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L’arbitrato e la successione nel diritto controverso
No full textLa disciplina processuale della successione a titolo particolare nel diritto controverso ha trovato la propria “chiave di accesso” in materia arbitrale grazie alla previsione di cui al terzo comma dell’articolo 816-quinquies c.p.c.
L’essenzialità del rinvio operato da quest’ultima disposizione, che si limita a dichiarare l’applicabilità dell’articolo 111 c.p.c. nel giudizio devoluto alla cognizione degli arbitri, ed avente ad oggetto il diritto trasferito per atto tra vivi ovvero a causa di morte, impone uno sforzo dell’interprete, al fine di contemperare gli effetti della disciplina dettata in tema di alienazione della res litigiosa con il necessario rispetto dei principi fondamentali dell’istituto arbitrale.
Non v’è dubbio, infatti, che l’efficacia del lodo, equiparata a quella della sentenza, nei confronti di un soggetto che potrebbe essere estraneo sia al giudizio, sia alla stessa convenzione, costituisce il superamento di quella visione per cui la giustizia privata è un quid minus rispetto a quella statale.
Ad ogni modo, la presente ricerca si propone altresì di coordinare la premessa per cui il trasferimento del diritto controverso non comporta l’ingresso automatico del successore nella convenzione arbitrale, con l’operatività dell’intera disciplina di cui all’articolo 111 c.p.c. e con gli effetti sostanziali che da questa derivano.
Ciò in quanto, tale norma potrebbe ormai assurgere al rango di principio generale dell’ordine pubblico processuale, così da auspicarne non solo l’applicazione nell’arbitrato irrituale, ma financo assumerla quale presupposto per il riconoscimento dei lodi stranieri.La disciplina processuale della successione a titolo particolare nel diritto controverso ha trovato la propria “chiave di accesso” in materia arbitrale grazie alla previsione di cui al terzo comma dell’articolo 816-quinquies c.p.c.
L’essenzialità del rinvio operato da quest’ultima disposizione, che si limita a dichiarare l’applicabilità dell’articolo 111 c.p.c. nel giudizio devoluto alla cognizione degli arbitri, ed avente ad oggetto il diritto trasferito per atto tra vivi ovvero a causa di morte, impone uno sforzo dell’interprete, al fine di contemperare gli effetti della disciplina dettata in tema di alienazione della res litigiosa con il necessario rispetto dei principi fondamentali dell’istituto arbitrale.
Non v’è dubbio, infatti, che l’efficacia del lodo, equiparata a quella della sentenza, nei confronti di un soggetto che potrebbe essere estraneo sia al giudizio, sia alla stessa convenzione, costituisce il superamento di quella visione per cui la giustizia privata è un quid minus rispetto a quella statale.
Ad ogni modo, la presente ricerca si propone altresì di coordinare la premessa per cui il trasferimento del diritto controverso non comporta l’ingresso automatico del successore nella convenzione arbitrale, con l’operatività dell’intera disciplina di cui all’articolo 111 c.p.c. e con gli effetti sostanziali che da questa derivano.
Ciò in quanto, tale norma potrebbe ormai assurgere al rango di principio generale dell’ordine pubblico processuale, così da auspicarne non solo l’applicazione nell’arbitrato irrituale, ma financo assumerla quale presupposto per il riconoscimento dei lodi stranieri.LUISS PhD Thesi
How is social entrepreneurship possible? A multilevel study on social-entrepreneurial activity enabling mechanisms
No full textARTICLE 1 - Hybridization of diverging institutional logics through common-note practices
An analogy with music and the case of social enterprises - ABSTRACT - Hybrid organizations exhibit high degree of innovativeness, but also instability due to the conflicting institutional logics underpinning their activities. We enrich the discussion on how to reconcile conflicting logics in hybrid organizations using the analogy with music theory. In particular, we get inspiration from a technique used to modulate conflicting harmonies by means of the notes they have in common (common-notes) to derive ideas on how to compose conflicting logics by means of the practices they have in common. We illustrate these ideas in the specific case of social enterprises, showing that practices able to “unblock” a marginalized individual’s value creation capabilities can be considered common-note practices allowing the social enterprise to fruitfully and sustainably combine commercial and social welfare logics.
