Course 2017-2018 a.y.

Classes: 31 (I sem.)

Instructors:
Class 31: VERONICA VECCHI

In recent years, and expecially after the economic financial crisis of 2008, it has emerged the necessity for Governments across the world to support the financing of investments able to boost productivity, improve competitiveness and ensure sustainable growth.
Long – term investors and Public Private Partnerships represent an answer to this need, to finance infrastructure, innovation, education and environmental projects, but also to increase competitiveness and ensure public debt sustainability.
The focus of long term investments (LTIs) is

• Tangible and intangible assets that can expand the productive capacity of the economy, contributing to higher productivity, innovation and competitiveness.
• Sectors that involve positive externalities, addressing the needs of enterprises and communities, such as:
• Infrastructures – including transport, energy and communication networks.
• R&D and innovation – including education and professional trading – able to foster industrial technology transformation, capital-intensive projects and environmental/climate change-related technology.
• Health care and welfare related assets.
• Production sector – supporting enterprises throughout all stages of their development.

New actors are emerging as key players in the economic system to support long – terms investments, in particular they are: Development Banks and Sovereign Wealth Funds.
In this scenario the development of new competencies is mandatory to understand, structure and manage long-term investments and Public Private Partnerships.
The course provides a framework to understand development and funding approaches of long term investments, mainly based on public private partnerships, and the role of institutions such Development Banks and Sovereign Wealth Funds.
The course adopt a hands-on approach: students are engaged in the discussion of short cases/incidents to learn the real dynamics of long term investments. Several guest lectures are involved, such as CEOs and top managers from Development Banks and Public- Private financial institutions or funds. In the previous edition these were the guest: Vice President of European Investment Bank, CEO of Italian National Development Bank (Cassa Depositi & Prestiti), CFO of ENI.
The course is taught with Giovanni Gorno Tempini, former CEO of Cassa Depositi e Prestiti.

The course will cover the following topics

• The impact of the recent economic and financial crisis on the economy and the emergence of new public policies and institutions to support long term investments.
• The role of long term investments (LTI).
• National and supranational Promotional/Development Banks, in Europe, Asia, Americas: role, features, financial instruments.
• Sovereign Wealth Funds (SWFs): role and features.
• Public Private Partnerships (PPPs) for infrastructure and business development: features & models.
• Structuring and appraising PPPs: the public and the private perspective.
• Public Private Venture Capital.
• Impact Investing.

Per each lesson one reading is available in the course online repository, which contains also other non compulsory materials.
Suggested book (non compulsory):

• S.CASELLI, G. CORBETTA, V. VECCHI, Public Private Partnerships. Principle, practices and perspectives, Palgrave, 2015.