Ricerc@Sapienza

By building up a database comprehensive of sanctions towards Italian banks,
this research identifies few financial indicators explicative of enforcement actions
to provide banks with a forecasting model to evaluate their strategies’ suitability
for compliance and resilience to adverse shocks. The results, to the extent of both
variables selection and size of the marginal effects, are aligned with the output of
the stress tests. The variables positively affecting the resilience to adverse shocks are

The aim of this paper is to analyse the autonomy of central banks from a historical perspective, with reference to the founding and development of the Bank of Italy in the period between its inception (1893) and the passing of the Italian Banking Law of 1936. The issue of central bank’s autonomy from governments and budgetary policies has been investigated by several scholars, for whom the degree of autonomy is linked exclusively to factors connected to those wielding power or influence at the time, and those related to the contingent historical and economic situation.