WP 84 | 16 Marco Legal y Desarrollo del Cooperativismo de Crédito en Argentina, 1887-2015

En este trabajo se describe la evolución de las cooperativas de crédito en Argentina desde finales de 1880 hasta la actualidad. El análisis presta particular atención a la influencia de factores políticos e institucionales. En términos más específicos, muestra cómo reiterados cambios en el marco legal y regulatorio, inducidos por la profunda inestabilidad del contexto político argentino, han afectado sustancialmente la dimensión y la estructura del sistema de cooperativas de crédito. Read More

WP 83 | 15 The Spirit of the Law over its Letter: The Role of Culture and Social Norms in Shielding Cooperative Banks from Systemic Shocks

The macroeconomic impact of bank misconduct has deterred users of financial services from using the system, to the detriment of market integrity, and has prompted policymakers and supervisors to turn to "culture" as a tool to regain public trust. This paper addresses the definitional deficit on what "culture" is by exploring the illustrative case of cooperative banks. Read More

WP 79 | 15 The Operational Effectiveness of Italian Foundations of Banking Origin: An Empirical Analysis.

Starting with the mission of foundations of banking origin (FOBs), the result of the privatizations of Italy's public banks that began in 1990, this paper assesses the quality of the work of these entities, applying a model of analysis that considers their philanthropic activities, investment activities of resources derived from the total or partial divestment of holdings in former public banks (transferee banks), governance and transparency. Read More

WP 78 | 15 The Italian Road to Creating Worker Cooperatives from Worker Buyouts: Italy’s Worker-­Recuperated Enterprises and the Legge Marcora Framework

This paper highlights the first phase of a research program, completed in late 2014 and early 2015, that homes in on worker-recuperated enterprises (imprese recuperate dai lavoratori) in Italy. The paper specifically focuses on Italy’s worker buyouts (WBOs) facilitated by its Legge Marcora (Marcora Law) framework—the form of worker-recuperated enterprises predominating in Italy. Read More