This paper analyzes the impact of Covid-19 crisis on the medical device industry, a sector of particular relevance for the economy of Emilia-Romagna. This is an anti-cyclical sector which accounts for 6% of world trade in goods and in a... more
This paper analyzes the impact of Covid-19 crisis on the medical device industry, a sector of particular relevance for the economy of Emilia-Romagna. This is an anti-cyclical sector which accounts for 6% of world trade in goods and in a post-coronavirus scenario can represent an important driver for economic growth. MNEs play a paramount role in this sector, especially German, American Swiss companies with a global manufacturing system and worldwide distribution channels. Such a significant presence of MNEs can be detected also in the region, where one of major biomedical districts in the EU is located. This paper argues that the vulnerability of GVCs that has been made apparent by the Covid epidemics creates the opportunity for a renewed industrial policy by the Region Emilia-Romagna that facilitates local SMEs to join most advanced GVCs in which SMEs \u2013 especially supplier ones \u2013 are involved in strategic stages of the value chains such as R&D and design. A possible tool is conditioning regional funding to R&D projects of MNEs to their partnering with a minimum number of local SMEs. Keywords: Covid-19; medical device industry; GVC; Regional industrial polic
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Questo saggio ricostruisce la storia del Banco San Geminiano di Modena dalla sua fondazione nel 1897 alla fusione con il Banco San Prospero di Reggio Emilia nel 1932
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Questo capitolo mostra che il distretto biomedicale di Mirandola \ue8 sorto e si \ue8 sviluppato grazie ad una combinazione originale di due settori manifatturieri che gi\ue0 erano presenti nella zona o in territori adiacenti: la... more
Questo capitolo mostra che il distretto biomedicale di Mirandola \ue8 sorto e si \ue8 sviluppato grazie ad una combinazione originale di due settori manifatturieri che gi\ue0 erano presenti nella zona o in territori adiacenti: la meccanica e la lavorazione delle materie plastiche. Il distretto nacque negli anni Sessanta su iniziativa di un farmacista della zona, Mario Veronesi, che diede vita ad una serie di aziende, cedute dopo pochi anni a multinazionali, e a processi di spin-off, che alimentarono la proliferazione di piccole imprese biomedicali nella zona, sia finali che di subfornitura. A tale processo si accompagn\uf2, a partire dalla met\ue0 degli anni Settanta, lo sviluppo di un know how locale distintivo, che consent\uec di abbandonare la produzione per imitazione di prodotti statunitensi. I caratteri peculiari del distretto biomedicale mirandolese \u2013 che lo distinguono da molti altri distretti industriali italiani sono la specializzazione high tech e la presenza precoce, sin dalle origini, di grandi multinazionali che hanno rilevato le imprese locali pi\uf9 promettenti. Le multinazionali hanno rappresentato un ponte tra il distretto e i mercati globali, in quanto, grazie alla loro organizzazione commerciale, i prodotti fabbricati a Mirandola hanno potuto essere venduti in tutto del mondo. Esse, inoltre, hanno consentito alle imprese mirandolesi di disporre di risorse adeguate per la ricerca e sviluppo di nuovi prodotti e di realizzare collaborazioni con istituzioni di ricerca ed ospedali esterni all\u2019ambito local
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Questo lavoro analizza i caratteri dell'agricoltura del comune di Formigine nei decenni intorno all'Unit\ue0 nazionale in una prospettiva comparata con la provincia di Modena e l'Italia nel suo complesso
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Francesca Carnevali’s work stressed the key role of politics and institutions in determining a country’s banking structure, which in turn shapes its industrial structure. Segmented banking systems in France, Germany and Italy allowed... more
Francesca Carnevali’s work stressed the key role of politics and institutions in determining a country’s banking structure, which in turn shapes its industrial structure. Segmented banking systems in France, Germany and Italy allowed different types of banks to specialize in different market segments, ensuring the fulfilment of smaller firms’ financial requirements. In Britain, local banks did not survive the wave of amalgamation of the 1960s. This void left smalland medium-sized enterprises (SMEs) and banks facing high transaction costs on the credit market due to little – or even an absence of – knowledge of the local business environment. Focusing on the Italian case this paper discusses how major parties in the political spectrum, as well as economic institutions such as the Bank of Italy, agreed to foster SMEs after the Second World War. This led to the establishment of a segmented banking system, in which local banks were preserved to serve the financial needs of SMEs clustere...
