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N° 4 April 2025

N° 4 April 2025

The Financial Education Month in Italy: trends and perspectives Donato Masciandaro, Olimpia Cucciniello, Fabio Travaglino, Maria Iride Vangelisti D14, E21 The paper analyzes the initiatives carried out in Italy for the Financial Education Month from 2018 to today: the data, given the importance assumed over t...

Should central banks be involved in sustainable finance? John Thornton E58, F64, G21, Q01, Q54 Much of the academic literature on role of central banks argues for the adaption of monetary policy instruments to encourage «green» activities and for int...

Esg performance of banks: How relevant is ownership structure? Paolo Fiorillo, Gianluca Santilli C33, G21, G32, Q56 Analysing the link between the sustainability profiles of banks and their shareholders is crucial to understanding whether they share and approach sustaina...

The sectoral exposure of sustainable funds: an analysis of the Sfdr labels Andrea Odille Bosio, Jonathan Taglialatela, Angelo Meda G11, Q58 Sustainable funds have attracted significant capital inflows over the past decade, but academic research has not identified systematic differences compared...

Differentiated autonomy in Italy, decentralization and essential levels of services Ignazio Visco H70, H73 In November 2024, the Italian Constitutional Court expressed precise assessments on the constitutionality of Law no. 86/2024, advancing clarifications on i...

Ratings and Regulation: a relationship at first fruitful (Basel II), then contradictory (Eba Lom and practices), now dangerous (Basel 3+, Crr3) Giacomo De Laurentis G21, G24, G28 Ratings were already established as powerful tools before Basel II. Basel II effectively integrates internal ratings: these are the final result of the cre...

Npl servicers and debt recovery operators: consolidating and specialising as the boom ends Alessandro Carpinella, Giampaolo Masciadri, Mariachiara Accica G21, G28, H80 After a decade and a half of rapid growth, the pace is slowing down. The 2019-2023 performances of around 260 operators still shows increases in revenues a...

Retail savings administered by banks in Italy: the analysis of the Consob report Francesco Adria, Francesco Quaranta E21, G21, G23, G28 Italians are prudent savers, mainly directed to mutual funds and government bonds; have a marked aversion to risk; try to avoid complex financial instrumen...

Luigi Einaudi governatore Giandomenico Piluso Luigi Einaudi’s was the shortest governorship of all. Einaudi led the Bank of Italy from 5 January 1945 to 11 May 1948, but in practice did not exercise th...