Mortgage securitization and its credit risk control

This dissertation concentrate on the mortgage securitization and its credit risk, which are criticized as the main causes of the financial crisis. From the point of the veiw of mortgage's evolution, the nature, structure and function of mortgage has been radically changed, yet the mortgage law did not give appropriate response to this market change. Meanwhile, the U.S legilslations facilitating the mortgage securitization also have rotten the legal foundations for mortgage market self-regulation and sustained development. In contrast, the EU covered bond system has kept financial stability for 200 years' time, and their statutory approach has been proved to be able to control the credit risk and incentive problems very well, in combination of market self-regulation and public regulation. So the future reform should be directed to strengthen the market's capacity of self-regulation and improve the public regulation. For the development of mortgage securitization in China, it is suggested to introduce the EU covered bond system for the reason of the equilibrium between funding efficiency and financial stability.

Max Bill in Italia . Lo spazio logico dell'architettura

I Max Bill is an intense giornata of a big fresco. An analysis of the main social, artistic and cultural events throughout the twentieth century is needed in order to trace his career through his masterpieces and architectures. Some of the faces of this hypothetical mural painting are, among others, Le Corbusier, Walter Gropius, Ernesto Nathan Rogers, Kandinskij, Klee, Mondrian, Vatongerloo, Ignazio Silone, while the backcloth is given by artistic avant-gardes, Bauhaus, International Exhibitions, CIAM, war events, reconstruction, Milan Triennali, Venice Biennali, the School of Ulm. Architect, even though more known as painter, sculptor, designer and graphic artist, Max Bill attends the Bauhaus as a student in the years 1927-1929, and from this experience derives the main features of a rational, objective, constructive and non figurative art. His research is devoted to give his art a scientific methodology: each work proceeds from the analysis of a problem to the logical and always verifiable solution of the same problem. By means of composition elements (such as rhythm, seriality, theme and its variation, harmony and dissonance), he faces, with consistent results, themes apparently very distant from each other as the project for the H.f.G. or the design for a font. Mathematics are a constant reference frame as field of certainties, order, objectivity: ‘for Bill mathematics are never confined to a simple function: they represent a climate of spiritual certainties, and also the theme of non attempted in its purest state, objectivity of the sign and of the geometrical place, and at the same time restlessness of the infinity: Limited and Unlimited ’. In almost sixty years of activity, experiencing all artistic fields, Max Bill works, projects, designs, holds conferences and exhibitions in Europe, Asia and Americas, confronting himself with the most influencing personalities of the twentieth century. In such a vast scenery, the need to limit the investigation field combined with the necessity to address and analyse the unpublished and original aspect of Bill’s relations with Italy. The original contribution of the present research regards this particular ‘geographic delimitation’; in particular, beyond the deep cultural exchanges between Bill and a series of Milanese architects, most of all with Rogers, two main projects have been addressed: the realtà nuova at Milan Triennale in 1947, and the Contemporary Art Museum in Florence in 1980. It is important to note that these projects have not been previously investigated, and the former never appears in the sources either. These works, together with the most well-known ones, such as the projects for the VI and IX Triennale, and the Swiss pavilion for the Biennale, add important details to the reference frame of the relations which took place between Zurich and Milan. Most of the occasions for exchanges took part in between the Thirties and the Fifties, years during which Bill underwent a significant period of artistic growth. He meets the Swiss progressive architects and the Paris artists from the Abstraction-Création movement, enters the CIAM, collaborates with Le Corbusier to the third volume of his Complete Works, and in Milan he works and gets confronted with the events related to post-war reconstruction. In these years Bill defines his own working methodology, attaining an artistic maturity in his work. The present research investigates the mentioned time period, despite some necessary exceptions. II The official Max Bill bibliography is naturally wide, including spreading works along with ones more devoted to analytical investigation, mainly written in German and often translated into French and English (Max Bill himself published his works in three languages). Few works have been published in Italian and, excluding the catalogue of the Parma exhibition from 1977, they cannot be considered comprehensive. Many publications are exhibition catalogues, some of which include essays written by Max Bill himself, some others bring Bill’s comments in a educational-pedagogical approach, to accompany the observer towards a full understanding of the composition processes of his art works. Bill also left a great amount of theoretical speculations to encourage a critical reading of his works in the form of books edited or written by him, and essays published in ‘Werk’, magazine of the Swiss Werkbund, and other international reviews, among which Domus and Casabella. These three reviews have been important tools of analysis, since they include tracks of some of Max Bill’s architectural works. The architectural aspect is less investigated than the plastic and pictorial ones in all the main reference manuals on the subject: Benevolo, Tafuri