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L'Italia \ue8, tra i paesi industrializzati, quello con la proporzione pi\uf9 elevata di addetti occupati in imprese piccole e piccolissime. Questo saggio sostiene che un ruolo importante nel determinare la formazione di una struttura... more
L'Italia \ue8, tra i paesi industrializzati, quello con la proporzione pi\uf9 elevata di addetti occupati in imprese piccole e piccolissime. Questo saggio sostiene che un ruolo importante nel determinare la formazione di una struttura produzttiva siffatta \ue8 stato svolto dalle politiche pubbliche. In particolare, nel secondo dopoguerra lo stato ha creato un regime speciale per l'artigianato che ha subordinato l'accesso ad una vasto spettro di provvidenze pubbliche al non superamento di limiti dimensionali ben precisi fissati dalla legge. In questo modo, le politiche per l'artigianato, anzich\ue9 stimolare la crescita dimensionale delle imprese sovvenute, hanno finito per fungere da incentivo al mantenimento di una dimensione limitata
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Questo saggio presenta un'analisi prosopografica dei big linkers, definiti come i 20 individui che cumulavano il pi\uf9 elevato numero di presenze nelle societ\ue0 italiane per azioni negli anni benchmark 1913, 1927, 1936, 1952, 1960... more
Questo saggio presenta un'analisi prosopografica dei big linkers, definiti come i 20 individui che cumulavano il pi\uf9 elevato numero di presenze nelle societ\ue0 italiane per azioni negli anni benchmark 1913, 1927, 1936, 1952, 1960 e 1972
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Recent economic literature highlights that migrant networks help to overcome the informal barriers that exist in the international markets and boost international investment. Empirical studies on different countries confirm this... more
Recent economic literature highlights that migrant networks help to overcome the informal barriers that exist in the international markets and boost international investment. Empirical studies on different countries confirm this prediction. This paper estimates (OLS-IV) an econometric model to study the impact of both emigration and immigration on Italy's bilateral foreign direct investment (FDI). The main results are that Italian emigrants abroad have a significant positive effect on Italy's both inward and outward FDI, while immigrants are not a significant determinant. A theoretical framework, a profile of the diaspora and of immigration in Italy and some exemplary entrepreneurial histories help to interpret the econometric evidence.
This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on economic development in Italy between 1861 and WWI. Existing literature has analysed the role... more
This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on economic development in Italy between 1861 and WWI. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that both international capital and domestic saving had a significant impact on investment, while remittances did not. Foreign capital was invested directly, but also via domestic banks, in particular the “German-style” universal banks. Finally, foreign and domestic capital had different attitudes towards the types of investment (construction vs. plant, machinery and transport equipment) and industries they financed. Combined tog...
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Questo saggio ricostruisce l'evoluzione della distribuzione del possesso fondiario nella pianura modenese dall'impianto del Catasto Ricci nel 1791 alla caduta del Ducato di Modena nel 1859
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This paper analyses the impact of different sources of financing (foreign capital, migrants remittances, and domestic banks intermediation) on Italy's economic development between 1861 and the World War I. Existing literature has... more
This paper analyses the impact of different sources of financing (foreign capital, migrants remittances, and domestic banks intermediation) on Italy's economic development between 1861 and the World War I. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that investment in Italy was fueled by a plurality of sources of funding. A crucial role was played by national saving mobilized by domestic banks and also remittances had a significant impact. Our evidence is instead weaker for foreign capital.
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Questo capitolo sostiene che la peculiare struttura industriale dell'Italia, caratterizzata da una dominanza della piccola e media impresa e dal ruolo marginale della grande impresa, sia dovuta solo in parte ai fallimenti... more
Questo capitolo sostiene che la peculiare struttura industriale dell'Italia, caratterizzata da una dominanza della piccola e media impresa e dal ruolo marginale della grande impresa, sia dovuta solo in parte ai fallimenti imprenditoriali della grande impresa e al dinamismo dei piccoli imprenditori, ma sia soprattutto la conseguenza dell'azione delle istituzioni. Questa \ue8 risultata poco efficace in tutte le aree in cui la crescita delle grande impresa poteva essere sostenuta: affermazione di una leadership tecnologica, internazionalizzazione, formazione del capitale umano, finanza per lo sviluppo. Di converso, le istituzioni hanno attuato un'azione efficace a favore dell'espansione dell'area dell'impresa minore. Questa azione delle istituzioni \ue8 stata, a sua volta, la conseguenza di un difetto di egemonia della grande impresa nella societ\ue0 italiana e dell'assenza di una ideologia dell'industrializzazione incentrata sul ruolo centrale e progressivo della grande impresa
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Using new historical data, this paper evaluates Wagner’s Law in Italy over the time period from 1862 to 2009. To this aim, cointegration and Granger causation are used to investigate the long run relationship between government... more
Using new historical data, this paper evaluates Wagner’s Law in Italy over the time period from 1862 to 2009. To this aim, cointegration and Granger causation are used to investigate the long run relationship between government expenditure and GDP. Moreover, DOLS method is applied to estimate consistent long run elasticity between these two variables. Our main findings are that Wagner’s Law does not hold in the long run for total government expenditure. However, we find strong support for Wagner’s Law in the shorter time span from 1862 to the end of the 19th century. Such a result seems the consequence of state - building after Italy’s political unification. The new - born Italian state made a huge effort to create nation - wide infrastructures (i.e., railways, telegraph, mail, and so on) as well as an administrative structure well - ramified throughout the country. Conversely, evidence in support of Wagner’s Law is weaker in the period following WW2. Now Wagner’s Law is not verifie...
