Ivan Faiella

Ivan Faiella
Banca d'Italia · Climate change and sustainability hub

Master of Business Administration
Climate change and sustainability hub

About

74
Publications
38,804
Reads
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863
Citations
Introduction
Working on energy and environmental economics; interested in wealth and income distribution, survey statistics and microeconometrics.
Additional affiliations
February 2022 - present
Banca d'Italia
Position
  • Coordinator
September 2019 - January 2022
Banca d'Italia
Position
  • Senior Researcher
January 2009 - September 2019
Banca d'Italia
Position
  • Senior economist
Education
June 2005 - July 2005
Survey research centre university michigan
Field of study
  • Advanced training in Survey Sampling, Methods of Survey Sampling
March 1996 - March 1996
Oxford Institute for Energy Studies
Field of study
  • Advanced training, International oil trading
September 1995 - July 1996
Eni corporate university
Field of study
  • Master's degree, Energy, Environment, and Natural Resources Economics

Publications

Publications (74)
Article
Full-text available
Despite the existence of two targeted national programmes ("Bonus gas" and "Bonus energia") in Italy there is no official definition of energy poverty (EP). The purpose of this study is to provide the reader with a set of indicators to fill this gap. We present a range of poverty measures which estimate that between 5 and 20 per cent of households...
Conference Paper
Full-text available
La vulnerabilità al rischio idrogeologico del territorio del nostro paese è testimoniata dalla frequenza annua degli eventi alluvionali e franosi (65 nella media del periodo 1950-2011) con un danno diretto stimabile in 2,7 miliardi di euro all’anno. Il consumo di suolo negli ultimi vent’anni ha reso ancora più vulnerabile il nostro territorio già s...
Article
Full-text available
The excessive electricity bill borne by Italian firms hampers their competitiveness. Higher electricity prices are the result of a largely gas-fired thermal power generation (efficient and environment-friendly but more expensive than coal) and of the increasing financing costs of renewable energies (RES). Between 2008 and 2013, the average price pa...
Article
Full-text available
This paper presents a method of estimating the energy expenditure of Italian manufacturing firms with 20 or more employees for the period 2003-11. Use is made of multiple sources in order to impute firm-level energy consumption in the dataset of the Bank of Italy's Survey of Industrial and Service Firms; the expenditure is then obtained using the m...
Article
Full-text available
Technological developments have made it possible to exploit hitherto unexplored hydrocarbon resources. To date the only energy market which has experienced rapid changes as a result is that in the United States, thanks not only to its abundant reserves but also to its exemption from the environmental laws that instead apply to the conventional extr...
Article
Full-text available
The European Union (EU) is planning to become carbon neutral by mid-century. This bold objective might have far-reaching consequences for the region capacity to remain cost-competitive, at least in the short term. Until now the decarbonization policies (e.g. ETS and renewable support) meant higher energy prices paid by households and firms: boldest...
Article
This study presents a novel methodological framework for assessing the exposure of the Italian financial system to climate policy risks, using a micro-founded approach. By combining survey and administrative data with energy accounts and energy prices, we estimate the energy demand elasticity of Italian households and firms at the micro-level and w...
Technical Report
Full-text available
This paper presents a number of methodologies for assessing the climate risk exposure of several financial asset classes. Regarding government bonds, the paper proposes using public information; in order to develop forward-looking measures of countries’ risk exposure, the paper uses historical trends combined with governments’ climate commitments a...
Article
Full-text available
This paper proposes a novel methodology to estimate the demand and elasticity of electricity, heating, and private transport fuels by aligning the microdata of the Italian Household Budget Survey with several external sources. These estimates are used to evaluate the effects of a set of one-off carbon taxes on energy demand and expenditure. Accordi...
Article
Full-text available
In the last few years, the climate changes under way and the transition towards a sustainable economic development model have become of great importance for the financial system, involving central banks as well. The latter, whose interest is demonstrated by the work of the Network for Greening the Financial System (NFGS), are taking on the challeng...