and Dal Co, Frampton, Allenspach consider Max Bill as an artist proceeding in his work from Bauhaus in the Ulm experience . A first filing of his works was published in 2004 in the monographic issue of the Spanish magazine 2G, together with critical essays by Karin Gimmi, Stanislaus von Moos, Arthur Rüegg and Hans Frei, and in ‘Konkrete Architektur?’, again by Hans Frei. Moreover, the monographic essay on the Atelier Haus building by Arthur Rüegg from 1997, and the DPA 17 issue of the Catalonia Polytechnic with contributions of Carlos Martì, Bruno Reichlin and Ton Salvadò, the latter publication concentrating on a few Bill’s themes and architectures. An urge to studying and going in depth in Max Bill’s works was marked in 2008 by the centenary of his birth and by a recent rediscovery of Bill as initiator of the ‘minimalist’ tradition in Swiss architecture. Bill’s heirs are both very active in promoting exhibitions, researching and publishing. Jakob Bill, Max Bill’s son and painter himself, recently published a work on Bill’s experience in Bauhaus, and earlier on he had published an in-depth study on ‘Endless Ribbons’ sculptures. Angela Thomas Schmid, Bill’s wife and art historian, published in end 2008 the first volume of a biography on Max Bill and, together with the film maker Eric Schmid, produced a documentary film which was also presented at the last Locarno Film Festival. Both biography and documentary concentrate on Max Bill’s political involvement, from antifascism and 1968 protest movements to Bill experiences as Zurich Municipality councilman and member of the Swiss Confederation Parliament. In the present research, the bibliography includes also direct sources, such as interviews and original materials in the form of letters correspondence and graphic works together with related essays, kept in the max+binia+jakob bill stiftung archive in Zurich. III The results of the present research are organized into four main chapters, each of them subdivided into four parts. The first chapter concentrates on the research field, reasons, tools and methodologies employed, whereas the second one consists of a short biographical note organized by topics, introducing the subject of the research. The third chapter, which includes unpublished events, traces the historical and cultural frame with particular reference to the relations between Max Bill and the Italian scene, especially Milan and the architects Rogers and Baldessari around the Fifties, searching the themes and the keys for interpretation of Bill’s architectures and investigating the critical debate on the reviews and the plastic survey through sculpture. The fourth and last chapter examines four main architectures chosen on a geographical basis, all devoted to exhibition spaces, investigating Max Bill’s composition process related to the pictorial field. Paintings has surely been easier and faster to investigate and verify than the building field. A doctoral thesis discussed in Lausanne in 1977 investigating Max Bill’s plastic and pictorial works, provided a series of devices which were corrected and adapted for the definition of the interpretation grid for the composition structures of Bill’s main architectures. Four different tools are employed in the investigation of each work: a context analysis related to chapter three results; a specific theoretical essay by Max Bill briefly explaining his main theses, even though not directly linked to the very same work of art considered; the interpretation grid for the composition themes derived from a related pictorial work; the architecture drawing and digital three-dimensional model. The double analysis of the architectural and pictorial fields is functional to underlining the relation among the different elements of the composition process; the two fields, however, cannot be compared and they stay, in Max Bill’s works as in the present research, interdependent though self-sufficient. IV An important aspect of Max Bill production is self-referentiality: talking of Max Bill, also through Max Bill, as a need for coherence instead of a method limitation. Ernesto Nathan Rogers describes Bill as the last humanist, and his horizon is the known world but, as the ‘Concrete Art’ of which he is one of the main representatives, his production justifies itself: Max Bill not only found a method, but he autonomously re-wrote the ‘rules of the game’, derived timeless theoretical principles and verified them through a rich and interdisciplinary artistic production. The most recurrent words in the present research work are synthesis, unity, space and logic. These terms are part of Max Bill’s vocabulary and can be referred to his works. Similarly, graphic settings or analytical schemes in this research text referring to or commenting Bill’s architectural projects were drawn up keeping in mind the concise precision of his architectural design. As for Mies van der Rohe, it has been written that Max Bill took art to ‘zero degree’ reaching in this way a high complexity. His works are a synthesis of art: they conceptually encompass all previous and –considered their developments- most of contemporary pictures. Contents and message are generally explicitly declared in the title or in Bill’s essays on his artistic works and architectural projects: the beneficiary is invited to go through and re-build the process of synthesis generating the shape. In the course of the interview with the Milan artist Getulio Alviani, he tells how he would not write more than a page for an essay on Josef Albers: everything was already evident ‘on the surface’ and any additional sentence would be redundant. Two years after that interview, these pages attempt to decompose and single out the elements and processes connected with some of Max Bill’s works which, for their own origin, already contain all possible explanations and interpretations. The formal reduction in favour of contents maximization is, perhaps, Max Bill’s main lesson.

