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Andrea Beltratti e Alessia Bezzecchi

Real Estate Securitizations 7.2: Benefits for Corporate Finance

Europe is undergoing a gradual transition that is reshaping the relationship between financial resources provided by intermediaries and those raised from the markets. As noted by President Draghi a decade ago, the financing landscape in Europe was significantly different from that in the United States, with intermediaries dominating the European continent and markets prevailing in the US. The bank-centric ...

Gianmarco Ottaviano

Italy's Economic Future: What Exports Reveal

Financially speaking, whether exports exceed imports or vice versa is generally insignificant. Exports represent surplus goods and services that cannot be absorbed domestically and that our trade partners kindly accept in exchange for goods and services we lack. When exports surpass imports, we effectively extend credit to foreign customers; when the reverse happens, we take on debt with them. Sometimes ...

Donato Masciandaro

Trump, the Dollar and the Euro

In the wake of Donald Trump's second term as President of the United States, global attention has turned to the future of the dollar and its implications for the world economy. From a short-term economic analysis perspective, the dollar has appreciated, influenced in part by the tariff policies first announced and later implemented by the newly elected president. What does this mean for ...

Andrea Beltratti, Alessia Bezzecchi

Finance for Europe

In his latest report on Europe’s present and future competitiveness, Mario Draghi argues that Europe is in a paradoxical situation: it appears stable but has unknowingly fallen ill. It has set ambitious environmental targets, possibly beyond its reach, while neglecting applied business research and struggling with the ambiguity between national sovereignty and the role of supranational institutions. ...

Gianmarco Ottaviano

From the “horizontal frontier” to the “vertical frontier”: american geoeconomics goes into orbit

In the European public debate, when space is discussed, the tone often still oscillates between the epic of conquest and the rhetoric of scientific cooperation. In the United States, by contrast, space has become something far more prosaic and, at the same time, far more strategic: a natural extension of industrial policy and national economic security. At the beginning of 2026, the question of whether ...

Andrea Beltratti, Alessia Bezzecchi

AI must not only cut costs. It must create revenues

After a 2025 marked by continuous increases in the prices of stocks most exposed to Artificial Intelligence – an enthusiasm that also lifted the valuation of less exposed companies – 2026 began in a very different way. Within a few days, the share prices of firms producing software for services fell by more than 20%, influenced in part by a report from analysts at Citrini Research and by a blog ...

Gianluca Meloni, Daniele Astrella

Rethinking Risk Assessment: A Systemic Approach to Risk Measurement

Company management, understood as the balanced governance of the relationship between risk and return, is not a new topic, although it has evolved dramatically over time. While from a traditional perspective, this relationship was mainly interpreted in economic and financial terms, with the development of corporate governance models, the concept of return has gradually broadened to encompass a company’s ...

Gianmarco Ottaviano

Digital trade: who sets the rules in the absence of a global agreement?

The Ministerial Conference of the World Trade Organization is the summit that periodically brings together the trade ministers of member countries and represents the institution’s highest decision-making body. The latest took place at the end of March in Yaoundé, in Cameroon, and marked something more than a negotiating impasse. Among the central dossiers was the so-called moratorium on customs ...

Donato Masciandaro

Banks: yes to simplification, no to deregulation

“Caesar I was”, and “from within the laws I drew out the excess and the vain ”. Thus does the Supreme Poet had Emperor Justinian speak, suggesting the compass that should guide the Union in reforming banking regulation and supervision: simplification. It is a suggestion that the finance ministers of the European Union have decided to heed. Economic analysis confirms that simplification would ...

Andrea Beltratti, Alessia Bezzecchi

AI, the market, and the value of possible worlds

The high valuations of AI stocks are fueling debate over a possible new technology bubble. A few figures explain why. In 2026, Nvidia surpassed a market capitalization of $5 trillion, while the U.S. semiconductor sector posted gains of more than 100% over the past year. The U.S. market is trading at multiples that are very high by historical standards: the S&P 500’s Shiller P/E has risen above 40, ...