Federica Sottrici

The paper focuses on the regional economic resilience and, in particular, on its adaptive interpretation, which defines it as the property of a territorial system to react and to adapt to endogenous and exogenous disturbances, in order to achieve a new balance that makes it more prepared to deal with future changes in context. Empirically the paper aims to explore and classify the determinants of resilience in an innovative way and to build resilience indices of micro-territories during the period of the economic crisis, in order to ascertain the existence of differences between the resilience municipalities in Lombardy and, therefore, confirm the importance of resilience even in micro contexts. To evaluate the role played by the adaptive capacity in influencing regional resilience,”Indicators of Adaptation” were built, to verify the importance exercised by the flexibility and adaptability of the territories to determine their resilience. The analysis at the micro-regional level showed that Lombardy and its municipalities have exhibited resilience items during the economic crisis and that this property is crucial to enhance the economic development of micro-territories. Therefore, governments and policymakers should pay attention to the regional resilience, in order to undertake new paths of growth and renewal.

Over the years, the international private equity market has been characterized by an almost continuous growth, not only in traditional countries but also in emerging markets. Our country, showed good growth in the sector and recorded big changes both in qualitative and in quantitative terms. The recent international crisis that has upset the balance of world finance has also involved, the Italian private equity market, causing a drastic decrease in business volumes and lots of changes. This paper aims at analyze how, starting from the beginning of the market, the venture capital sector in Italy has grown and has developed, recording excellent results. Nevertheless, there are still several obstacles, recently enphasized by the crisis, limiting the use of venture capital and causing significant differences with the private equity of other European countries.