24th INTERNATIONAL CONFERENCE
C.r.e.d.i.t. 2025
*Emerging Global Financial Systems:
Exploring Polarization, Systemic Risks, Innovation, and Sustainable
Solutions *
Venice, Italy
25 – 26 September 2025
*GRETA Associati*(Venice, Italy), *CRIF* (Bologna, Italy), *European
Datawarehouse* (Frankfurt, Germany), and *Intesa Sanpaolo *(Milan,
Italy) are partners in organising a Conference to be held in Venice on
September 25-26, 2025.
The C.r.e.d.i.t. 2025 conference will bring together academics,
practitioners and PhD students working in various areas of financial and
socio-economic risk with the aim of creating a unique opportunity for
participants to discuss research progress and policy as well as
industry-relevant insights and directions for future research.
The C.r.e.d.i.t. 2025 is the *twenty-fourth* in a series of events
dedicated to various aspects of risk and organised under the auspices
of: the *Department of Economics* and *VERA *- *Venice centre in
Economic and Risk Analytics for public policies* - of the *Ca’ Foscari
University of Venice, Joint Research Center European Commission*, *ABI -
Italian Banking Association*, and*Venice Sustainability Foundation*.
Sustainability necessitates a global perspective, requiring the
adaptation of contemporary business and societal models to navigate the
dynamic landscape of the future. Policymakers and society must ensure
that resources, particularly technology, are utilized responsibly and
efficiently to enhance the well-being of both present and future
generations while cultivating a harmonious relationship with the
environment. This strategy is vital in addressing sustainability issues
such as poverty, environmental degradation, pollution, and inequality.
Effective global risk management is vital for bridging divisions and
fragmentation through innovation.
*PROGRAMME*
*Thursday, September 25, 2025*
_08.30 - 09.00REGISTRATION_
_09.00 - 09.30WELCOME AND OPENING REMARKS_
Monica Billio, Ca' Foscari University of Venice
Andrew W. Lo, MIT Sloan School of Management, Programme Chair
_09.30 – 11.00SESSION I: INSURANCE AND SAFE ASSETS_
Chair: Monica Billio, Ca' Foscari University of Venice
Invited Talk: /The Role of Insurance in Enhancing Societal Resilience to
Risks and Shocks, /Mario Greco, Zurich
/Foreign Demand for Safety and Macroeconomic Instability, /Dmitry
Kuvshinov, Universitat Pompeu Fabra, Barcelona School of Economics &
CEPR (joint with Madalen Castells-Jauregui, Bjorn Richter, and Victoria
Vanasco) - Discussant: Giovanni Pellegrino, University of Padua
_11.00 – 11.30COFFEE BREAK_
_11.30 – 13.00SESSION II: DECARBONISATION BETWEEN PRICING AND DISCLOSURE_
Chair: Stephen Schaefer, London Business School
/Green Coins, /Massimiliano Croce, Bocconi University, CEPR, IGIER &
Baffi-Carefin Center (joint with Nicolas Guinez, Alejandra Inzunza
Méndez, Thien T. Nguyen, and Claudio Tebaldi) - Discussant: Stefano
Battiston, Ca' Foscari University of Venice & University of Zurich
/A Greenwashing Index/, Elise Gourier, ESSEC Business School & CEPR
(joint with Hélène Mathurin) - Discussant: Massimiliano Bonacchi, Free
University of Bozen
/Pricing Climate Ambiguity/, Francesco Rocciolo, Nazarbayev University
(joint with Monica Billio, Massimo Guidolin, and Yehuda Izhakian) -
Discussant: Marcella Lucchetta, Ca' Foscari University of Venice
_13.00 – 14.15LUNCH_
_14.15 – 16.15SESSION III: GREENING AND DECARBONISATION STRATEGIES IN
THE BANKING SECTOR_
Chair: *Lucia Alessi*, Joint Research Center, European Commission
**ESG - UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for
the financial sector. Funded by the European Commission - Grant
Agreement N 101145727.**
/Energy Costs and Default Risk in Green Mortgage Securitisations,
/Alfonso Dufour, ICMA Centre, Henley Business School, University of
Reading (joint with Monica Billio, Massimo Dragotto, Samuele Segato, and
Simone Varotto) - Discussant: Stephen Schaefer, London Business School
/Climate and Environmental Risk Integration in EU Banks, /Michele
Costola, Ca' Foscari University of Venice (joint with Katia Vozian) -
Discussant: Andrea Giacomelli, Knowshape, Ca’ Foscari University of
Venice & GRETA
/Greening the Present to Decarbonise the Future: an Analysis of Italian
Banks’Decarbonisation Strategies/, Valeria Lionetti, Bank of Italy
(Cristina Angelico, and Ludovico Ridi) - Discussant: Giacomo Cotignano,
Joint Research Center, European Commission
/Here Comes the Flood: the Climate Risk of Residential Mortgages in
Rimini/, Ivan Faiella, Bank of Italy (joint with Luciano Lavecchia) -
Discussant: Valeria Nale, CRIF, Bologna
_16.15 – 17.00COFFEE BREAK and POSTER SESSION_
_17.00 – 18.30SESSION IV: CLIMATE AND ECONOMIC IMPACTS OF THE GREEN
TRANSITION_
Chair: Stefano Battiston, Ca' Foscari University of Venice & University
of Zurich
/Sovereigns on Thinning Ice: Debt Sustainability, Climate Impacts, and
