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Article History

Received: 1 September 2025

Accepted: 27 May 2026

First Online: 10 June 2026

Declarations

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: The authors have no relevant financial or non-financial interests to disclose. The authors have no conflicts of interest to declare that are relevant to the content of this article. All authors certify that they have no affiliations with or involvement in any organisation or entity with any financial interest or non-financial interest in the subject matter or materials discussed in this manuscript. The authors have no financial or proprietary interests in any material discussed in this article.

: The authors confirm no potential conflict of interest. This research does not involve any human or animal participants. Bank of Italy, as the provider of microdata, has been informed about every step of the analysis. The data are entirely confidential, and the authors have not observed any single observation.