HISTORY
Our History in brief
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IIEC (Italian International Economic Center) was born on the initiative of Paolo Savona of the LUISS Guido Carli University and Michele Fratianni of Indiana University with the aim of studying the functioning of the global market after the end of the Bretton Woods Agreement.
As known, this event was mainly caused by the development of the Eurodollar, a banking innovation that had expropriated the monetary sovereignty of the United States.
George Sutija of the International University of Miami asked to join the IIEC by creating the PACE (Permanent Advisor Committee on Eurodollars) which held two international conferences on monetary and banking issues, the proceedings of which were published by MacMillan.
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The IIEC founded the Open Economies Review, which Fratianni directed with mastery, to pass the direction after about 10 years to prof. George Tavlas of the Bank of Greece, elevating it among the Journals whose publications were considered for the evaluation of the performance H-index. The Open Economies Review is still published by the prestigious Springer, famous editor of international scientifical publications.
Towards the end of the last century, a new innovation burst onto the global market - derivatives.
The IIEC, allied with the Guido Carli Association of Rome and the Cesifin Alberto Predieri Foundation of Florence, devoted itself to examining the problem that would lead to the global financial crisis of 2008, giving rise to seven international Conferences curated by Iftekhar Hasan, Managing editor of the Journal of financial Stability, published in as many notebooks.
The development of cryptocurrencies, the third wave of innovation that exploded in global finance, prompted the creators of the IIEC to relaunch their activity, starting with a review of the monetary cycle which led to a more direct involvement of monetary policy in financial stability and the return of the inflation.
The work will see the light at the end of the year in a book that will be published by the Springer publishing house, edited by Paolo Savona and Rainer Masera, in which the experts on the subject have collaborated and has had the support of the Cesifin Alberto Predieri Foundation and the Marconi University of Rome.
MISSION
Our mission is to combine the potential of artificial intelligence to transform financial data analysis into forecasting, risk management, market sentiment analysis and financial fraud prevention models.
The forecasting models will be based on solid mathematical theories and advanced artificial intelligence techniques, which have already been tested to identify behavioral trends and structural composition of the financial and monetary market, providing precise information for choices to be made in an increasingly complex and volatile environment.
Financial risk management will use advanced IT tools, supported by high mathematics tools.
By exploiting AI (Artificial Intelligence) and advanced mathematical techniques, it is possible to assess financial risks more efficiently and accurately, allowing for timely preventive measures.
The market sentiment analysis must be conducted using sophisticated techniques and computer models to capture the moods of public opinion and investors.
Alternative data analysis, including satellite and geospatial, ESG, and social media, enables the formulation of increasingly efficient strategies.
Large language models can analyze vast amounts of unstructured data, to detect nuanced shifts in market sentiment.
Furthermore, these models can identify trends and sentiment changes more rapidly and comprehensively than traditional methods.
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​The IIEC has a staff of data scientists who have been implementing forecasting algorithms in various subjects for years (trends in stock market prices, raw material prices, qualitative analysis - at a scientific level - of biotech companies, analysis of financial fraud).
SCIENTIFICAL COMMITTEE
Michele Fratianni (Indiana University)
James Hodson (Director AI for Good, affiliated ONU)
Giuseppe Italiano (LUISS University)
Jan Kregel (Tailjn University)
Donato Masciandaro (Bocconi University)
Rainer Masera (Marconi University)
Monika Poettinger (Bocconi University)
Antonio Simeone (Director LUISS Quantum AI Lab)
George Tavlas (Alternate to the Governor of the Bank of Greece, Governing Council of the European Central Bank, Distinguished Visiting Fellow, Hoover Institution, Stanford University)
Paolo Sironi (Global Research Leader Banking and Financial Markets - IBM Consulting, Institute for Business Value),
Roberto Maiolino (Head of Astrophisics Department, Cambridge University, UK).
RESEARCHES
IIEC intends to promote research based on modern scientific methods to help create a more stable, safer and more efficient financial environment for all actors intending to exit the traditional ones.
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