Geografie in rete e in biblioteca: la ricerca bibliografica in ambito geografico, turistico e ambientale

The purpose of this work is to provide a methodological tool for literature searching in geography, tourism and environmental conservation. Knowledge of bibliographic and documentary resources and learning research strategies form an essential part of training for students and researchers. Literature searching is also a critical element of communication and scientific output. This work aims to analyze the characteristics, and critical issues in geography literature searching in order to provide a critical mass of useful information to correctly prepare a search. Having addressed the issue of information literacy for the study of geography and related disciplines, including a comparison of various approaches, this work describes the physical locations of the research: libraries and archives. It outlines the issues related to the cataloging and digitization of cartographic materials. The particular characteristics of scientific communication and its primary means of dissemination, the scientific journal, are then outlined. This is followed by a description of information sources and types of documents used within the realm of geography. Tools, strategies and resources are then illustrated for conducting an effective literature search both on the web and in the library.

Sulle tracce di Michel Leiris: possessione e medicina tradizionale nell’Etiopia settentrionale. Dimensione teatrale, religiosa, terapeutica, socio-politica.

La tesi si divide in due parti: nella prima si esamina l'esperienza etnografica condotta da M. Leiris durante la missione Dakar-Gibuti (1931-33) con riferimento alla studio della possessione a Gondar. Nella seconda parte si dà conto del lavoro sul terreno condotto dalla dottoranda nel Wollo a contatto con guaritori. Seguono appendici documentarie e iconografiche.

La committenza artistica dei Templari e degli Ospitalieri in Emilia Romagna

La tesi di dottorato La committenza artistica dei Templari e degli Ospitalieri in Emilia Romagna cerca attraverso un approccio metodologico multidisciplinare di ricostruire il patrimonio artistico delle commende dei due ordini religioso cavallereschi in regione. La tesi è stata concepita per riflettere anche a livello strutturale la metodologia d’indagine, così un primo capitolo è dedicato all’analisi storica dei due ordini, con particolare attenzione alla comprensione del rapporto tra gli ordini e il mondo dell’arte. Una secondo capitolo invece è incentrato sulla storiografia artistica relativa e sulle impegnative indagini d’archivio, che, soprattutto attraverso l’utilizzo di una vasta documentazione inedita, hanno permesso di fornire nuovi elementi alla definizione della rete degli insediamenti e della loro decorazione. Lo studio prosegue con la specifica ricostruzione storica e storico artistica delle commende attraverso l’indagine sui singoli insediamenti, dove si è cercato di dar conto delle vicende artistiche e della storia dei suoi protagonisti. Contestualmente alla redazione di questo capitolo, riconoscendo la storia, il senso e l’importanza della scuola stilistico-filologica, si procede alla redazione delle schede di catalogo delle opere superstiti, sia di quelle ancora nelle ex-commende sia di quelle che oggi hanno altre collocazioni. Successivamente, senza necessariamente trarre conclusioni definitive su un lavoro di ricerca che per sua natura è in divenire, si argomentano alcune riflessioni sulla natura, i limiti, i caratteri e l’evoluzione della committenza dei due ordini cavallereschi in regione. Si è così riscoperto un patrimonio artistico vasto e articolato che coniuga capolavori con opere di cultura assai più corsiva, ma comunque sempre capace di raccontare la storia dei suoi artefici (alcuni - come Aristotele Fioravanti, Girolamo da Treviso, Pietro Bembo o Ranuccio Farnese - veri e propri protagonisti del loro tempo), in continuo e sostanziale dialogo con le culture artistiche che hanno attraversato la regione, e non solo, tra Medioevo e Modernità.