ARTICLE 2 - Made in Carcere: Freedom through empowerment for convicted women! - ABSTRACT - In this paper we analyze the case of Made in Carcere, an innovative social enterprise that creates and shares social and economic value with one of the most disadvantaged stakeholder groups in society: convicted women. Relying on an extensive database that covers eight years of activity, we propose a micro-level analysis of the processes adopted by Made in Carcere to empower its target stakeholders. We show that this complex effort is successfully unfolded through two macro-processes: the creation and management of a safe space, and allowing convicted women to reach and experience the external environment. Our work provides evidence of an exceptional organization that successfully confronts the restrictive and disempowering setting of prisons by empowering women through an innovative approach of human integral development. ARTICLE 3 - Mechanisms and boundaries of collective action in social entrepreneurship. - ABSTRACT - New frontiers in social entrepreneurship research are moving from the idea of the social entrepreneur as a single individual in favour of a larger model based on a multiplicity of subjects. In this paper we aim at moving this perspective onward and claim we should adopt a higher level of analysis considering the collective of subjects mobilized by the entrepreneur(s) to be really able to capture the social impact of the undertaken economic activity. Moreover, using a case study, we identify two mechanisms useful to draw the boundaries of such collective, the unit of analysis at the basis of this new perspective.ARTICLE 1 - Hybridization of diverging institutional logics through common-note practices
An analogy with music and the case of social enterprises - ABSTRACT - Hybrid organizations exhibit high degree of innovativeness, but also instability due to the conflicting institutional logics underpinning their activities. We enrich the discussion on how to reconcile conflicting logics in hybrid organizations using the analogy with music theory. In particular, we get inspiration from a technique used to modulate conflicting harmonies by means of the notes they have in common (common-notes) to derive ideas on how to compose conflicting logics by means of the practices they have in common. We illustrate these ideas in the specific case of social enterprises, showing that practices able to “unblock” a marginalized individual’s value creation capabilities can be considered common-note practices allowing the social enterprise to fruitfully and sustainably combine commercial and social welfare logics.
ARTICLE 2 - Made in Carcere: Freedom through empowerment for convicted women! - ABSTRACT - In this paper we analyze the case of Made in Carcere, an innovative social enterprise that creates and shares social and economic value with one of the most disadvantaged stakeholder groups in society: convicted women. Relying on an extensive database that covers eight years of activity, we propose a micro-level analysis of the processes adopted by Made in Carcere to empower its target stakeholders. We show that this complex effort is successfully unfolded through two macro-processes: the creation and management of a safe space, and allowing convicted women to reach and experience the external environment. Our work provides evidence of an exceptional organization that successfully confronts the restrictive and disempowering setting of prisons by empowering women through an innovative approach of human integral development. ARTICLE 3 - Mechanisms and boundaries of collective action in social entrepreneurship. - ABSTRACT - New frontiers in social entrepreneurship research are moving from the idea of the social entrepreneur as a single individual in favour of a larger model based on a multiplicity of subjects. In this paper we aim at moving this perspective onward and claim we should adopt a higher level of analysis considering the collective of subjects mobilized by the entrepreneur(s) to be really able to capture the social impact of the undertaken economic activity. Moreover, using a case study, we identify two mechanisms useful to draw the boundaries of such collective, the unit of analysis at the basis of this new perspective.LUISS PhD Thesi
The impact of US' Neo-Orientalism on the future of Nation-State in Iraq in the light of IS crisis
No full textFirst, this study intends to inquire into this question: does the US support a unified Iraq? If
we look at the historical discourse of US policy towards Iraq, the answer would be: Yes. But to
an adequate answer, my methodology tries to understand how far knowledge and power can
meet to give us a clear answer. I was so confused till I read Edward Said’s Orientalism. When I
started reading this book a realization has grown in my mind that Said methodology will help me
answer my question. But still this methodology is not sufficient to address the recent political
dynamics whether in Iraq itself, or that shapes the relationship between the US and Iraq. Thus,
there was a need to adopt other paradigm. This is Mohammed Salama’s work of Islam,
Orientalism and Intellectual History. To reach a detailed answer to the above guiding question I
go through various methodological approaches, and each of them matches a supportive question.
