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-c... https://registration.nexave.org/it/iscrizione-evento/34/24th-international-conference-on-credit-risk-evaluation
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.