milani, Lending Technologies and Community Banks: What Are the Effects on Italian Households’ Default Risk During Financial Turmoil?, p. 459
Vincenzo Chiorazzo, Vincenzo D’apice, Pierluigi Morelli, Giovanni Walter Puopolo, Economic Activity and Credit Market Linkages: New Evidence From Italy, p. 491
Johann Burgstaller, Dynamics of Retail-Bank Branching in Austria, p. 527
Michael Sigmund, Ulrich Gunter, Gerald Krenn, How Do Macroeconomic and Bank-specifi c Variables Infl uence Profi tability in the Austrian Banking Sector? Evidence from a Panel Vector Autoregression Analysis, p. 555
Carmen Kislat, Lukas Menkhoff, Doris Neuberger, Credit Market Structure and Collateral in Rural Thailand, p. 587
Rik Pantjes, Günseli Tümer-Alkan, Firms’ Choice of Financiers in M&A Deals: The Value of Bank-Firm Relationships, p. 633
Iftekhar Hasan, Liuling Liu, Haizhi Wang, Xinting Zhen, Bank Market Power and Loan Contracts: Empirical Evidence, p. 649

THE INDUSTRIAL ORGANIZATION OF BANK LENDING 1
Edited by Marcello Pagnini, Paola Rossi, Valerio Vacca

Introduction, p. 169

ESSAYS
Valerio Vacca, An Unexpected Crisis? Looking at Pricing Effectiveness of Heterogeneous Banks, p. 171
Silvia Del Prete , Marcello Pagnini, Paola Rossi, Valerio Vacca, Lending Organization and Credit Supply During the 2008-2009 Crisis, p. 207
Michele Benvenuti , Luca Casolaro, Silvia Del Prete, Paolo Emilio Mistrulli, The Right to Decide and the Effective Control Over Small Business Lending Decisions: A Look into Loan Offi cers’ Real Authority, p. 237
Cristina Demma, Credit Scoring and the Quality of Business Credit During the Crisis, p. 269 Dean Amel, Traci Mach, The Impact of the Small Business Lending Fund on Community Bank Lending to Small Businesses, p. 307
Diana Bonfim, Qinglei Dai, Bank Size and Lending Specialisation, p. 329
Daniel Heddergott, Jörg Laitenberger, A Simple Model of Banking Competition With Bank Size Heterogeneity and Lending Spillovers, p. 381

ESSAYS
Russell Kashian, Robert Drago, Minority-Owned Banks and Bank Failures After the Financial Collapse, p. 5
Emmanuel K. K. Lartey, Remittances and Current Account Dynamics, p. 37
Carolyn Sissoko, The Plight of Modern Markets: How Universal Banking Undermines Capital Markets, p. 53
Karlo Kauko, A Short Note on the Net Stable Funding Ratio Requirement with Endogenous Money, p. 105

OPINIONS AND CONTRIBUTIONS
Muhamed Zulkhibri, Raditya Sukmana, Financing Channels and Monetary Policy in a Dual Banking System: Evidence from Islamic Banks in Indonesia, p. 117
Stelios Katranidis, Theodore Panagiotidis, Costas Zontanos, Economists, Research Performance and National Inbreeding: North Versus South, p. 145

FINANCE AND GROWTH: AN OLD DEBATE IN A NEW CHALLENGING SCENARIO

INTRODUCTION
Alexandra D’onofrio, Finance and Growth: An Old Debate in a New Challenging Scenario, p. 301

ESSAYS
Massimo Molinari, Silvia Giannangeli, Giorgio Fagiolo, Financial Structure and Corporate Growth: Evidence from Italian Panel Data, p. 303
Raju Jan Singh, Yifei Huang, Financial Channels, Property Rights and Poverty: A Sub-Saharan African Perspective, p. 327
Takuma Kunieda, Keisuke Okada, Akihisa Shibata, Corruption, Financial Development and Economic Growth: Theory and Evidence From an Instrumental Variable Approach With Human Genetic Diversity, p. 353
Ekkehard Ernst, Stefan Mittnik, Willi Semmler, Interaction of Labour and Credit Market in Growth Regimes: A Theoretical and Empirical Analysis, p. 393
Peter Haiss, Hannes Juvan, Bernhard Mahlberg, The Impact of Financial Crises on the Finance-Growth Relationship: A European Perspective, p. 423
Andrea F. Presbitero, Roberta Rabellotti, The Determinants of Firm Access to Credit in Latin America: Micro Characteristics and Market Structure, p. 445