At the same, these concerns tell us that it’s difficult to study how Iraq is perceived in the US
without studying the themes about Arab and Islam in the same periphery.
However, I find it relevance to demonstrate the significance of this study. This study is a
scientific attempt to test the hypothesis which presumes that the US Orientalism can directly
affect the political future of specific country (Iraq as a case study). Thus, I was keen to read as
much as possible works that have been done about the implications of Orientalism on politics.
The first chapter demonstrates the relationship between Orientalism and politics but what is
significant is that I was eager to understand the implications of Orientalism on strategy-making
process. Some concepts are presented for the first time in this study such as ‘soft Orientalism’
and ‘Hard Orientalism’; a twofold distinction is clearly set out between the political view of neoorientalism
and the old definition of the concept on one hand, and between the old type of
orientalists and the new one on the other. In that sense, the thesis is designed to fulfill the
methodological requirement to tackle this question in one hand. While on the other, it is designed
to inquire into the question that concerns the impact of neo-orientalism on the US strategy
towards a unified Iraq. It is important to explain why I chose Iraq as an object of contemporary
American Orientalism? I believe that Iraq has occupied central core of American interest in the
Middle East since Gulf War in 1990, even before, and after September 11th in specific. We can
notice that before 2003 Iraq was linked to terrorism, despotism, tyranny and accused of
possessing weapons of mass destruction. In addition, Iraq was also perceived as a major source destabilizing the region. It is this image that has guided the US foreign policy towards Iraq for
more than a decade where it has invested soft power to legitimize its hard power which was
demonstrated through its invasion of Iraq in 2003 to remove the regime of Saddam Hussein and
to initiate the political project of Democratization.
Although, the most important obstacle this study faces is that how methodologically a link can be
established between Orientalism, which mostly perceived as linguistic or literature studies, and
strategic analysis regarding the future of Iraq. Conclusions about Orientalism cannot be
circulated on various political peripheries. Because the first think orientalism deals with is
power. Thus, the impact of orientalism on foreign policy should be analyzed in the light of
state’s capacity to apply its themes. Orientalism has different implications on politics from case
study to another. In some countries, its impact is limited to the domestic politics since the
political trends of that country has no intention of playing a major role in international politics.
This study promotes two essential arguments:
1. Orientalism’s findings and themes in the US have sophisticated implications on the future
of a state like Iraq.
2. The US supports a unified Iraq if it meets its strategic expectations as will be discussed
later in the seventh chapter.
The hypotheses will be proven by qualitative methods of primary and secondary sources. The
analysis of recent literature on Orientalism, Islamophobia, and its impact on US foreign policy
will be undergone in Arabic, and English. Also, recent press will be observed and included. In
addition, the primary sources written by international and intergovernmental institutions, national
governments, Iraqis institutions, foreign policy reports, and think tanks will determine a main
part of the analysis. Further, the analysis of strategies towards Iraq focusing on the policy area of
the so-called Islamic State in the region will be conducted.
This study will be structured into seven chapters. Each one will tackle sub-question listings to
fulfill the methodological requirements. This study is a scientific attempt to test the hypothesis
which presumes that the US Orientalism can directly affect the political future of other state
(Iraq). in that sense, the thesis is designed to fulfill the methodological requirement to tackle this
question in one hand. While on the other, it is designed to inquire into the question that concerns
the impact of neo-orientalism on the US strategy towards a unified Iraq.First, this study intends to inquire into this question: does the US support a unified Iraq? If
we look at the historical discourse of US policy towards Iraq, the answer would be: Yes. But to
an adequate answer, my methodology tries to understand how far knowledge and power can
meet to give us a clear answer. I was so confused till I read Edward Said’s Orientalism. When I
started reading this book a realization has grown in my mind that Said methodology will help me
answer my question. But still this methodology is not sufficient to address the recent political
dynamics whether in Iraq itself, or that shapes the relationship between the US and Iraq. Thus,
there was a need to adopt other paradigm. This is Mohammed Salama’s work of Islam,
Orientalism and Intellectual History. To reach a detailed answer to the above guiding question I
go through various methodological approaches, and each of them matches a supportive question.