Stile. Teoria e prassi nell'opera di Viollet-le-Duc

Per Viollet-le-Duc lo “stile” «è la manifestazione di un ideale fondato su un principio» dove per principio si intende il principio d’ordine della struttura, quest’ultimo deve rispondere direttamente alla Legge dell’”unità” che deve essere sempre rispettata nell’ideazione dell’opera architettonica. A partire da questo nodo centrale del pensiero viollettiano, la presente ricerca si è posta come obiettivo quello dell’esplorazione dei legami fra teoria e prassi nell’opera di Viollet-le-Duc, nei quali lo “stile” ricorre come un "fil rouge" costante, presentandosi come una possibile inedita chiave di lettura di questa figura protagonista della storia del restauro e dell’architettura dell’Ottocento. Il lavoro di ricerca si é dunque concentrato su una nuova lettura dei documenti sia editi che inediti, oltre che su un’accurata ricognizione bibliografica e documentaria, e sullo studio diretto delle architetture. La ricerca archivistica si é dedicata in particolare sull’analisi sistematica dei disegni originali di progetto e delle relazioni tecniche delle opere di Viollet-le- Duc. A partire da questa prima ricognizione, sono stati selezionati due casi- studio ritenuti particolarmente significativi nell’ambito della tematica scelta: il progetto di restauro della chiesa della Madeleine a Vézelay (1840-1859) e il progetto della Maison Milon in rue Douai a Parigi (1857-1860). Attraverso il parallelo lavoro di analisi dei casi-studio e degli scritti di Viollet- le-Duc, si è cercato di verificare le possibili corrispondenze tra teoria e prassi operativa: confrontando i progetti sia con le opere teoriche, sia con la concreta testimonianza degli edifici realizzati.

Novita' sul mercato dei sistemi di pagamento: Gli istituti di pagamento e gli istituti di moneta elettronica

La presente trattazione analizza le novità normative apportate dalle recenti direttive europee sui servizi di pagamento e sulla moneta elettronica (rispettivamente la direttiva 2007/64/CE, c.c. Payment Services Directive o PSD, e la direttiva 2009/110/CE, detta Electronic Money Directive 2 o EMD2). Al fine di incrementare la competitività dei servizi di pagamento, sono stati introdotti nuovi prestatori di servizi di pagamento, non bancari, gli Istituti di Pagamento (IP) e gli Istituti di Moneta Elettronica (IMEL), a cui è stata attribuita la possibilità di far ricorso al contratto di conto di pagamento per la gestione dei servizi di pagamento con possibilità di finanziamento agli utenti. La prima parte della presente trattazione è dedicata alla configurazione giuridica dei nuovi prestatori di servizi di pagamento, influenzante la diffusione dei pagamenti digitali e della moneta elettronica. La seconda parte è rivolta alla ricostruzione giuridica del conto di pagamento, contratto – tipo per la gestione in conto dei servizi di pagamento, ed all’analisi delle modalità di erogazione dei finanziamenti agli utenti. Le direttive predette hanno inoltre attribuito ad IP ed IMEL la facoltà di emettere le carte di pagamento a spendibilità generalizzata, ossia carte di debito e carte di credito. In quanto abilitati all’emissione di moneta elettronica, gli IMEL possono inoltre emettere i c.d. borsellini di moneta elettronica, cioè i dispositivi di memorizzazione e di movimentazione della moneta elettronica. Nella terza parte della trattazione vengono, pertanto, presi in analisi la natura di tali strumenti di pagamento e le differenze intercorrenti rispetto agli affini strumenti bancari. In particolare, ampio spazio è dedicato alla ricostruzione giuridica dei borsellini di moneta elettronica, la cui diffusione tra gli utenti potrebbe avere l’effetto di favorire la progressiva digitalizzazione dei pagamenti e la realizzazione della cashless society.

Credit-Default-Swaps and the 2008 Financial Crisis: An Inquiry into the Underlying Legal Origins and the European Union’s Regulatory Reforms

After the 2008 financial crisis, the financial innovation product Credit-Default-Swap (CDS) was widely blamed as the main cause of this crisis. CDS is one type of over-the-counter (OTC) traded derivatives. Before the crisis, the trading of CDS was very popular among the financial institutions. But meanwhile, excessive speculative CDSs transactions in a legal environment of scant regulation accumulated huge risks in the financial system. This dissertation is divided into three parts. In Part I, we discussed the primers of the CDSs and its market development, then we analyzed in detail the roles CDSs had played in this crisis based on economic studies. It is advanced that CDSs not just promoted the eruption of the crisis in 2007 but also exacerbated it in 2008. In part II, we asked ourselves what are the legal origins of this crisis in relation with CDSs, as we believe that financial instruments could only function, positive or negative, under certain legal institutional environment. After an in-depth inquiry, we observed that at least three traditional legal doctrines were eroded or circumvented by OTC derivatives. It is argued that the malfunction of these doctrines, on the one hand, facilitated the proliferation of speculative CDSs transactions; on the other hand, eroded the original risk-control legal mechanism. Therefore, the 2008 crisis could escalate rapidly into a global financial tsunami, which was out of control of the regulators. In Part III, we focused on the European Union’s regulatory reform towards the OTC derivatives market. In specific, EU introduced mandatory central counterparty clearing obligation for qualified OTC derivatives, and requires that all OTC derivatives shall be reported to a trade repository. It is observable that EU’s approach in re-regulating the derivatives market is different with the traditional administrative regulation, but aiming at constructing a new market infrastructure for OTC derivatives.