More recently, work with granular data at industry and firm level has helped foster a greater understanding of the interaction between institutions and firm behaviour that ultimately lead to higher total factor productivity (TFP) growth and overall convergence. For example, on slide 8 you can see CompNet data for TFP growth in Italy and Spain between 1999 and 2007.
A key regulatory aim following the crisis, both in the United States and internationally, has been to encourage more derivatives and other financial transactions to be cleared through CCPs. There are important financial stability benefits to be gained from the progress that has been made toward this aim – including multilateral netting, standardized initial and variation margin requirements, and greater transparency.