At the same, these concerns tell us that it’s difficult to study how Iraq is perceived in the US
without studying the themes about Arab and Islam in the same periphery.
However, I find it relevance to demonstrate the significance of this study. This study is a
scientific attempt to test the hypothesis which presumes that the US Orientalism can directly
affect the political future of specific country (Iraq as a case study). Thus, I was keen to read as
much as possible works that have been done about the implications of Orientalism on politics.
The first chapter demonstrates the relationship between Orientalism and politics but what is
significant is that I was eager to understand the implications of Orientalism on strategy-making
process. Some concepts are presented for the first time in this study such as ‘soft Orientalism’
and ‘Hard Orientalism’; a twofold distinction is clearly set out between the political view of neoorientalism
and the old definition of the concept on one hand, and between the old type of
orientalists and the new one on the other. In that sense, the thesis is designed to fulfill the
methodological requirement to tackle this question in one hand. While on the other, it is designed
to inquire into the question that concerns the impact of neo-orientalism on the US strategy
towards a unified Iraq. It is important to explain why I chose Iraq as an object of contemporary
American Orientalism? I believe that Iraq has occupied central core of American interest in the
Middle East since Gulf War in 1990, even before, and after September 11th in specific. We can
notice that before 2003 Iraq was linked to terrorism, despotism, tyranny and accused of
possessing weapons of mass destruction. In addition, Iraq was also perceived as a major source destabilizing the region. It is this image that has guided the US foreign policy towards Iraq for
more than a decade where it has invested soft power to legitimize its hard power which was
demonstrated through its invasion of Iraq in 2003 to remove the regime of Saddam Hussein and
to initiate the political project of Democratization.
Although, the most important obstacle this study faces is that how methodologically a link can be
established between Orientalism, which mostly perceived as linguistic or literature studies, and
strategic analysis regarding the future of Iraq. Conclusions about Orientalism cannot be
circulated on various political peripheries. Because the first think orientalism deals with is
power. Thus, the impact of orientalism on foreign policy should be analyzed in the light of
state’s capacity to apply its themes. Orientalism has different implications on politics from case
study to another. In some countries, its impact is limited to the domestic politics since the
political trends of that country has no intention of playing a major role in international politics.
This study promotes two essential arguments:
1. Orientalism’s findings and themes in the US have sophisticated implications on the future
of a state like Iraq.
2. The US supports a unified Iraq if it meets its strategic expectations as will be discussed
later in the seventh chapter.
The hypotheses will be proven by qualitative methods of primary and secondary sources. The
analysis of recent literature on Orientalism, Islamophobia, and its impact on US foreign policy
will be undergone in Arabic, and English. Also, recent press will be observed and included. In
addition, the primary sources written by international and intergovernmental institutions, national
governments, Iraqis institutions, foreign policy reports, and think tanks will determine a main
part of the analysis. Further, the analysis of strategies towards Iraq focusing on the policy area of
the so-called Islamic State in the region will be conducted.
This study will be structured into seven chapters. Each one will tackle sub-question listings to
fulfill the methodological requirements. This study is a scientific attempt to test the hypothesis
which presumes that the US Orientalism can directly affect the political future of other state
(Iraq). in that sense, the thesis is designed to fulfill the methodological requirement to tackle this
question in one hand. While on the other, it is designed to inquire into the question that concerns
the impact of neo-orientalism on the US strategy towards a unified Iraq.LUISS PhD Thesi
Military education in the changing operational environment: might liberal thought provide the decisive edge?
