Banca d'Italia
BDIPaper
Financial market infrastructures fracture along geopolitical lines
Global financial market infrastructures are shifting from a Western-led network into a multipolar architecture along geopolitical lines, according to Banca d'Italia researchers Cristina Di Luigi and Antonio Perrella.
Focus
BDINews
Public events in Forlì focus on digital euro and payment security
Banca d'Italia hosts a two-day public initiative on financial education and secure payments in Forlì on September 22-23, 2026.
BDISpeech
Panetta calls for data-driven policy as AI reshapes productivity
Banca d'Italia Governor Fabio Panetta urged central banks to focus on realized economic data over unobservable neutral rates as artificial intelligence transforms productivity.
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BDIPaper
Structural model maps geopolitical shocks across bank balance sheets
A Banca d'Italia paper adapts the Merton structural framework to quantify how geopolitical uncertainty transmits across bank balance sheets.
BDIPaper
Supply shocks drove two thirds of peak Italian inflation
A Banca d’Italia study shows supply shocks drove nearly two thirds of Italy’s headline inflation at its late-2022 peak.
BDIPaper
Fintech shifts to B2B models as bank acquisitions replace IPOs
Fintech firms are increasingly shifting toward business-to-business models and private acquisitions by incumbent banks rather than initial public offerings, according to a Bank of Italy study.
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BDIPaper
Zombie firms curb employment growth at healthy exporters
Zombie firms hinder employment growth at healthy Italian exporters by locking up local labor supply.
BDIPaper
Immigration raises labor productivity and investment
A one percentage point increase in non-OECD net immigration raises real GDP per worker across 38 OECD countries by 1.2 percent over five years and 1.9 percent over ten years.
BDIPaper
Hyperscalers secure 42bp bond discount over software rivals
Hyperscalers have secured a 42 basis point borrowing cost advantage over software firms in U.S. bond markets following the launch of ChatGPT.
BDIPaper
Calibrated noise cuts disclosure risk in synthetic firm panel data
A Banca d'Italia study establishes a framework to generate synthetic unbalanced panel microdata from 13,837 Italian firms observed between 1993 and 2024.
BDIPaper
Within-sector performance drives euro area investment divergence
Persistent divergence in euro area investment growth across 1996–2025 stems from country-specific performance rather than structural asset allocation, according to a Banca d'Italia study.
BDINews
Eight research papers explore AI, zombie firms and investment
Banca d'Italia published eight new Occasional Papers on September 17, 2026, covering issues ranging from corporate bond pricing under artificial intelligence to labor market distortions caused by zombie firms.