1,720,994 research outputs found
Tra Governatori e Cardinali: ricette antiche per l'industria e nouvelle époque per le banche
No full textL'articolo prende lo spunto dalla Relazione Bankitalia presentata nel maggio 2006 nella quale il governatore parla di crescita "stenta" attribuita a crisi di produttività e questa alla presenza eccessiva di imprese di piccola dimensione. L'autore vuole confutare questa proposizione attirando l'attenzione sul fatto che le piccole imprese resistono mentre le grandi declinano e scompaiono. Inoltre, attira l'attenzione sulla necessità di calcolare la produttività in base al valore generato da ogni occupato invece che con le quantità prodotte, le quali sono spesso misurate con metodi discutibili. Per le banche c'è la novità della concorrenza in sostituzione della precedente politica protezionista. Ma il sistema italiano è più debole nel raffronto con le maggiori banche europee: minori utili, maggiori costi, maggiori perdite sui crediti. L'autore sottolinea anche la debolezza degli investitori istituzionali italiani prodotta dalla grave carenza di capacità gestionali. I rapporti banca-industria vengono stilizzati esaminando i casi della Parmalat e della scalata Fiat alla Montedison. Nella conclusione si auspica una politica economica capace di indirizzare le istituzioni finanziarie verso l'obiettivo del benessere dei cittadiniThis essay takes its cue from the Bank of Italy report presented in May 2006 in which the new governor speaks of "struggling" economic growth attributed to a crisis of productivity; this crisis originates from the excessive presence of small firms. The author wants to refute this proposition attracting attention to the fact that small businesses are resilient while large firms decline and disappear. Furthermore, he draws attention to the need to calculate productivity in terms of value generated by each employee instead of quantities produced, which are often measured with questionable methods. For banks there is a new regime with competition replacing the previous protectionist policy. But the Italian banking system is weaker in comparison with major European banks: lower profits, higher costs, higher credit losses. The author also points out the weakness of the Italian institutional investors produced by the serious lack of management skills. The bank-industry relationships are stylized into the cases of Parmalat and of the hostile takeover of Montedison by Fiat. In conclusion it is hoped an economic policy capable of addressing financial institutions towards the goal of citizens' well-bein
Big Firm, Quarto Capitalismo...e gli amanti di Desdemona
No full textL'Autore prende lo spunto dai dati che mostrano una dinamica positiva del valore aggiunto prodotto dai distretti industriali e dalle medie imprese (Quarto capitalismo) a fronte di un contributo calante delle grandi imprese. Vengono quindi illustrate le fasi del declino delle big firms che viene ricondotto ad errori di gestione, alla bassa propensione al rischio dei gruppi di controllo e alla preferenza data alla finanza rispetto alle operazioni di miglioramento gestionale attraverso innovazioni. Le sole grandi imprese rimaste in evidenza sono quelle controllate dallo Stato. Di qui la proposta di usarle per favorire la diffusione delle nuove tecnologie nelle aree distrettuali che rappresentano i luoghi più adeguati alla crescita delle imprese più utili al paese.The author starts from the statistics showing a positive dynamics of the value added produced by industrial districts and medium-sized enterprises (Fourth Capitalism) in the face of a declining contribution from large companies. The phases of the decline of big firms are then illustrated, which is attributed to management errors, low risk propensity by controlling shareholders and preference given to finance rather than management improvement through innovation. Today's big companies in the Italian economy are mainly those controlled by the state. Hence the proposal to use them to foster the diffusion of new technologies in district areas that represent the most suitable places to boost the growth of the most useful businesses in the country
Leo Valiani and Enrico Cuccia: Iran in the 1950s
No full textThis essay details Leo Valiani's mission to Iran in 1952-53 on behalf of Mediobanca, in order to identify opportunities to promote investments for the development of both the country itself and Italian exports. A new picture of Valiani as banker emerges, effective on the ground, but also a subtle observer of local situations and prospects. The oil dispute between Mossadeq and the British and the coup orchestrated by the latter in collaboration with the Americans in order to bring down Mossadeq's government complicated the picture
Medium-sized manufacturing firms in the years of zero growth
No full textThis paper is based on the survey of Italian mid-sized enterprises conducted regularly by Mediobanca and Unioncamere. Statistics for 1996-2005 years cover phases of both economic expansion and contraction. Analytical studies in recent years have found the competitive strenght of these businesses to lie in product differentiation and in an ability to draw entrepreneurial drive and skilled human resources from their local territory. Productivity trends are somewhat paradoxical, with a dynamic that displays decreasing returns as capital intensity increases. But in interpreting this pattern one must take account of the characteristics of these companies and their repositioning, with a shift towards up-scale, high-value products in markets where the competition from emerging countries is intense. The financial soundness of these mid-sized companies confirms their ability to withstand periods of slow growth and justifies their limited resort to stock exchange listin
Dal modello Nec di Fuà al nuovo ruolo delle medie imprese
No full textThe starting point for this essay is Giorgio Fuà's thesis regarding Italian economic development from the end of the 1960s onwards. Fuà stated that a "latecomer" such as Italy would not automatically follow the same path observed in the history of more advanced countries. Indeed, Italy embarked on a completely different path to growth. Since the 1970s the most important engines of Italian growth have been the industrial districts, consisting of clusters of highly specialized small firms, the growth being concentrated mainly in the North, East, Centre (Nec) regions of Italy. The second stage of growth in Fuà's model sees the emergence of more organized firms. The most recent trends appear to bear out Fuà's arguments. Researches carried out in the 1990s by Mediobanca and Unioncamere shed new light on the medium-sized businesses located in the districts areas as the most successful category of tirms in the Italian manufacturing industr
