La finanza sociale e i social impact bond

[Autom. eng. transl.] Finance is at the center of the economic debate in recent years for several reasons. The first, and the most obvious, is linked to its dimension in the modern economy: from the post-war period to the present, it has been the sector with the greatest degree of expansion in the industrialized countries. The question of why this happened and its repercussions in terms of cost-benefits for the company is still open, since the assumption that linked economic growth to financial services is not as solid as it once seemed. Therefore, the question whether there is too much finance is still unresolved even though, in addressing the issue, many studies show a rapid decrease in social benefits once the most advanced degree of financial market development is reached. The second reason for the debate on finance is inherent in its function of intermediation between savings and investment, which places it at the center of the modern economy. The proper functioning of financial markets is the subject of fundamental interest both for the legislator and for scholars. For a long time, it was considered sufficient to assume that the financial markets were equipped with an autonomous ability to regulate themselves efficiently, so as to correctly allocate investments, leaving the aspects of ethics to the margins of the discussion.