No full textThe security environment: challenges and impact on military forces. Military Education: concepts and challenges. Military ethics within the framework of political philosophy. Leadership and Ethics. Cross cultural competence and liberal values.The security environment: challenges and impact on military forces. Military Education: concepts and challenges. Military ethics within the framework of political philosophy. Leadership and Ethics. Cross cultural competence and liberal values.LUISS PhD Thesi
The role of the High Representative in leading EU foreign policy on Kosovo and Ukraine: a comparative study of foreign policy integration
No full textExisting approaches entangle the analysis of integration in
foreign and security policy into a paradigmatic supranationalintergovernmental
dichotomy. In this way they fail to grasp the
complexity and - at times - fluidity of governance practices within the
EU foreign and security policy institutional framework. In order to fill
this theoretical and empirical gap in an encompassing manner, the
dissertation asks why EU involvement in foreign and security policy
follows different patterns and under which conditions the EU Member
States and institutions engage in integrated modes of governance in
foreign and security policy. Elaborating an original model for the
study of the nature and development of EU foreign and security policy
through an innovation of the new intergovernmentalist approach, this
study indicates the need of adopting rational choice institutional
approaches to explain delegation, discretion and control relations
between the legislative and the executive branches of government also
in areas generally corresponding to core state powers. Inevitably, these
include foreign and security policies. This evaluation is derived from
an empirical account of two cases of EU governance in the context of
the EU foreign and security policy broadly defined. Through a
comparative study the dissertation offers an in-depth analysis of the
role played by the High Representative in leading EU foreign and
security policy on Kosovo and on Ukraine.Existing approaches entangle the analysis of integration in
foreign and security policy into a paradigmatic supranationalintergovernmental
dichotomy. In this way they fail to grasp the
complexity and - at times - fluidity of governance practices within the
EU foreign and security policy institutional framework. In order to fill
this theoretical and empirical gap in an encompassing manner, the
dissertation asks why EU involvement in foreign and security policy
follows different patterns and under which conditions the EU Member
States and institutions engage in integrated modes of governance in
foreign and security policy. Elaborating an original model for the
study of the nature and development of EU foreign and security policy
through an innovation of the new intergovernmentalist approach, this
study indicates the need of adopting rational choice institutional
approaches to explain delegation, discretion and control relations
between the legislative and the executive branches of government also
in areas generally corresponding to core state powers. Inevitably, these
include foreign and security policies. This evaluation is derived from
an empirical account of two cases of EU governance in the context of
the EU foreign and security policy broadly defined. Through a
comparative study the dissertation offers an in-depth analysis of the
role played by the High Representative in leading EU foreign and
security policy on Kosovo and on Ukraine.LUISS PhD Thesi
Re-building institutions through diaspora engagement: the impact of skilled migration on domestic change
No full textAs a massive process of change, migration has an impact on several aspects of economies and
societies, affecting both the countries of origin and settlement. The so-called “migration and
development nexus” highlights those positive contributions under an economic and monetary
perspective, looking at the effects of remittances on livelihood of individuals and communities. It is
clear that diaspora and migrants do not remit just money, but a complex system of ideas, values and
knowledge, which also impacts on societies. Given this premise, the research aim is to find out to
what extent skilled diaspora may act an actor of institutional change, looking at specific initiatives
of development where diaspora is engaged within single institutions in the countries of origin. The
empirical analysis aims at an impact assessment which follows the Lipset’s concepts of Legitimacy
and Effectiveness. The qualitative study object of the dissertation has allowed to have a picture of
the conditions according to which diaspora’s impact on institutions is positive, also giving an
insight of the “diaspora agenda” on development.As a massive process of change, migration has an impact on several aspects of economies and
societies, affecting both the countries of origin and settlement. The so-called “migration and
development nexus” highlights those positive contributions under an economic and monetary
perspective, looking at the effects of remittances on livelihood of individuals and communities. It is
clear that diaspora and migrants do not remit just money, but a complex system of ideas, values and
knowledge, which also impacts on societies. Given this premise, the research aim is to find out to
what extent skilled diaspora may act an actor of institutional change, looking at specific initiatives
of development where diaspora is engaged within single institutions in the countries of origin. The
empirical analysis aims at an impact assessment which follows the Lipset’s concepts of Legitimacy
and Effectiveness. The qualitative study object of the dissertation has allowed to have a picture of
the conditions according to which diaspora’s impact on institutions is positive, also giving an
insight of the “diaspora agenda” on development.LUISS PhD Thesi
Crowdsourcing as a support to solving complex problems in entrepreneurial settings
No full textCrowdsourcing is a newly-developed field that has helped a number of organizations to solved
complex problems concerning quantities of information and resource accessibility. Many
entrepreneurs have utilized crowdsourcing to their benefit, bypassing traditional forms of
fundraising in order to increase their probability of success. Paper 1 will look specifically at the
ways in which crowdsourcing can perform such a role, supporting the entrepreneur through each
phase of the entrepreneurial process. Paper 2 will expand on this idea by exploring the effects that
crowdsourcing can have on a company’s performance. Looking specifically at data provided by
AngelList, a popular crowdsourcing platform, we’ll attempt to analyze the benefits that the
technology has had on businesses by comparing crowdsourcing-based investment paths to those of
traditional investors. Specifically, we measured the performance of both traditional and
crowdsourcing-base business ventures over a 2-year period, using data extracted from
Mattermark. We aim to shed light, here, on the ability of crowdsourcing to produce better
performance in the medium-term. Paper 3 will investigate the effects that crowd size and diversity
can have on the performance of a crowdsourced venture. AngelList’s data set will be useful in
unpacking the relationship between the volume and diversity of a syndicate’s backers to see how
these attributes can be beneficial or detrimental to a firm. While a significant amount of research
has been undertaken around this topic, we have found that there are many gaps in the available
literature. Where researchers have written extensively about the potential for crowdsourcing to
support the discovery, exploitation and execution of entrepreneurial opportunities, much of this
literature does not take into account the nature of currently-used crowdsourcing platforms.