European and Italian multinationals: vices and virtues since the 1980s
No full textThe paper examines the distribution of European multinational corporations by sector and country and the trends in the period 1989-2004. A fulcrum of the analysis is the comparison drawn between organizational advances and the development of financial capital, studied against the background of the growth in corporate size, the globalization of factories and markets, and the divergence between the rise in productivity and the fall in labour's share of value added. The consequences in terms of innovation are positive, but the new globalized organization has helped to generate an endemic excess of cash-flows and less-than-virtuous conduct. Borrowing in the market by means of bond issues has partly replaced the use of bank credit; this is positive, provided effective oversight and guidance systems are put in place in timely fashion. Large multinationals are oligopolistic and naturally restrictive of competition and thus are socially acceptable only if they generate ongoing technical progress that is transferred to the whole syste
Italian Industry, decline or Transformation? A framework
No full textThe purpose of this article is to establish a micro- and macro-framework to interpret Italian problems correctly, given the inconsistency of statistical data currently used, and to offer some solutions for long-term growth. The latter, in particular, should be seen in the context of a transformation process, induced on the one hand by the crisis in large-scale businesse, and on the other by the emergence of a new class of medium-sized businesses, dubbed "fourth capitalism" with high innovation capabilities. The transformation that the Italian industrial system is experiencing enables the country to maintain its share of global markets. The new production structure originates largely from local production systems, is family-owned and tends to borrow little, operate in networks and retain its local roots, which is precisely why it represents a new and efficient driver of Italian growt
I sistemi di imprese fulcro dell'internazionalizzazione dell'industria italiana
No full textIl saggio affronta il tema dell'internazionalizzazione delle imprese valutando le tendenze del commercio estero italiano e le categorie di imprese che lo realizzano. Si presentano anche approfondimenti a livello di singola impresa. Il fenomeno dell'internazionalizzazione viene trattato confutando assunzioni molto diffuse in letteratura, quali i ruoli della dimenzione dell'azienda, i livelli di produttività e i fabbisogni finanziari, con i relativi aspetti di omogeneità ed eterogeneità delle imprese.Viene confermata l'ipotesi di un sistema che non affronta una fase di ristrutturazione (fattispecie tipica della grande impresa) ma che si evolve continuamente. Le categorie più adatte ed efficaci ai fini dello sviluppo economico nazionale appaiono i sistemi distrettuali e del quarto capitalismo; essi prevalgono nella manifattura e risultano più idonei a realizzare quelle innovazioni continue organizzative e di prodotto che costituiscono il vero driver dell'internazionalizzazioneThe essay deals with the theme of the internationalization of enterprises evaluating the trends of Italian foreign trade and the categories of companies that are doing it. It also presents insights at company level. The phenomenon of internationalization is treated refuting widespread assumptions in the literature, such as the roles of company size, productivity levels and financial requirements, with related aspects of firm homogeneity and heterogeneity. The context is that of a system that does not address a restructuring phase (typical case for large companies) but which is constantly evolving. The most suitable and efficient categories for supporting national economic development appear industrial district and fourth capitalism systems ; They prevail in the Italian manufacture and are more likely to realize those continuous organizational and product innovations that are the real drivers of internationalizatio
I settanta anni di Mediobanca
No full textQuesta intervista espone la storia di Mediobanca, la più importante banca d’affari italiana, vista dal di dentro, sulla base della testimonianza di un economista che, nella sua qualità di capo dell’Ufficio Studi, ha lavorato per circa 30 anni a stretto contatto con il fondatore Enrico Cuccia e i suoi due successori Silvio Salteri e Vincenzo Maranghi. Essa rivela perciò aspetti inediti come l’organizzazione del lavoro, le relazioni istituite da Enrico Cuccia con le maggiori imprese italiane (Montecatini, Edison, Snia, Fiat, Olivetti, Pirelli, IRI, ENI, Generali) e le più importanti banche d’affari internazionali (Lazard, Lehman, BHG). L’analisi storica comprende le vicende più rilevanti dello sviluppo industriale del paese; dalla ricostruzione al miracolo economico dell’ultimo dopoguerra, alle innovazioni dell’industria e alla sua successiva crisi. La storia di Mediobanca si intreccia con fenomeni di grande rilievo quali la nazionalizzazione dell’industria elettrica, la crisi dell’industria chimica, le vicende delle imprese pubbliche, le privatizzazioni degli anni Novanta sino alle interferenze dei politici, a “Tangentopoli” e al caso di Michele Sindona. Il periodo preso in esame è quello che va dalla fondazione nel 1946 all’estromissione nel 2003 di Vincenzo Maranghi, l’ultimo “Cucciano”.This interview shows the history of Mediobanca, the leading Italian investment bank, seen from the inside. It is based on the testimony of one economist who, in his capacity as head of the Research Department, has been working for about 30 years closely with the founder Enrico Cuccia and his two successors Silvio Salteri and Vincenzo Maranghi. It therefore reveals new aspects such as the organization of work, the relations established by Enrico Cuccia with major Italian companies (Montecatini, Edison, SNIA, Fiat, Olivetti, Pirelli, IRI, ENI, Generali) and major international investment banks ( Lazard, Lehman, BHG). The historical analysis covers the most significant events of the country's industrial development; from reconstruction to economic miracle after World War II, to the innovations of the industry and its subsequent crisis. The history of Mediobanca is intertwined with major events such as the nationalization of the electricity industry, the chemical industry crisis, the vicissitudes of public enterprises, the privatization policy of the nineties up to the interference of politicians, “Tangentopoli” and to the case of Michele Sindona. The period in question is the one that goes from the foundation in 1946 to the ousting in 2003 of Vincenzo Maranghi, the last "Cucciano"
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