REFIST

Rethinking Finance for Stability and Development

Coordinatore	UNIVERSITA DEGLI STUDI DI NAPOLI PARTHENOPE    more  Organization address address: "Via Ammiraglio Acton, 38" city: NAPOLI postcode: 80133 contact info Titolo: Prof. Nome: Salvatore Cognome: Capasso Email: send email Telefono: 390815000000 Fax: 390815000000
Nazionalità Coordinatore	Italy [IT]
Totale costo	205˙800 €
EC contributo	205˙800 €
Programma	FP7-PEOPLE Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013)
Code Call	FP7-PEOPLE-2012-IRSES
Funding Scheme	MC-IRSES
Anno di inizio	2013
Periodo (anno-mese-giorno)	2013-01-01   -   2016-12-31

 Partecipanti

#	participant	country	role	EC contrib. [€]
1	UNIVERSITA DEGLI STUDI DI NAPOLI PARTHENOPE  Organization address address: "Via Ammiraglio Acton, 38" city: NAPOLI postcode: 80133 contact info Titolo: Prof. Nome: Salvatore Cognome: Capasso Email: send email Telefono: 390815000000 Fax: 390815000000	IT (NAPOLI)	coordinator	79˙800.00
2	UNIVERSITA DEGLI STUDI DI NAPOLI FEDERICO II.  Organization address address: Corso Umberto I 40 city: NAPOLI postcode: 80138 contact info Titolo: Prof. Nome: Carlo Cognome: Panico Email: send email Telefono: 390818000000	IT (NAPOLI)	participant	50˙400.00
3	THE UNIVERSITY OF MANCHESTER  Organization address address: OXFORD ROAD city: MANCHESTER postcode: M13 9PL contact info Titolo: Ms. Nome: Liz Cognome: Fay Email: send email Telefono: 441613000000	UK (MANCHESTER)	participant	42˙000.00
4	UNIVERSIDADE DE SANTIAGO DE COMPOSTELA  Organization address address: "PAZO DE SAN XEROME, PRAZA DO OBRADOIRO S/N" city: SANTIAGO DE COMPOSTELA postcode: 15782 contact info Titolo: Mr. Nome: Martin Cognome: Cacheiro Martinez Email: send email Telefono: +34 881 816233 Fax: +34 881 816263	ES (SANTIAGO DE COMPOSTELA)	participant	33˙600.00

Mappa

 Word cloud

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 Obiettivo del progetto (Objective)

'In the last 30 years the financial systems have grown enormously: new financial instruments have been introduced, intermediaries have expanded their activity well beyond their possibility, exposure to risk has increased almost in every country. The effect of this anomalous expansion of the financial system has been an increase in the perceived systemic risk and more instability. Because of this, finance seems to have become suddenly dangerous and detrimental for growth. And despite the large body of past evidences, many have started to argue that financial development is no longer a positive factor for capital accumulation. Though it is hard to conceive a radical change in the established theory which has highlighted the benefits for the economy accruing from a developed financial system, these events have put forward the need to redefine the role of finance and financial innovation in allocating real resources. By pivoting on four main issues, the objective of the research is indeed to provide an answer to crucial questions that have emerged from recent event:

1. Inequality: The increase in inequality in many countries is thought to have been caused by an abnormal increase in the financial sector. Does finance exacerbate income inequality? To what extent? Or rather easy access to credit reduces poverty, as it has been argued by orthodox theory? 2. Inefficiency: By favoring some industries and sectors more than others, does an excess of growth in the financial system cause misallocation of resources? Does financial growth cause an excess in public spending? 3. Instability: Does the abnormal growth of the financial sector cause instability? Is this instability amplified in a monetary union? Can more stringent regulation and stronger coordination reduce the impact of financial cycle on the economy? 4. Growth and Development: Is finance and financial development really good for growth? To what extent financial development can spur growth and capital accumulation?'