ETF markets generally provide high levels of liquidity but occasionally break down under turbulent conditions. We show that this seemingly ambivalent behavior can optimally arise in an inventory model of market making that explicitly accounts for the ETF specific dual trading structure. Our...

Banking has grown too much in Europe - in three senses. First, the European banking system has reached a size where its contribution to real economic growth is likely to be nil or negative. Second, the European financial structure is biased towards banks (rather than securities markets), which...

Banking has grown too much in Europe - in three senses. First, the European banking system has reached a size where its contribution to real economic growth is likely to be nil or negative. Second, the European financial structure is biased towards banks (rather than securities markets), which...

Addressing climate change through mitigation and adaptation measures requires changes in policies, technologies and consumption behaviours towards a low-emissions model of growth. These structural changes require appropriate financial solutions, in order to scale up financial flows that support...

1. Enhancing Efficiency in Sustainable Markets; Mario La Torre and Helen Chiappini -- 2. Financing Sustainable Goals: Economic and Legal Implications; Raffaele Felicetti and Alessandro Rizzello -- 3. Rethinking Taxation and Impact Investments; Alessandro Mazzullo -- 4. Profitable Impact Bonds:...