In the aftermath of the crisis, we are dealing with an issue of mismatched demand and supply in SMEs financing, that the traditional lending technologies and actors seem not able to overcome. In this essay, we have summarized the main actors, technologies and informational issues involved in the SMEs financing. On one side, there are the banks who are typically the originators of loans, and follow the traditional banking technology. On the other side, there is the entire investor community, that is made up of new lending entities, like shadow banks, in a broad sense, but also other private and public agents. A solution to the mismatched demand and supply in SMEs financing requires at the same time a diversification both of actors and of technologies used in the financial markets.
Alberto Giovannini holds a Ph.D. in Economics from the Massachusetts Institute of Technology.
He started his career as an academic: professor of finance and economics at Columbia Business School in New York and fellow of the National Bureau of Economic Research and of the Centre for Economic Policy Research.
Subsequently he held a number of positions in the private sector and the public sector, such as the Italian Treasury and the European Commission, dealing with a wide range of issues ranging from sovereign debt management to financial markets infrastructure.
He has been a member of a number of boards, including the Italian electric utility ENEL, and the premier government bond trading platform MTS.
Since 2012 he has been an Independent Director of the Board of Salini Impregilo S.p.A. He was appointed chairman of the board in July 2015.