Article
Full-text available
Il lavoro traccia un quadro delle maggiori implicazioni economiche dei cambiamenti climatici dal punto di vista di una Banca centrale. Si descrivono i principali rischi per l'economia e il sistema finanziario italiano, considerando sia quelli relativi agli eventi naturali ad esso connessi, sia quelli generati dal processo di decarbonizzazione. Inol...
Article
Energy poverty is a complex and multidimensional problem, lying at the intersection between household income, energy costs and the energy efficiency of the housing stock. Despite a growing interest and several new initiatives to contrast energy poverty, there are still relevant problems regarding its definition and measurement. In this work, we rev...
Article
There is a growing emphasis on the possibility that climate-related financial risks – such as an abrupt transition to a low-carbon economy – might increase the financial vulnerability of borrowers with consequences for lenders and, eventually, on the financial system as a whole. This article presents a first insight on the carbon content of busines...
Article
Full-text available
This work proposes a novel approach for overcoming the current inconsistencies in ESG scores by using Machine Learning (ML) techniques to identify those indicators that better contribute to the construction of efficient portfolios. ML can achieve this result without needing a model-based methodology, typical of the modern portfolio theory approache...
Article
Full-text available
There is a growing emphasis on the possibility that climate-related financial risks-such as an abrupt transition to a low-carbon economy-might increase the financial vulnerability of borrowers with consequences for lenders and, eventually, on the financial system as a whole. This article presents a first insight on the carbon content of business lo...
Article
Full-text available
The worldwide upswing in energy prices recorded in the last decade has placed decarbonization strategies, and their potentially negative consequences for firms' costs and competitiveness, at the centre of the European policy debate. We evaluate the relevance of energy policies for competitiveness by augmenting the standard analysis, largely based o...
Article
Full-text available
The increasing attention paid to the possible consequences of climate change for the financial sector has strengthened international cooperation on green finance, with initiatives from both the industry and the institutions. International surveys show that so far there has been no adequate growth in awareness of the risks linked to climate change a...
Article
Full-text available
This work proposes a novel approach for overcoming the current inconsistencies in ESG scores by using Machine Learning (ML) techniques to identify those indicators that better contribute to the construction of efficient portfolios. ML can achieve this result without needing a model-based methodology, typical of the modern portfolio theory approache...
Presentation
Full-text available
This work proposes a novel approach to overcome the current inconsisten- cies in the ESG scores by using Machine Learning (ML) techniques to identify those indicators that better contribute to the construction of effcient portfo- lios. ML can achieve this result without the need of a model-based method- ology, typical of the modern portfolio theory...
Article
Full-text available
Central banks have placed a growing emphasis on the fact that climate risks can affect the stability of the financial system, the resilience of individual intermediaries and interfere with the transmission channels of monetary policy and price stability. This article presents a brief review of the main mechanisms by which climate risk can be transm...
Technical Report
Full-text available
Per studiare, misurare e definire la povertà energetica e disegnare politiche per combatterla la Commissione europea ha finanziato la creazione dell’EU Energy Poverty Observatory (EPOV). Analogamente, l‘8 febbraio 2019 è stato costituito, presso il Centro Levi-Cases dell’Università di Padova, l’Osservatorio Italiano sulla Povertà Energetica (OIPE)....
Technical Report
Full-text available
La crescente attenzione per le possibili conseguenze dei cambiamenti climatici sul settore finanziario ha rafforzato la cooperazione internazionale in tema di finanza verde, con iniziative provenienti dal mondo dell'industria e delle istituzioni. Tra le principali azioni in questa direzione vale la pena ricordare: l'istituzione nell'anno 2015 della...
Article
The decarbonization process has made obsolete the traditional value-creation model of companies operating in the electricity sector, particularly affecting those with a greater share of fossil fuels in their energy mix that have been forced to write down their carbon-intensive activities with a negative impact on operating income, equity and levera...
Preprint
Energy poverty is a complex and multidimensional problem, lying at the intersection between household income, energy costs and the energy efficiency of the housing stock. Despite a growing interest and a number of new initiatives to contrast energy poverty, there are still relevant problems regarding its definition and measurement. In this work we...
Preprint
Full-text available
The decarbonization process has made the traditional value-creation model of companies operating in the electricity sector obsolete, particularly affecting those with a greater share of fossil fuels in their energy mix that have been forced to write down their carbon-intensive activities with a negative impact on operating income, equity and levera...