Gabriella Cagliesi, Antonio Carlo Francesco Della Bina, Massimo Tivegna, The Euro-Dollar Exchange Rate: How Traders’ Behaviour Has Been Affected by the 2007-2008 Financial Crisis, p. 139
Costanza Torricelli, Maria Cesira Urzì Brancati, Marco Santantonio, Does Homeownership Partly Explain Low Participation in Supplementary Pension Schemes?, p. 179
Ivana Catturani, Panu Kalmi, Maria Lucia Stefani, Social Capital and Credit Cooperative Banks, p. 205
Lucrezia Fattobene, Marco Caiffa, Sitting on the Board or Sitting on the Throne? Evidence of Boards’ Overconfi dence from the Italian Market, p. 235

OPINIONS AND CONTRIBUTIONS
Sartaj Rasool Rather, S. Raja Sethu Durai, M. Ramachandran, On the Methodology of Measuring Core Inflation, p. 271
Pär Österholm, The Long-run Relationship Between Stock Prices and GDP in Sweden, p. 283

Lucia Dalla Pellegrina, Margherita Saraceno, Can Shareholder Litigation Discipline CEO Bonuses in the Financial Sector? The Role of Securities Class Actions, p. 3
Gunther Capelle-Blancard, Claire Labonne, More Bankers, More Growth? Evidence from OECD Countries, p. 37
Mack Ott, John A. Tatom, Government Finance and the Demand for Money-The Relation between Taxation and the Acceptability of Fiat Money, p. 53
Saumitra Bhaduri: Revisiting the Growth-Infl ation Nexus: A Wavelet Analysis, p. 79
Alberto Cybo-Ottone, Lorenzo Savorelli, Banking and Insurance Recapitalization During the 2007-2009 Credit Crisis, p. 91

M. Feldkircher, F. Huber, I. Moder, Towards a New Normal: How Different Paths of US Monetary Policy Affect the World Economy, p. 409
Giorgio Di Giorgio, Salvatore Nisticò, Guido Traficante, Fiscal Shocks and the Exchange Rate in a Generalized Redux Model, p. 419
Flavia Giammarino, A Note on Indifference Pricing with Dynamic Quasiconcave P, p. 437
Bessma Momani, Samantha St. Amand, Best Practices in Central Bank Organizational Culture, Learning and Structure: The Case of the Moroccan Central Bank, p. 449
Massimo Arnone, Gianluca Farina, Michele Modina, Technological Districts and the Financing of Innovation: Opportunities and Challenges for Local Banks, p. 483
Marcello Esposito, A Model for Public Debt Sustainability and Sovereign Credit Risk in the Eurozone, p. 511

Giovanni Ferri, Donato Masciandaro, Foreword to the Special Issue on: The Economics of Credit Rating Agencies, p. 151
Robert J. Rhee, Why Credit Rating Agencies Exist, p. 161
Bertrand Hassani, Xin Zhao, Reconsidering Corporate Ratings, p. 177
Teresa Czerwinska, Piotr Kazmierkiewicz, ESG Rating in Investment Risk Analysis of Companies Listed on the Public Market in Poland, p. 211
Pilar Abad, M. Dolores Robles, The Risk-Return Binomial After Rating Changes, p. 249
Rasha Alsakka, Owain ap Gwilym, Patrycja Klusak, Vu Tran, Market Impact under a New Regulatory Regime: Credit Rating Agencies in Europe, p. 275
Lennart Freitag, Procyclicality and Path Dependence of Sovereign Credit Ratings: The Example of Europe, p. 309
Jean-Noël Ory, Philippe Raimbourg, European Rating Actions, Investor Reaction, and Bond Spread Volatility ages, p. 333
Daniel R. Vernazza, Erik F. Nielsen, The Damaging Bias of Sovereign Ratings, p. 361

Pauline Barrieu, Claudia Ravanelli, Robust Capital Requirements with Model Risk, p. 1
Annalisa Di Clemente, Hedge Accounting and Risk Management: An Advanced Prospective Model for Testing Hedge Effectiveness, p. 29
Roberto Ippoliti, Alessandro Melcarne, Giovanni B. Ramello, The Impact of Judicial Efficiency on Entrepreneurial Action: A European Perspective, p. 57
Elisa Bocchialini, Federica Ielasi, Monica Rossolini, How Does Pricing Affect Customer Attrition? Evidence From Packaged Account Holders, p. 75
Rachele Anna Ambrosio, Paolo Coccorese, Bad Loans and De Novo Banks: Evidence From Italy, p. 101
Giulia Bonamini, Vincenzo D’Apice, ,Antonio Forte, Inside European Financial Instability: Main Causes and Possible Solutions, p. 123

Alberto Dalmazzo, Monetary Discipline as a Substitute for Fiscal Reforms and Market Liberalisations, p. 193
Stefano Marzioni, Learning and Signals under Discretionary Monetary Policy, p. 211
Ahmad K. Naimzada, Giorgio Ricchiuti, Complexity with Heterogeneous Fundamentalists and a Multiplicative Price Mechanism, p. 233
Gian Maria Tomat, Liquidity Constraints, Fundamentals and Investment: What Do We Learn From Panel Data?, p. 249
Manuela Geranio, Valter Lazzari, Exchanges Competition in Listing Services: Evidence for Italian Companies, p. 283

