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 – 09.00REGISTRATION_

_09.00 - 09.30WELCOME and OPENING REMARKS_

Monica Billio, Ca' Foscari University of Venice

Andrew Lo, MIT Sloan School of Management, Programme Chair

_09.30 - 11.00SESSION 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 - 11.30COFFEE BREAK_

_11.30 - 13.00SESSION 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 - 14.15LUNCH_

_14.15 - 15.45SESSION 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 - 16.45COFFEE BREAK and POSTER SESSION I_

_16.45 - 18.15SESSION 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)

_20.00SOCIAL DINNER_

*Friday, September 26, 2025*

_09.00 - 10.30SESSION 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 - 11.00COFFEE BREAK_

_11.00 - 13.00PANEL SESSION: FRAMING GLOBAL CHANGES BETWEEN INNOVATION AND SUSTAINABLE _

Moderator: Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE & Goethe University, Frankfurt

_13.00 - 14.15LUNCH_

_14.15 - 15.45SESSION 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 - 16.45COFFEE BREAK and POSTER SESSION II_

_16.45 - 17.45SESSION 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 - 18.00CLOSING 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

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.