Presentation
Full-text available
L’Italia ha vissuto una rapida e profonda trasformazione del suo sistema energetico: in soli 7 anni le fonti di energia rinnovabile (FER) sono passate dal 9 al 20 per cento dei consumi di energia. Ciò ha portato una maggiore sicurezza energetica, minori emissioni a livello globale e locale e una spinta alla riduzione del prezzo sul mercato all’ingr...
Preprint
Full-text available
Energy poverty is a complex and multidimensional problem, lying at the intersection between household income, energy costs and the energy efficiency of the housing stock. Despite a growing interest and a number of new initiatives to contrast energy poverty, there are still relevant problems regarding its definition and measurement. In this work we...
Article
Full-text available
The decarbonization process has made the traditional value-creation model of companies operating in the electricity sector (energy utilities - UEN) obsolete, particularly affecting those with a greater share of fossil fuels in their energy mix that have been forced to write down their carbon-intensive activities with a negative impact on operating...
Article
Full-text available
We calculate the demand for heating at the household level by integrating the technological data on the heating needs of different types of buildings with the information available in Istat's Household Budget Survey. This new dataset is used to estimate a measure of energy poverty (EP) that is not conditioned by household preferences. The new measu...
Article
Technological progress has enabled the extraction of hydrocarbons trapped amid shales, resources unexplored until a few years ago. High energy prices, abundant reserves, a firm-friendly business environment and a de facto moratorium of environmental rules boosted the adoption of hydraulic fracturing in the US, causing a sea-change in the energy lan...
Article
Full-text available
The recent drop in oil prices will lower Italy’s energy bill. Due to the progressive marginalization of oil, both as an energy source and as a benchmark for energy prices, households and firms will reap the benefits of this reduction largely through the lower cost of petroleum products; for electricity and gas, the effects will be negligible. Using...
Article
Despite the existence of two targeted national programmes («bonus gas» and «bonus energia») in Italy there is no official definition of energy poverty (EP). The purpose of this study is to provide the reader with a set of indicators to fill this gap. We present a range of poverty measures which estimate that between 5 and 20 per cent of households...
Article
Italian Abstract: La recente caduta dei corsi petroliferi ridurra i costi energetici del nostro paese. Per la progressiva marginalizzazione del petrolio, sia come fonte energetica sia come benchmark di prezzo, famiglie e imprese si avvantaggeranno di questa riduzione sostanzialmente attraverso il minor costo dei derivati del petrolio; per l’energia...
Conference Paper
Full-text available
Energy demand is intertwined with economic growth. In the last 15 years world energy demand and real GDP increased at the same pace and future energy needs will further increase: by 2040 the amount of energy demanded can exceed 20 billion tons of oil equivalent (toe) more than twice the 1990 value. Nonetheless energy distribution is still heavy pol...
Article
Full-text available
Sommario In Italia non esiste una definizione condivisa di povertà energetica (PE) a fronte di specifici strumenti di contrasto al fenomeno (il bonus elettrico e il bonus gas). In questo lavoro, proponiamo una serie di misure per colmare questo gap informativo. Secondo gli indicatori considerati la percentuale di famiglie in PE nel 2012 variava tra...
Article
Italian Abstract: Questo lavoro presenta una metodologia per ricostruire la spesa energetica delle imprese manifatturiere italiane con almeno 20 addetti per il periodo 2003-2011. Si utilizzano una pluralita di fonti per imputare i consumi fisici di energia a livello di impresa nell’archivio Invind; la spesa e ottenuta valorizzando questi consumi co...
Article
Italian Abstract: In Italia non esiste una definizione condivisa di povertà energetica (PE) a fronte di specifici strumenti di contrasto al fenomeno (il bonus elettrico e il bonus gas). In questo lavoro, proponiamo una serie di misure per colmare questo gap informativo. Secondo gli indicatori considerati la percentuale di famiglie in PE nel 2012 va...
Article
Full-text available
The Europe 2020 strategy commits Italy to reduce emissions by about 16 per cent by 2020, compared with 2005. In the case of transport, the sector that has contributed most to the growth of total emissions between 1990 and 2008, the 2020 target could be achieved by introducing a Carbon Tax (CT). A CT would significantly reduce households' demand for...
