Project

MIUR Research

Project:

MIUR Project “An Italian platform for impact finance: financial models for social inclusion and sustainable welfare” SIF 00055_16

The research funded by MIUR sees the participation of 5 Universities specialized in impact finance: University of Rome “La Sapienza”, University of Rome “Tor Vergata”, University of Rome Macerata, “Magna Graecia” University of Catanzaro, Turin Polytechnic.

The research focuses its attention: (i) on the analysis of the Pay by Result financial tools and architectures (PbR), aimed at defining innovative social impact-oriented financial models, (ii) on the application of social impact finance in public finance policies, aimed at promoting innovative welfare social impact-oriented policies.MIUR Project “An Italian platform for impact finance: financial models for social inclusion and sustainable welfare” SIF 00055_16

Hot Research Issues:

the research aims at:

(i) identifying the most suitable tools for the Italian context inspired by the PbR principle;

(ii) identifying the critical variables and possible solutions to build a regulatory and fiscal environment that favors funding for social impact-oriented projects;

(iii) defining financial architectures able to exploit all the players in the supply chain – public and private promoters, investors, financial intermediaries, social enterprises – to manage risks and define a correct pricing of the investment;

(iv) identifying the areas of welfare that best lend themselves to typical PbR funding schemes;

(v) estimating the actual public expenditure gap financed through a PbR approach;

(vi) measuring the social impact achievable with investments financed by PbR schemes;

(vii) measuring the impact in terms of savings on public spending and fiscal compact parameters eventually generated by the adoption of social impact finance;

(viii) building a network of public and private stakeholders useful for fine tuning feasibility studies of social impact investments that are prototypes of the proposed models.the research aims to:

Partners:

The research project makes use of the manifestation of interest of the Italian Banking Association and the National Microcredit Agency. External partners of the research are the Unitelma-Sapienza, through its SFIDE and CePoF, and the Social Impact Agenda for Italy (SIA).

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