Roberto Tamborini, Hans-Michael Trautwein, Ronny Mazzocchi, Wicksell, Keynes, and the New Neoclassical Synthesis: What Can We Learn for Monetary Policy?, p. 79
Sassi Seifallah, Ben Ali Mohamed Sami, The Credit-Growth Nexus: New Evidence from Developing and Developed Countries, p. 115
Ehsan Rajabi, Junaina Muhammad, The Stock Markets, Banks and Growth Nexus: Asian Islamic Countries, p. 137
Annalisa Di Clemente, Improving Loan Portfolio Optimization by Importance Sampling Techniques: Evidence on Italian Banking Books, p. 167

Carlo A. Favero, Federico Nucera, How Much Does the Stock Market Risk Decline with the Investment Horizon? A Cross-Country Comparison, p. 1
Nicola Borri, Marianna Caccavaio, Giorgio Di Giorgio, Alberto Maria Sorrentino, Systemic Risk in the Italian Banking Industry, p. 21
Paola Bongini, Laura Nieri, Identifying and Regulating Systemically Important Financial Institutions, p. 39
Meredith Beechey, Pär Österholm, Central Bank Forecasts of Policy Interest Rates: An Evaluation of the First Years, p. 63

Claudia Guagliano, Nadia Linciano, Concetta Magistro Contento, The Impact of Financial Analyst Reports on Small Caps Prices in Italy, p. 217
Martins Iyoboyi, Bank and Non-Bank Financial Deepening and Economic Growth: The Nigerian Experience (1981-2010), p. 247
Werner Neus, Manfred Stadler, Risk and the Role of Collateral in Debt Renegotiation, p. 273
Charilaos Mertzanis, Risk Management Challenges after the Financial Crisis, p. 285

Paola Brighi, Stefano D’addona, Antonio Carlo Francesco Della Bina, The Determinants of Risk Premia on the Italian Stock Market: Empirical Evidence on Common Factors in Asset Pricing Models, p. 103
Stefan W. Schmitz, The Impact of the Liquidity Coverage Ratio (LCR) on the Implementation of Monetary Policy, p. 135
Francesca Giambona, Erasmo Vassallo, Composite Indicator of Financial Development in a Benefit-of-Doubt Approach, p. 171
Alessandro Santoni, Barbara Arbia, Assessing Rating Agencies’ Ability to Predict Bank Bankruptcy – The Lace Financial Case, p. 203

Issouf Soumaré, Incentives and Voluntary Investment in Employer Shares, p. 1
Emanuele De Meo, Are Commodity Prices Driven by Fundamentals?, p. 19
Daniele Di Giulio, Carlo Milani, Plastic Money Diffusion and Usage: An Empirical Analysis on Italian Households, p. 47
Giancarlo Bertocco, Money as an Institution of Capitalism: Some Notes on a Monetary Theory of Uncertainty, p. 75

William Addessi, Enrico Saltari, The Perverse Effect of Debt Tax Benefits on Firm Investment Decisions, p. 101
Flavia Barsotti, Maria Elvira Mancino, Monique Pontier, The Role of a Firm’s Net Cash Payouts in Leland’s (1994) Model, p. 115
Michele Dalena, Cosimo Magazzino, Public Expenditure and Revenue in Italy, 1862-1993, p. 145
Vassilios G. Papavassiliou, The Efficiency of the Realized Range Measure of Daily Volatility: Evidence from Greece, p. 173

Index to Volume 41, 2012, p. 183

Luigi Guiso, Trust and Insurance Markets, p. 1
Enrico Beretta, Silvia Del Prete, Bank Acquisitions and Decentralization Choices, p. 27
Stan Maes, Wim Schoutens, Contingent Capital: An In-Depth Discussion, p. 59
Marco Guerrazzi, The ‘Farmerian’ Approach to Ending a Finance-Induced Recession: Notes on Stability and Dynamics, p. 81

Leonardo Gambacorta, Do Bank Capital and Liquidity Affect Real Economic Activity in the Long Run? A VECM Analysis for the US, p. 75
Mohammad S. Hasan, Seasonal Cointegration and Long-Run Neutrality of Money in the USA, p. 93
Shigeyoshi Ogawa, Simona Sanfelici, An Improved Two-step Regularization Scheme for Spot Volatility Estimation, p. 107

Barbara Annicchiarico, Alessandro Piergallini, Country-Specific Risk Premium, Taylor Rules, and Exchange Rates, p. 1
Jaya Krishnakumar, David Neto, Testing the ‘Inaction Corridor’ in a Three-Regime Threshold Error Correction Model with an Application to a Buffer-Stock Model for US Money Demand, p. 29
Malay K. Dey, Hal Stern, Hongmei Zhang, Information Content in Small and Large Trades, p. 45