Adaptation, /Matteo Calcaterra, Politecnico di Milano (joint with Andrea
Consiglio, Vincenzo Martorana, Massimo Tavoni, and Stavros A. Zenios) -
Discussant: Carmelo Latino, Smith School of Enterprise and the
Environment, Oxford University & Leibniz Institute for Financial
Research SAFE
/Government-funded Green Banks: Catalysts for the Green Transition,
/Claudio Rizzi, University of Navarra, Barcelona (joint with Simon Xu,
and Paul Yoo) - Discussant: Francesca Battaglia, Parthenope University
of Naples
/Extreme Weather in Europe: Determinants and Economic Impact/, Claudio
Morana, Università di Milano – Bicocca (joint with Marcelle Chauvet, and
Murilo Silva) - Discussant: Andrea Monticini, Catholic University of Milan
_20.30SOCIAL DINNER_**
*Friday, September 26, 2025*
_09.00 – 10.30SESSION V: TECHNOLOGICAL INNOVATION IN ECONOMICS AND FINANCE_
Chair: Loriana Pelizzon, Ca’ Foscari University of Venice & Leibniz
Institute for Financial Research SAFE
Invited Talk: /Financing Deep Tech, /Andrew W. Lo, MIT Sloan School of
Management
/Beyond Algorithms: Soft Information in Global Macro Shocks/, Yuhan Ye,
Swiss Finance Institute & Università della Svizzera italiana -
Discussant: Marti Subrahmanyam, NYU Stern Business School
_10.30 – 11.00COFFEE BREAK_
_11.00 – 13.00PANEL SESSION: FRAMING GLOBAL CHANGES BETWEEN INNOVATION
AND SUSTAINABLE SOLUTIONS_
Chair: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE
& Goethe University
Participants:
Davide Alfonsi, Chief Risk Officer, Intesa Sanpaolo
Agar Brugiavini, Ca' Foscari University of Venice
Ivan Faiella, Climate change and sustainability hub, Bank of Italy
Federico Galizia, Risk and Finance Vice President, International Finance
Corporation (World Bank Group)
Andrew W. Lo, MIT Sloan School of Management
Marco Macellari, ESG Business and Transformation Lead, CRIF
Steven Ongena, University of Zurich, Swiss Finance Institute, KU Leuven
& CEPR
_13.00 – 14.15LUNCH_
_14.15 – 15.45SESSION VI: NAVIGATING GEOPOLITICAL AND PROSOCIAL DYNAMICS_
Chair: Marti Subrahmanyam, NYU Stern Business School
/The Pricing of Geopolitical Tensions over a Century/, Alessandro
Melone, The Ohio State University (joint with Andrei S. Goncalves, and
Andrea Ricciardi) - Discussant: John Cotter, University College Dublin
/Decomposing Geopolitical Risk: Wavelet-Based Time-Series Evidence and
Cross-Sectional Implications for Expected Stock Returns, /Davide La
Cara, London School of Economics and Political Science - Discussant:
Dario Palumbo, Ca’ Foscari University of Venice
/Public Policy and Private-Sector Prosocial Motives: The Case of
Greenhouse Gas Emissions/, Jiaqi Zheng, University of Oxford -
Discussant: Stefano Colonnello, Ca’ Foscari University of Venice
_15.45 – 16.30COFFEE BREAK and POSTER SESSION_
_16.30 – 17.30SESSION VII: GLOBAL SUPPLY CHAINS AND CLIMATE CHANGE_
Chair: Steven Ongena, University of Zurich, Swiss Finance Institute, KU
Leuven & CEPR
/Rewiring Supply Chains Through Uncoordinated Climate Policy, /Olimpia
Carradori, University of Zurich & Swiss Finance Institute (joint with
Emanuela Benincasa, Miguel Ferreira, Emilia Garcia-Appendini) -
Discussant: Jan Pieter Krahnen, Leibniz Institute for Financial Research
SAFE & Goethe University
Global/Supply Chain Disruptions and Product Market Competition/, Erasmo
Giambona, Syracuse University, Whitman School of Management (Karca D.
Aral, Ricardo Lopez A., Gordon M. Phillips) - Discussant: Steven Ongena,
University of Zurich, Swiss Finance Institute, KU Leuven & CEPR
_17.30 – 17.45CLOSING REMARKS AND END OF THE CONFERENCE_
*REGISTRATION*
https://registration.nexave.org/it/iscrizione-evento/34/24th-international-…
<https://registration.nexave.org/it/iscrizione-evento/34/24th-international-…>
For the Registration Fees and more detailed information, please visit
the Conference website:
https://www.greta.it/index.php/it/credit-2025
<https://www.greta.it/index.php/it/credit-2025>
*ACKNOWLEDGEMENT OF EUROPEAN FUNDING*
The organization of the conference has benefitted from financial support by:
- the European Union – Next Generation EU, Mission 4 Component 2, as
part of the GRINS project - Growing Resilient, INclusive and Sustainable
(code: PE0000018, CUP: H73C22000930001) - National Recovery and
Resilience Plan (PNRR)
- ESG UPTAKE — TSI-2023-ESGRM-IBA - ESG risk management framework for
the financial sector. Funded by the European Commission - Grant
Agreement N° 101145727.
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Monica Billio
Dipartimento di Economia, Università Ca' Foscari Venezia
Fondamenta San Giobbe 873, 30121 Venezia
Tel +39 041 2349170, Fax +39 041 2349176
E-mailbillio(a)unive.it
http://www.unive.it/persone/billiohttp://ideas.repec.org/e/pbi55.htmlhttp://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=303041http://scholar.google.it/citations?user=ll83_twAAAAJ&hl=en