Article
Italy is the third country in Europe for greenhouse gas emissions and the eleventh in the world. The Europe 2020 strategy commits us to reduce emissions by about 16 per cent by 2020, compared with 2005. In the case of transport, the sector that has contributed most to the growth of total emissions between 1990 and 2008, the 2020 target could be ach...
Article
Full-text available
Increasing renewable energy in the electricity sector (RES-E) helps to reduce energy dependence, benefiting security and reducing costs and environmental impacts. But the way RES-E are supported, increasing consumers’ energy bills, undermines firms’ competitiveness, especially in energy-intensive industries, and affects relatively more less-affluen...
Chapter
Full-text available
La questione dei rifiuti non riguarda più l’attività restante dopo la produzione e il consumo. Siamo ormai nell’epoca in cui il maggior tema di riconversione e di sviluppo per l’economia contemporanea è la prevenzione e la riduzione fin dall’inizio dei costi e degli impatti ambientali dei processi produttivi e civili. Perciò governare il ciclo dei...
Article
Italian Abstract: La strategia di Europa 2020 impegna l’Italia a ridurre le emissioni di circa il 16 per cento nel 2020 rispetto al 2005. Nel caso dei trasporti, il comparto che maggiormente ha contribuito alla crescita delle emissioni totali tra il 1990 e il 2008, un’opzione per raggiungere questi obiettivi è rappresentata dall’introduzione di una...
Article
Full-text available
Il lavoro documenta la recente evoluzione del sistema industriale italiano e discute i principali fattori che influiscono sulla sua competitività. Dall’analisi emerge un quadro di diffusa debolezza. In tutti i comparti industriali i livelli produttivi sono inferiori a quelli precedenti la crisi; con l’eccezione dei comparti alimentare e farmaceutic...
Chapter
Comprehensive analysis of the impact of the Great Recession on household incomes and how the major economic downturn has affected how well-off people are The first cross-national comparative perspective, it shows the diverse country experiences of the Great Recession and how its impacts have played out Extensive chapter cross-referencing, relativel...
Article
Full-text available
The Italian households' financial assets are evaluated mainly through the Financial Accounts (quarterly revised and updated) and by the Survey on Household Income and Wealth (SHIW), carried out every two years. The Bank of Italy is responsible for both sources. The sample estimates are uniformly below those of the Financial Accounts, even after har...
Article
Full-text available
This paper supplies elements for assessing the costs and benefits of electronuclear energy in order to pursue three objectives: security of supply, cost reduction, and environmental sustainability. The study reached the following conclusions: 1) the use of nuclear energy increases the diversification of the energy mix and of energy suppliers, raisi...
Chapter
Full-text available
Il Rapporto 2011-2012 di italiadecide offre una inedita interpretazione della politica energetica italiana. Si fa un bilancio dei cambiamenti verificatisi negli ultimi due decenni e si valutano gli effetti prodotti dalle tre grandi modernizzazioni: privatizzazioni e liberalizzazioni, intreccio con la questione ambientale, sviluppo dei poteri territ...
Article
Full-text available
This paper studies the impact of demographic shifts, energy prices and climate factors on Italian households’ energy budget. The pattern of energy expenditures of Italian households is studied using the Italian Household Budget Survey. The expendi-tures for heating, private transport and electricity are jointly modelled and the relevant parameters...
Article
Full-text available
This paper studies the impact of demographic shifts, energy prices and climate factors on Italian households’ energy budget. The pattern of energy expenditure of Italian households is studied using the Italian Household Budget Survey. The expenditure for heating, private transport and electricity are jointly modeled and the relevant parameters are...
Article
Full-text available
This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the link between energy price fluctuations, inflationary pres...
Article
Full-text available
While there is a wide consensus in using survey weights when estimating population parameters, it is not clear what to do when using survey data for analytic purposes (i.e. with the objective of making inference about model parameters). In the model-based framework (MB), under the hypothesis that the underlying model is correctly specified, using s...
