Ottorino Chillemi

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In this paper we show how credit derivatives contracts may be designed to hedge risky credits when banks have to comply with capital requirements and there exists asymmetric information between protection buyers and sellers. In particular we consider the case when banks may of different types according to their ability in screening their borrowers. We show(More)
The paper investigates the numerous reciprocal influences between interpersonal events of a communicative/affective nature, and the entities or actions we commonly identify as economic. A face-to-face interaction, or 'encounter', is depicted as a special productive process in which agents-besides exchanging ordinary goods or delivering services-create and(More)
The paper studies the e¤ect of ownership links among bidders in auctions. Firstly, it is shown that in …rst-price, in second-price, and in all-pay auctions, ownership links damage both the seller and society; the bidders too may be impaired by the seller's strategic reaction. Secondly, the optimal selling procedure is characterized: in sharp contrast with(More)
Transition of Poland from a centrally planned economy to a market system has been accompanied by the significant changes in the labour market. There disappeared shortages of labour and excess demand for labour which existed permanently under the centrally planned economy aud there appeared open unemployment and excess supply in the labour market. In order(More)
This paper relates to the macroeconomic and monetary policy aspects of the so-called "credit channel" of monetary transmission. We present an intertemporal macroeconomic equilibrium model of a competitive economy where current production is financed by bank credit, and then we use it to identify the credit transmission mechanism in data drawn from the(More)
This paper relates to the macroeconomics of imperfect capital markets. In this framework, the heterogeneity of agents, notably of borrowing firms, is a key element in the explanation of interactions between financial intermediaries and borrowers facing a bankruptcy probability. This probability is usually introduced through exogenous stochastic factors in(More)
The paper studies, in a repeated interaction setting, how the presence of cooperative agents in a heterogeneous community organized in groups, a¤ects group e¢ ciency and stability. The paper extends the literature by assuming that each type can pro…tably mimic other types. It is shown that such enlargement of pro…table options prevents group stabilization(More)
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