Throughout each of these papers, we’ll attempt to expand into the territory left unexplored by
existing research, paying specific attention to the individual attributes phase of the
entrepreneurial model.Crowdsourcing is a newly-developed field that has helped a number of organizations to solved
complex problems concerning quantities of information and resource accessibility. Many
entrepreneurs have utilized crowdsourcing to their benefit, bypassing traditional forms of
fundraising in order to increase their probability of success. Paper 1 will look specifically at the
ways in which crowdsourcing can perform such a role, supporting the entrepreneur through each
phase of the entrepreneurial process. Paper 2 will expand on this idea by exploring the effects that
crowdsourcing can have on a company’s performance. Looking specifically at data provided by
AngelList, a popular crowdsourcing platform, we’ll attempt to analyze the benefits that the
technology has had on businesses by comparing crowdsourcing-based investment paths to those of
traditional investors. Specifically, we measured the performance of both traditional and
crowdsourcing-base business ventures over a 2-year period, using data extracted from
Mattermark. We aim to shed light, here, on the ability of crowdsourcing to produce better
performance in the medium-term. Paper 3 will investigate the effects that crowd size and diversity
can have on the performance of a crowdsourced venture. AngelList’s data set will be useful in
unpacking the relationship between the volume and diversity of a syndicate’s backers to see how
these attributes can be beneficial or detrimental to a firm. While a significant amount of research
has been undertaken around this topic, we have found that there are many gaps in the available
literature. Where researchers have written extensively about the potential for crowdsourcing to
support the discovery, exploitation and execution of entrepreneurial opportunities, much of this
literature does not take into account the nature of currently-used crowdsourcing platforms.
Throughout each of these papers, we’ll attempt to expand into the territory left unexplored by
existing research, paying specific attention to the individual attributes phase of the
entrepreneurial model.LUISS PhD Thesi
Misure di prevenzione della corruzione nelle procedure di affidamento dei contratti pubblici
No full textLa corruzione amministrativa e i sistemi di prevenzione nell'evoluzione normativa. Il fenomeno della corruzione e i fattori nel settore degli appalti. Gli strumenti per la prevenzione della corruzione nei contratti pubblici: il Nuovo Codice dei Contratti Pubblici.La corruzione amministrativa e i sistemi di prevenzione nell'evoluzione normativa. Il fenomeno della corruzione e i fattori nel settore degli appalti. Gli strumenti per la prevenzione della corruzione nei contratti pubblici: il Nuovo Codice dei Contratti Pubblici.LUISS PhD Thesi
Strumenti alternativi di finanziamento alle pmi e disintermediazione bancaria, evidenze empiriche alla luce dei recenti interventi normativi in materia di titoli di debito
No full textIl razionamento del credito bancario conseguente al verificarsi della crisi finanziaria ha colpito in modo particolare le imprese italiane, in quanto, tradizionalmente sottocapitalizzate e fortemente esposte soprattutto verso il circuito bancario.