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L\u2019Emilia-Romagna \ue8 un caso paradigmatico di sviluppo industriale basato sulle piccole e medie imprese, che a partire dagli anni \u201880 ha attirato ha attirato l\u2019attenzione di numerosi studiosi italiani e stranieri. Questo... more
L\u2019Emilia-Romagna \ue8 un caso paradigmatico di sviluppo industriale basato sulle piccole e medie imprese, che a partire dagli anni \u201880 ha attirato ha attirato l\u2019attenzione di numerosi studiosi italiani e stranieri. Questo paper analizza il ruolo del sistema delle piccole e medie imprese nell\u2019economia della regione. Dopo avere tracciato un breve profilo della dinamica e delle caratteristiche strutturali dell\u2019industrializzazione della regione, il paper ripercorre le varie tappe del dibattito sul ruolo dell\u2019impresa minore nell\u2019economia emiliano-romagnola: dalle posizioni della teoria economica dell\u2019immediato dopoguerra che la vedevano come irrimediabilmente arretrata ed inefficiente, all\u2019originale proposta di Togliatti di un\u2019alleanza strategica tra la classe operaia e i ceti medi produttivi, al dibattito sul decentramento produttivo, alla scoperta dei distretti industriali sino all\u2019emergere negli anni recenti delle imprese leader distrettuali e delle medie imprese del \uabquarto capitalismo\ubb
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... Ibidem: 283). Lo sviluppo più consistente fu, però, quello della Ducati. Fondata dai fratelli Ducati nel 1926, negli anni trenta la Ducati divenne la maggiore impresa bolognese. Con ... 550 operai. La crisi della Ducati fu più... more
... Ibidem: 283). Lo sviluppo più consistente fu, però, quello della Ducati. Fondata dai fratelli Ducati nel 1926, negli anni trenta la Ducati divenne la maggiore impresa bolognese. Con ... 550 operai. La crisi della Ducati fu più complessa. L ...
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Questo saggio analizza le politiche condotte dagli enti locali dell'Emilia-Romagna a sostegno dello sviluppo delle piccole e medie imprese e dei distretti industriali
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Questo testo presenta il progetto per una mostra per l'80\ub0 anniversario della fondazione della scuola tecnica "Fermo Corni" di Moden
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This is a review of Luciano Segreto's well-mastered book on the history of the influential Italian business dynasty, the Feltrinelli
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This chapter analyses the Italian corporate network along the twentieth century focusing on seven benchmark years (1913, 1927, 1936, 1960, 1972, 1983, and 2001). For each year, the top 250 companies (50 financial and 200 non-financial) by... more
This chapter analyses the Italian corporate network along the twentieth century focusing on seven benchmark years (1913, 1927, 1936, 1960, 1972, 1983, and 2001). For each year, the top 250 companies (50 financial and 200 non-financial) by total assets have been selected. After showing some descriptive statistics, the chapter develops a network connectivity analysis of the system. This is integrated by a prosopographic study of the big linkers, defined as those directors who had the highest number of board positions in each year. The big linkers who held directorships in both banks and industrial firms functioned as the nation’s financial elite. These relationships were assured for a long time principally by industrialists and financiers. Bankers surged to a prominent position only at the end of the century, after the massive privatizations of the 1990s.
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This paper analyses the evolution of the corporate networks in two Latin economies \u2013 Argentina and Italy \u2013 from 1913 to 1990 by using the interlocking directorates\u2019 technique. The paper focuses on six benchmark years: 1914... more
This paper analyses the evolution of the corporate networks in two Latin economies \u2013 Argentina and Italy \u2013 from 1913 to 1990 by using the interlocking directorates\u2019 technique. The paper focuses on six benchmark years: 1914 (1913 for Italy); 1923 (1927), 1936 (1937), 1954 (1952), 1970 (1972), and 1990 (1983). For each benchmark year, the largest 25 banks and 100 industrial companies have been selected for each country. For each benchmark year, after showing a descriptive statistics of the companies and the directors included in the sample, the paper develops a network connectivity analysis of the system in the two countries. This is integrated by historical and structural analysis. For the first time in corporate networks\u2019 historical analyses, this paper includes syndics \u2013 special auditors for firms \u2013 as well as directors in the sample. This paper shows that, despite both Argentina and Italy belong to the same legal family, their corporate networks show a different structure and evolution over time. Also the actors that shaped the overall structure of the two corporate networks are different: in Argentina a major role was played foreign multinationals, while in Italy the crucial actors were banks and state-owned enterprises
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Although regional resilience has been widely discussed in recent years, scholars recognise that there is little understanding of the determinants of the long-term adaptive capacity of regions. Poli...
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This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on Italy’s economic development between 1861 and the World War I. Existing literature has... more
This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on Italy’s economic development between 1861 and the World War I. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that investment in Italy was fuelled by a plurality of sources of funding. A crucial role was played by national saving mobilized by domestic banks and also remittances had a significant impact. Our evidence is instead weaker for foreign capital.