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The invasion of Ukraine will change the economic and political scenarios. Together with the sanctions, it will accelerate the 'de-globalization' process already triggered by the 2008 financial crisis and the pandemic. In this paper, we analyze the effects that economic sanctions will have, in particular, on the international monetary system. In recent years, the dominance of the dollar as the default international currency has weakened albeit slowly. However, in the new scenario, alternative systems to SWIFT (particularly the Chinese one) will receive a strong boost as will the use of payments in currencies other than the dollar. As has already happened in other historical periods, the change in the dominant international currency is linked to epochal events and to a change in the technological paradigm: the war and the development of a digital currency in China and then in other countries could form the basis of this turning point. ; L'invasione dell'Ucraina cambierà profondamente gli scenari economici e politici. Assieme alle sanzioni, accelererà il processo di 'de-globalizzazione' innescato dalla crisi finanziaria del 2008 e dalla pandemia. In questo lavoro analizziamo gli effetti che le sanzioni avranno su questi processi, in particolare sul sistema monetario internazionale. Negli ultimi anni il dominio del dollaro come valuta dei pagamenti internazionali è declinato ma lentamente, e i tentativi soprattutto della Cina e della Russia di emarginarlo non hanno avuto grande successo. Tuttavia, nel nuovo scenario i sistemi alternativi a SWIFT, particolarmente quello cinese, riceveranno un forte impulso così come l'utilizzo di pagamenti in valute diverse dal dollaro. Come già successo in altre epoche storiche, il cambiamento della valuta di riferimento degli scambi internazionali è legato a eventi epocali e a un cambio di paradigma tecnologico: la guerra e la valuta digitale cinese e poi di altri paesi potrebbero costituire le basi di questa svolta.

Abstract
This article provides estimations of the effects of different financial channels on physical investment in Europe using the balance sheets of publicly listed non-financial corporations (NFCs) for the period 1995–2015. The evidence suggests that both financial payments and financial income have an adverse effect on investment in fixed assets. The negative impacts of increasing financial income are non-linear with respect to company size: they crowd out investment in large companies, and have a positive effect on the investment of relatively smaller companies. Similar to the recent literature on finance-growth nexus, we find an inverted U-shaped relationship between financial development and companies' investment. However, in contrast to the existing literature, we also find that a higher degree of financial development in the country is associated with a stronger negative effect of financial income on investment.

This study looks at the valuation of U.K. investment trusts for the 50 years following their appearance as companies in the 1880s. Based on a large and unique dataset compiled from primary sources, our calculations reveal a huge variation between the ordinary share prices of investment trusts and their underlying net asset "fundamental" values. This mismatch is a well-known puzzle in modern financial markets and has attracted a large volume of research because it casts doubt on the concept of market efficiency. We investigate possible explanations for this pricing puzzle and shed light on U.K. investor behavior before the 1930s.

Abstract
This study investigates the portfolio asset allocation of UK investment trusts between 1914 and 1928 using a unique hand-collected dataset of 41 companies, which comprises 40,875 portfolio holdings. UK investment trusts not only survived WWI without major losses but also had a remarkable performance in the 1920s, which led to a wave of new incorporations. The 1920s was a period of significant shifts in investment trust portfolio composition and our analysis examines the main reasons for this. We show that investment trust managers were able to adjust quickly to the new socioeconomic circumstances and secure high profitability for their shareholders.

Austerity policies coupled with rising inequality in Europe have resulted in a prolonged stagnation and a vicious circle of chronically low demand, slow down in investment and productivity, and economic, social and political instability. In order to end this vicious cycle, Europe needs directed public investment policies accompanied by industrial policy, higher equality, stimulated demand, and regulation of finance and corporate governance. Our research presents strong empirical evidence that expansionary fiscal policy is sustainable when wage and public investment policies are combined with progressive tax policy; the impact is stronger when these policies are implemented in a coordinated fashion across Europe due to strong positive spill over effects on demand. A strong investment performance also requires a process of de-financialization of the economy and a new approach to corporate governance.