Lo sfruttamento del meccanismo della leva finanziaria, infatti, per quanto esalti il rendimento del capitale in fasi cicliche favorevoli, implica l’aggravarsi delle conseguenze negative che la riduzione dei livelli di produzione e delle vendite hanno sugli indicatori economico-finanziari. Inoltre, con l’incedere della crisi, è venuto meno l’accesso al canale di finanziamento a cui le imprese facevano tradizionalmente prevalentemente ricorso, ossia il sistema bancario.
Le imprese di piccole e medie dimensioni sono state quelle che hanno in particolar modo sofferto tale situazione a fronte della totale indisponibilità di canali di finanziamento alternativi.
In virtù di tale situazione, il legislatore è intervenuto a creare le condizioni per lo sviluppo di fonti di finanziamento alternative incentivando, inter alia, lo sviluppo del mercato del capitale di debito.
Infatti, il mercato obbligazionario è stato da sempre sostanzialmente precluso alle imprese che non appartenessero alla categoria dei cosiddetti grandi emittenti.
Il mancato ricorso da parte delle PMI, è conseguito non solo alle peculiarità del nostro sistema finanziario tradizionalmente banco- centrico ma anche a una normativa fortemente disincentivante. Il legislatore interviene appunto a sterilizzare le condizioni di accesso al mercato del capitale di debito, incentivando le società non quotate, di cui la maggior parte appartiene alla categoria delle PMI.
In particolare, vengono introdotte misure normative volte a eliminare i stringenti limiti all’indebitamento obbligazionario posti dal diritto comune per le società non quotate, nonché a parificare il trattamento fiscale degli interessi passivi relativi ai titoli di debito da queste emessi, rispetto alle condizioni di favore previste per le società quotate.
Inoltre, vengono predisposti una serie di ulteriori incentivi per favorire l’accesso al mercato del capitale di debito ma anche finalizzati a creare le condizioni per creare un maggiore attivismo dal lato della domanda, ovvero da parte di investitori qualificati.
Il lavoro mira ad analizzare la portata di tali novità legislative da un punto di vista civilistico e fiscale nonché l’effetto che tali normative hanno avuto sulla composizione delle fonti di finanziamento delle imprese, avendo particolare riguardo alle PMI data la maggiore difficoltà che tale categoria di imprese incontra rispetto all’accesso a canali di finanziamento alternativi al credito bancario.Il razionamento del credito bancario conseguente al verificarsi della crisi finanziaria ha colpito in modo particolare le imprese italiane, in quanto, tradizionalmente sottocapitalizzate e fortemente esposte soprattutto verso il circuito bancario.
Lo sfruttamento del meccanismo della leva finanziaria, infatti, per quanto esalti il rendimento del capitale in fasi cicliche favorevoli, implica l’aggravarsi delle conseguenze negative che la riduzione dei livelli di produzione e delle vendite hanno sugli indicatori economico-finanziari. Inoltre, con l’incedere della crisi, è venuto meno l’accesso al canale di finanziamento a cui le imprese facevano tradizionalmente prevalentemente ricorso, ossia il sistema bancario.
Le imprese di piccole e medie dimensioni sono state quelle che hanno in particolar modo sofferto tale situazione a fronte della totale indisponibilità di canali di finanziamento alternativi.
In virtù di tale situazione, il legislatore è intervenuto a creare le condizioni per lo sviluppo di fonti di finanziamento alternative incentivando, inter alia, lo sviluppo del mercato del capitale di debito.
Infatti, il mercato obbligazionario è stato da sempre sostanzialmente precluso alle imprese che non appartenessero alla categoria dei cosiddetti grandi emittenti.
Il mancato ricorso da parte delle PMI, è conseguito non solo alle peculiarità del nostro sistema finanziario tradizionalmente banco- centrico ma anche a una normativa fortemente disincentivante. Il legislatore interviene appunto a sterilizzare le condizioni di accesso al mercato del capitale di debito, incentivando le società non quotate, di cui la maggior parte appartiene alla categoria delle PMI.
In particolare, vengono introdotte misure normative volte a eliminare i stringenti limiti all’indebitamento obbligazionario posti dal diritto comune per le società non quotate, nonché a parificare il trattamento fiscale degli interessi passivi relativi ai titoli di debito da queste emessi, rispetto alle condizioni di favore previste per le società quotate.
