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
8.30 – 09.00 REGISTRATION
09.00 - 09.30 WELCOME and OPENING REMARKS
Monica Billio, Ca' Foscari University of Venice
Andrew Lo, MIT Sloan School of Management, Programme Chair
09.30 - 11.00 SESSION I: INSURANCE AND SAFE ASSETS
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)
11.00 - 11.30 COFFEE BREAK
11.30 - 13.00 SESSION II: DECARBONISATION BETWEEN PRICING AND DISCLOSURE
Green Coins, Massimiliano Croce, Bocconi University, CEPR, IGIER & Baffi-Carefin Center (joint with Nicolas Guinez, Alejandra Inzunza Méndez, Thien T. Nguyen, and Claudio Tebaldi)
A Greenwashing Index, Elise Gourier, ESSEC Business School & CEPR (joint with Hélène Mathurin)
Pricing Climate Ambiguity, Francesco Rocciolo, Nazarbayev University (joint with Monica Billio, Massimo Guidolin, and Yehuda Izhakian)
13.00 - 14.15 LUNCH
14.15 - 15.45 SESSION III: GREENING AND DECARBONISATION STRATEGIES IN THE BANKING SECTOR (ESG UPTAKE)
Energy Costs and Default Risk in Green Mortgage Securitisations, Simone Varotto, ICMA Centre, Henley Business School, University of Reading (joint with Monica Billio, Massimo Dragotto, Alfonso Dufour, and Samuele Segato)
Climate and Environmental Risk Integration in EU Banks, Michele Costola, Ca' Foscari University of Venice (joint with Katia Vozian)
Greening the Present to Decarbonise the Future: an Analysis of Italian Banks’Decarbonisation Strategies, Valeria Lionetti, Bank of Italy (Cristina Angelico, and Ludovico Ridi)
15.45 - 16.45 COFFEE BREAK and POSTER SESSION I
16.45 - 18.15 SESSION IV: CLIMATE AND ECONOMIC IMPACTS OF THE GREEN TRANSITION
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)
Government-Funded Green Banks: Catalysts for the Green Transition, Claudio Rizzi, University of Navarra, Barcelona (joint with Simon Xu, and Paul Yoo)
Extreme Weather in Europe: Determinants and Economic Impact, Claudio Morana, Università di Milano – Bicocca (joint with Marcelle Chauvet, and Murilo Silva)
20.00 SOCIAL DINNER
Friday, September 26, 2025
09.00 - 10.30 SESSION V: TECHNOLOGICAL INNOVATION IN ECONOMICS AND FINANCE
Invited Talk: Financing Deep Tech, Andrew W. Lo, MIT Sloan School of Management
Beyond Algorithms: Soft Information in Global Macro Shocks, Yuhan Ye, Università della Svizzera Italiana
10.30 - 11.00 COFFEE BREAK
11.00 - 13.00 PANEL SESSION: FRAMING GLOBAL CHANGES BETWEEN INNOVATION AND SUSTAINABLE
13.00 - 14.15 LUNCH
14.15 - 15.45 SESSION VI: NAVIGATING GEOPOLITICAL AND PROSOCIAL DYNAMICS
The Pricing of Geopolitical Tensions over a Century, Alessandro Melone, The Ohio State University (joint with Andrei S. Goncalves, and Andrea Ricciardi)
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
Public Policy and Private-Sector Prosocial Motives: The Case of Greenhouse Gas Emissions, Jiaqi Zheng, University of Oxford
15.45 - 16.45 COFFEE BREAK and POSTER SESSION II
16.45 - 17.45 SESSION VII: GLOBAL SUPPLY CHAINS AND CLIMATE CHANGE
Rewiring Supply Chains Through Uncoordinated Climate Policy, Olimpia Carradori, University of Zurich & Swiss Finance Institute (joint with Emanuela Benincasa, Miguel Ferreira, Emilia Garcia-Appendini)
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)
17.45 - 18.00 CLOSING REMARKS AND END OF THE CONFERENCE
REGISTRATION
For the Registration Fees and more detailed information, please visit the Conference website:
https://www.greta.it/index.php/it/credit-2025
The
SCIENTIFIC COMMITTEE for the Conference consists of:
Andrew Lo (MIT Sloan
School of Management, Programme Chair)
Monica Billio (Ca’ Foscari University of Venice &
GRETA)
Lucia Alessi (Joint Research Center, European Commission)
Marie Brière (AMUNDI & Université Libre de Bruxelles)
Mila Getmansky Sherman (Isenberg School of Management,
UMass Amherst)
Marcin Kacperczyk (Imperial College London)
Jan Pieter Krahnen (Leibniz Institute for Financial
Research SAFE &
Goethe University, Frankfurt)
Steven Ongena (University of Zurich, Swiss Finance
Institute, KU Leuven,
NTNU Business School & CEPR)
Loriana Pelizzon (Ca’ Foscari University of Venice &
Leibniz Institute
for Financial Research SAFE)
Roberto Rigobon (MIT Sloan School of Management)
Stephen Schaefer (London Business School)
Marti Subrahmanyam (NYU Stern Business School)
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.
-- -- Monica Billio Dipartimento di Economia, Università Ca' Foscari Venezia Fondamenta San Giobbe 873, 30121 Venezia Tel +39 041 2349170, Fax +39 041 2349176 E-mail billio@unive.it http://www.unive.it/persone/billio http://ideas.repec.org/e/pbi55.html http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=303041 http://scholar.google.it/citations?user=ll83_twAAAAJ&hl=en