Edited by dott. Amir Maghssudipour of the University of Padua
The author of the research is Dr. Amir Maghssudipour of the University of Padua. The copyright for this study was purchased by IRPET, Production Systems and Businesses Research Area.
The aim of this document is to carry out an ex-ante assessment of the financial instruments to be activated in Tuscany during the 2021-2027 programming period. This assessment is required by the general regulation of the Council of the European Union for the years 2021-2027 through Article 52 “Financial Instruments,” point 3. Those that emerge from financial engineering are fundamental instruments for strengthening the potential and actual competitiveness of businesses in Tuscany and which respond, among other existing needs, to the effort to close the gap with more advanced regions in terms of innovative investments. Based on these indications and objectives, Section 2 of the text proposes an analysis of market failures, suboptimal investment conditions, and financial needs. For the preparation of this section, numerous data representing the socio-economic situation of the Tuscany region (with particular attention to the business context) were collected and processed, and these were compared with information collected at the macro-regional (Central and Central-Northern Italy) and national levels. Section 3 describes the main national and regional legislative measures adopted in favor of businesses, with an update due to the recent and extensive legislation on businesses following the advent of the global pandemic triggered by the spread of Covid-19. Section 4 analyzes the added value of financial instruments, providing an overview of the main sources of financing used by Tuscan companies. This section also quantifies the expected leverage effect. Section 5 estimates the resources that can flow into financial instruments, focusing on additional (public and/or private) resources that could potentially be involved, and proposes an estimate of the multiplier effect. Section 6 reviews past experiences with the aim of drawing useful implications and lessons for the future, while recognizing that the advent of Covid-19 has significantly influenced the business environment and its potential. Section 7 outlines the relevant investment strategies, i.e., it aims to identify the main recipients and the intended use of the financial instruments. Section 8 includes the main areas of intervention expected for the financial instruments and the forms of support envisaged. Finally, Section 9 includes some provisions for possible updates.