Inoltre, vengono predisposti una serie di ulteriori incentivi per favorire l’accesso al mercato del capitale di debito ma anche finalizzati a creare le condizioni per creare un maggiore attivismo dal lato della domanda, ovvero da parte di investitori qualificati.
Il lavoro mira ad analizzare la portata di tali novità legislative da un punto di vista civilistico e fiscale nonché l’effetto che tali normative hanno avuto sulla composizione delle fonti di finanziamento delle imprese, avendo particolare riguardo alle PMI data la maggiore difficoltà che tale categoria di imprese incontra rispetto all’accesso a canali di finanziamento alternativi al credito bancario.LUISS PhD Thesi
Essays on secular stagnation
No full textThe dissertation develops, in two chapters, two themes related to Secular Stagnation.
In Chapter 1, I focus on Secular Stagnation and Bubbles. My starting point is an
estimated vector-autoregression model and I provide empirical evidence on the existence
of stock market bubbles and their response to a deleveraging shock. I show that a
deleveraging shock triggers a persistent decline in loans and output, while stock prices
fall on impact and only partly recover afterwards. By decomposing the stock price index
within its fundamental and bubbly component, I show that its behaviour is almost entirely
explained by the latter. I propose an OLG model and I show that bubbles exist if agents
are financially constrained. The bubbly steady state is unstable and, after a deleveraging
shock, the economy eventually reaches the undesirable bubbleless steady state, where
Secular Stagnation may arise. I show that, in a sticky prices environment, by adopting
an accommodative stance towards bubbles, monetary policy can ensure the stability of
the bubbly steady state and the stationarity of the dynamics around it.
In Chapter 2, I focus on Secular Stagnation and Market Structure. I address the question
on whether the market structure affects the equilibrium level of the real interest rate,
defined as the rate consistent with full employment and stable in
ation. I provide an
empirical and a theoretical analysis on the link between the markup, as a proxy for the
market structure, and the equilibrium interest rate. I uncover some evidence that higher
markups are associated with lower real rates and that more market friendly economies
display higher interest rates. I propose an OLG model with monopolistic competition to
interpret these findings. I focus on the effects on the equilibrium of a change in market
structure, both in an exogenous and endogenous markup framework. I show that an
increase in the markup puts a downward pressure on the equilibrium interest rate and
the economy enters Secular Stagnation. The key transmission channel works through the
market for capital.The dissertation develops, in two chapters, two themes related to Secular Stagnation.
In Chapter 1, I focus on Secular Stagnation and Bubbles. My starting point is an
estimated vector-autoregression model and I provide empirical evidence on the existence
of stock market bubbles and their response to a deleveraging shock. I show that a
deleveraging shock triggers a persistent decline in loans and output, while stock prices
fall on impact and only partly recover afterwards. By decomposing the stock price index
within its fundamental and bubbly component, I show that its behaviour is almost entirely
explained by the latter. I propose an OLG model and I show that bubbles exist if agents
are financially constrained. The bubbly steady state is unstable and, after a deleveraging
shock, the economy eventually reaches the undesirable bubbleless steady state, where
Secular Stagnation may arise. I show that, in a sticky prices environment, by adopting
an accommodative stance towards bubbles, monetary policy can ensure the stability of
the bubbly steady state and the stationarity of the dynamics around it.
In Chapter 2, I focus on Secular Stagnation and Market Structure. I address the question
on whether the market structure affects the equilibrium level of the real interest rate,
defined as the rate consistent with full employment and stable in
ation. I provide an
empirical and a theoretical analysis on the link between the markup, as a proxy for the
market structure, and the equilibrium interest rate. I uncover some evidence that higher
markups are associated with lower real rates and that more market friendly economies
display higher interest rates. I propose an OLG model with monopolistic competition to
interpret these findings. I focus on the effects on the equilibrium of a change in market
structure, both in an exogenous and endogenous markup framework. I show that an
increase in the markup puts a downward pressure on the equilibrium interest rate and
the economy enters Secular Stagnation. The key transmission channel works through the
market for capital.LUISS PhD Thesi