1. Financial Stability Directorate, Bank of Italy, 00184 Rome, Italy;
2. Department of Finance, Bocconi University, 20136 Milan, Italy;
3. Baffi Centre for Applied Research on International Markets, Banking, Finance and Regulation (BAFFI CAREFIN), Bocconi University, 20136 Milan, Italy;
4. Center for Economic Policy Research, Bocconi University, 20136 Milan, Italy