Fotogrammi
The Nature of Change
Coping with change is a constant condition for companies. Not only because the world around us changes incessantly and companies have to decide how to deal with new external conditions. But also because we ourselves are the ones who change and the inevitable life cycle of people is enough to change businesses internally. New people enter the company, other people leave it, and the people who remain, simply because they are ageing, also change over time. It is this incessant rhythm that determines the changes in our company: the constant turnover of new people and thus of new experiences, new ideas, ...
Business Innovation and Finance for Sustainability
On October 13, the 2023 edition of the EMF C-Suite Forum of the Executive Master in Finance at SDA Bocconi was held. The "Chiefs" of the participating companies offered interesting and original perspectives on the impact of elements such as innovation in business and finance on sustainability. In this analysis, we argue that technological innovation must be accompanied by changes in the business models of companies and society itself in order to increase circularity. Furthermore, we believe that there is a need to revisit the debate and discuss "sustainable sustainability" from an economic perspective, ...
Ecological Transition, Carbon Taxation, and the Competitiveness of Businesses: the European Gamble
Climate change is a global problem that requires global solutions. One significant cause of the phenomenon is greenhouse gas emissions associated with high-carbon-intensity production. Left to their own devices, businesses generally do not consider the negative impact of their emissions on the climate when making production decisions. Hence the idea of using a tax on greenhouse gas emissions (also known as a "carbon tax"), which imposes a "fair price" on such emissions for companies, forcing them to internalize the damage caused to the climate by high-carbon-intensity production. Unfortunately, ...
The "Militarization" of Finance between Economics and Politics
Between February 26 and 28 of last year in Brussels, the G7 countries and the European Commission jointly introduced financial sanctions against Russia. Geopolitics suddenly and traumatically entered the realm of monetary and financial policy. What assessment can we make more than a year and a half after that decision, considering the statements by President Putin and state oligarchs aimed at denying that the sanctions have had any effect? The analysis of the facts shows us that at the very least, there are roosters crowing when it is still dark. The starting point is to frame those choices, which ...
US and China: signs of dialogue. Yet the Deep Chill Remains
On November 15, Xi Jinping and Joe Biden finally met in San Francisco. The chosen setting was the villa that served as the set for "Dynasty," and the occasion was the APEC summit, an organization that brings together many countries bordering the Pacific Ocean. The last time the two presidents spoke was in November of last year, on the sidelines of the G20 in Bali, while the last time Xi Jinping was in the United States dates back to 2017 when he was received by then-President Donald Trump at Mar-a-Lago. Given the upcoming American presidential elections, Joe Biden could become the first US president ...
REIstat: A Price Index for the Italian Residential Sector
When we connect to any platform, we know at every moment the trends in stock market prices and thus understand the valuation that the community provides of publicly-traded companies. Around the world, there is another asset which is quantitatively even more significant than corporate assets: real estate. In part, real estate is indirectly assessed by the stock market for the portion of assets used as instruments for the production of goods and services. However, a large part remains outside this assessment, for example concerning the vast majority of homes. This is especially true in a country ...
New Scenarios of Globalization from Beijing to New Delhi
The summer that just ended was a very active one for the diplomacies of emerging countries, marked by two major summits, the BRICS summit in Johannesburg and the G20 summit in New Delhi. What has changed for the global economy? It seems like quite a lot, but what is particularly surprising is the transformation that occurred in the two weeks between the two summits, during which Beijing quickly withdrew from the stage. Indeed, while President Xi Jinping of China was a protagonist in Johannesburg, he was not seen in New Delhi. For some, this was considered a strategic withdrawal to express dissatisfaction ...
The Crisis in the Middle East and the Chinese Balancing Act
After Hamas's fierce attack on Israel, Beijing called for "calm and an end to hostilities to protect civilians and avoid further deterioration of the situation." On the same day, President Xi Jinping met with a delegation of U.S. senators, the first since 2019, and the Ministry of Foreign Affairs statement was reinforced with condemnation of "all violence and attacks on civilians." However, despite pressure by the United States, China did not explicitly name the Palestinian political-military organization considered terrorist by many states and the European Union. Rather, after the bombings of ...
On the Silk Road... and Back?
Ten years of the New Silk Road, or rather, the Belt and Road Initiative, as our foreign colleagues suggest calling it to avoid imbuing the aggressive worldwide infrastructure investment program launched by Xi Jinping himself in September 2013 with exotic charm. Since then, over 150 countries have joined the trillion-dollar project that has helped expand the trade and influence of the People's Republic in the rest of the world. But times have changed. The leader himself is now cautious about overseas investments, not to mention Chinese citizens who simply cannot understand how, in times of economic ...
Digital Euro: Moving Forward with Caution and 'Education'
Do we need a digital euro? The answer is affirmative if the ECB keeps its promise to create a complementary public currency that will be useful for European citizens, and also enhance effectiveness from both a monetary policy and banking supervision perspective. We must move forward, but with caution. A middle ground must be found between the skeptical positions of those who, out of ignorance or convenience, do not see the need for this innovation and, on the other extreme, the superficial enthusiasm of those who see the digital euro as the sole currency of the future, replacing both physical ...