FINANCIAL STABILITY IN THE AGE OF THE POLYCRISIS - MONEY, CLIMATE, GEOPOLITICS, TRUST

We are living through what scholars have termed a "polycrisis" - a period where multiple, interconnected crises unfold simultaneously, amplifying each other's effects and creating systemic risks that exceed the sum of their parts. The financial system finds itself at the epicenter of this polycrisis, where monetary instability, climate urgency, geopolitical fragmentation, and erosion of institutional trust converge to create unprecedented challenges for corporate finance theory and practice.

This workshop aims to explore the interconnections between these four pillars and their impact on corporate finance theory and practice. Specifically, the following areas will be analyzed:

• Money: The evolution of digital payment systems, the role of central bank digital currencies (CBDCs), and the impact of cryptocurrencies on corporate liquidity management and foreign exchange risk
• Climate: Integration of climate risks in firm valuation, ESG instrument pricing, and the evolution of green capital markets
• Geopolitics: Fragmentation of global value chains, the finance of economic sanctions, and country risk management in a multipolar world
• Trust: The role of trust in financial markets, the impact of digitalization on corporate governance, and new forms of financial intermediation

Welcome address - Dean of the School of Banking, Finance and Insurance

Giovanni Petrella, Università Cattolica del Sacro Cuore

Introduction

Carlo Bellavite Pellegrini, Università Cattolica del Sacro Cuore

I session - Keynote Speaker: “Financial Networks and Systemic Risk”

Celso Brunetti, Federal Reserve

Coffee Break

II session - Commodity Markets

Isabel Catalina Figuerola-Ferretti Garrigues, ICADE

“Energy Market Bubble under the Green Transition”

III session - Banking

Ludovico Rossi, Cunef Universidad

“Supranational Supervision and Bank Governance”

Light Lunch

IV session - Keynote Speaker: “Nature and Sustainable Finance”

Lucia Alessi, JRC European Commission

V session - Green Finance

Elisabetta Pellini, Bayes Business School

“Common Green Bubble Detection in Real Time”

VI session - Banking

Peter Cincinelli, Università di Bergamo

“Bubbles and Systemic Risk: the Role of Corporate Variables in European and US Banks”

Coffee Break

VII session - Keynote Speaker: “Real-Time Price Discovery in Cryptocurrencies”

Clara Vega, Federal Reserve

Conclusion