1. Regulation and Macroprudential Analysis Directorate, Bank of Italy, Via Milano 53, 00184 Rome, Italy
2. School of Economics, Management and Statistics, Alma Mater Studiorum, University of Bologna, Piazza Scaravilli, 2, 40126 Bologna, Italy
3. EDHEC Business School, 393, Promenade des Anglais, BP3116, 06202 Nice Cedex 3, France