Article
Full-text available
Official estimates of households' real assets are not available in Italy. Earlier research that reconstructed this component of wealth overlooked the components related to the activities of producer households. This paper presents a method for obtaining a valuation of the components of the real assets related to households business activities. Usin...
Article
Full-text available
In Italy there is no official source of information on house prices. Data on this issue are collected by several sources, each of them with its own advantages and disadvantages. Data for a representative but small sample of households are collected by the Bank of Italy's Survey of Household Income and Wealth (SHIW). In this paper we present a metho...
Article
Full-text available
This paper analyses how sampling design affects variance estimates and inference using the data collected by the Survey on Household Income and Wealth (SHIW). The SHIW combines three basic features: stratification, clustering, and weighting to correct for unequal probabilities of selection among sampling units. A model to assess variance is present...
Conference Paper
Full-text available
Wealth is an essential indicator of households' material well-being: assessing its amount, trend and distribution is useful to understand our society and the way it evolves. Availability of data on wealth allows the central bank to understand better the interaction between households' behaviour, financial markets and the main macroeconomic variable...
Article
Full-text available
The design of a probability sample jointly determines the method used to select sampling units from the population and the estimator of the population parameter. If the sampling fraction is constant for all the units in the sample, then the unweighted sampling mean is an unbiased estimator. In the Survey on Household Income and Wealth (SHIW), units...
Article
Full-text available
The Luxembourg Wealth Study (LWS) is a project with the objective of ex-post reconciling micro data on households wealth for a certain number of nations. Italy participate to the LWS project, as previously has endorsed Luxembourg Income Study (LIS), providing wealth data collected through the Survey on Household Income and Wealth (SHIW). In its fir...
Chapter
Full-text available
The contributors to this comprehensive book compile and analyse the latest data available on household wealth using, as case studies, the United States, Canada, Germany, Italy, Sweden, and Finland during the 1990s and into the twenty-first century. The authors show that in the US, trends are highlighted in terms of wealth holdings, among the low-in...
Article
Full-text available
Le principali fonti per la stima della ricchezza finanziaria delle famiglie italiane provengono dalla Banca d’Italia e sono costituite dai Conti Finanziari, pubblicati con cadenza trimestrale, e dall’Indagine sui bilanci delle famiglie (IBF), realizzata ogni due anni. Le stime delle attività finanziarie di natura campionaria hanno il pregio di pote...
Technical Report
Full-text available
Il nuovo sistema di contabilità nazionale (Sistema Europeo dei Conti o SEC95) ha introdotto schemi contabili più analitici, mirati allo studio di particolari settori economici oppure finalizzati ad evidenziare il comportamento economico di determina ti gruppi di soggetti. Si tratta della cosiddetta contabilità satellite, legata alla contabilità cen...
Article
The sample estimates are uniformly below those of the Financial Accounts, even after harmonising all the definitions and the evaluation criteria. Such a problem can stem from the intervieweeÂ’s unwillingness to disclose the actual value of the asset (under-reporting). The paper presents a method to correct this potential source of bias in order to...
Article
Full-text available
This paper describes the composition and distribution of household wealth in Italy. First, the evolution of household portfolios over the last 40 years is described on the basis of newly reconstructed aggregate balance sheets. Second, the characteristics and quality of the main statistical source on wealth distribution, the Bank of Italy’s Survey o...
Article
Full-text available
The paper compares Italian and American householdsÂ’ wealth in 1998. The analysis is based on the Survey on Household Income and Wealth (Bank of Italy) and on the Survey of Consumer Finances (Federal Reserve Board). Tangible assets appear to be the main wealth component in both countries. In the United States households hold a higher share of finan...
Article
Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and econ...
Article
Full-text available
This paper aims to describe non-respondents in the Bank of Italy’s Survey of Household Income and Wealth (SHIW) and to measure the underestimation of income and wealth attributable to non-response. The evidence confirms that non-response is not random, since it is more frequent among wealthier households. Therefore exclusive use of post-stratificat...

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Projects

Projects (8)
Project
Using machine learning techniques to test ESG indicators for efficient equity portfolio costruction, in terms of risk, return and risk adjusted return. Special focus on environmental and climate-related indicators.
Archived project