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Cheuk Wan Fan, former Chief Investment Officer, Asia of HSBC Private Bank and Premier Wealth, Emma Fox, former Chief Executive of Berry Bros & Rudd, join the global business leaders guiding the strategic direction of ImperiaBusiness School.

3 minute read

Climate resilience in focus at London Climate Action Week

Lou Lee — Mon, 14 Apr 2025 10:15:24 +0000

Climate resilience in focus at London Climate Action Week

Lou Lee Mon, 14/04/2025 - 10:15

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Delivered in collaboration with General Atlantic, the event reflected the Centre for Climate Finance and Investment's (CCFI) growing role as a convenor of interdisciplinary expertise on climate risk and finance. Discussions explored how climate-related risks such as extreme weather are increasingly affecting economic stability, infrastructure, and investment decisions, and how organisations are adapting their approach to managing these risks over the long term.

The event opened with a keynote from Abigail Ng, Chief Sustainability Officer at the Monetary Authority of Singapore (MAS), who highlighted climate resilience as a key part of protecting economic security. This was followed by a panel discussion chaired by Rowan Douglas CBE, Honorary Practice Fellow at CCFI, and featuring Kemal Erçevik (Bank of England), Natasha Fowlie (General Atlantic), Paul Munday (S&P Global), Julian Wentzel (HSBC).

A central theme throughout the conversation was the need to integrate climate and nature risks into the core functioning of financial systems, rather than treating them separately. Speakers highlighted the importance of better data, shared standards, and clearer ways of measuring risk in order to improve decision-making across banking, insurance, regulation and investment.

“This is what CCFI is all about: a platform that brings together scholarly excellence and leading market participants to deliver effective solutions at scale.”

Dr Enrico Biffis

Academic Director of CCFI and Professor of Actuarial Finance

Rowan Douglas commented: “We now have our resilience priorities confirmed and an excellent community of financial-sector partners to mobilise with CCFI and ��’s School of Convergence Science. Our mission is to help retrain the invisible hand to value resilience and better protect exposed assets and communities in the years and decades ahead.”

In closing remarks, Dr Enrico Biffis, Director of CCFI and Professor of Actuarial Finance and Academic, said: “This is what CCFI is all about: a platform that brings together scholarly excellence and leading market participants to deliver effective solutions at scale.”

The event underscored CCFI’s role within ImperiaBusiness School as a bridge between academic research and industry practice, and highlighted ongoing collaboration with MAS and other partners to strengthen resilience in the face of growing climate challenges.

Panel speakers (from left to right): Natasha Fowlie (General Atlantic), Kemal Ercevik (Bank of England), Julian Wentzel (HSBC), Paul Munday (S&P Global), and Rowan Douglas (ImperiaBusiness School).

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Centre for Climate Finance and Investment

Sustainability and climate change

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Centre for Climate Finance & Investment

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The Centre for Climate Finance and Investment (CCFI) brought together leaders from finance, insurance, law, technology, policy and academia for an event on Climate Resilience & Economic Security during London Climate Action Week (20-28 June).

Abigail Ng and Rowan Douglas at London Climate Action Week

2 minute read

Why we need to change our view on money for emerging economies

Patrick Bolton — Tue, 25 Feb 2025 10:39:25 +0000

Why we need to change our view on money for emerging economies

Patrick Bolton Tue, 25/02/2025 - 10:39

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Conventional economics confines central banks’ role to setting interest rates in order to control inflation and economic activity. But are monetary authorities missing a vital tool – which emerges from a fundamental rethink of money supply - to use money issuance as a source of funding for new investment opportunities? What if nations could use fiat money as companies use equity?

Fiat money as equity capital

Money is a financial asset as well as a store of value, a means of exchange, and a unit of account. In our new book Money Capital – New Monetary Principles for a More Prosperous Society along with fellow economist Haizhou Huang, I suggest that we could treat fiat money the same way as a share in a company. Money, in effect, is a share in the output of a nation. Just as companies issue shares, countries could issue fiat money when they need to fund investments, and growth, or capitalise on demand. Well executed investments increase the value of a company, and this is reflected in the share price. Seen through this lens of corporate finance, investments at a national level improve the value of the stock or, in this case, the currency.

Many nations have chosen central bank independence over recent years, and with this comes the idea of monetary policies dictated by inflation targets of around two per cent. To achieve this goal, today central banks use mostly interest rates. By and large, a money supply policy doesn’t feature in their armoury, except when interest rates hit the zero lower bound. Mainstream monetary thinking has shut down the idea that money supply could change in response to external pressures, evolving circumstances, and different contexts. And when authorities face decisions about how to govern money supply, they lack any guiding principles or analytical framework.

This lack of a conceptual framework is astonishing. After the global financial crisis of 2008, inflation in developed economies dropped close to zero (or even went negative) and interest rates fell accordingly, reaching zero or even negative values in Japan and elsewhere. Central banks were flummoxed – they had little leeway on rates and scant guidance on how to respond, prompting a certain level of trial and error. Nobody had answers to vital questions such as how much money supply was enough, or when banks should grow or shrink supply.

How and when could countries issue more money? In our book we suggest that printing money should be approached in similar ways to equity issuance.

Central banks raise money supply by buying assets such as government bonds and other forms of debt. They can also channel money through the banking system. But the question of when is more complex. There are two striking examples that reveal our thinking.

Companies issue more stock for two main reasons – because they see investment opportunities or because the stock price is high and they want to take advantage of demand.

Nations leveraging money supply for investment

China offers a fine example. Had Beijing followed conventional economic wisdom, the nation would never have experienced the growth that it has enjoyed over the past two and a half decades - because printing money to fund investment in infrastructure would have been ruled out as beyond the central bank’s remit. But the People’s Bank of China chose to increase money supply by 10 to 20 per cent each year, and yet China did not experience inflationary pressures as a result. In fact, inflation remained close to zero. Funds were used to finance productive investments which contributed to economic growth.

Switzerland’s foreign reserves strategy during the global financial crisis is another striking example of adept use of money supply. During the eurozone crisis which followed the global financial crisis, investors flocked to the Swiss franc as a safe asset amid the turmoil. Subsequently the Swiss franc soared in value – leading the Swiss National Bank to print more Swiss francs and buy up dollars, euros, yen and more. Within four years Switzerland had acquired foreign currency assets worth 100 per cent of GDP. We see the soaring currency here as the equivalent of rising stock prices, which can prompt companies to issue shares to capitalise on higher prices. In Switzerland’s case, some 20 per cent of foreign currency assets have since been invested in stock markets, generating income that is ultimately redistributed back to the Swiss people through spending and tax breaks. The benefits of using money supply can be substantial indeed. But if the Swiss authorities had followed traditional economic wisdom – that money supply should remain constant – the nation would have missed a huge opportunity.

Compare this with the position of the US Treasury, which has no policy governing foreign exchange reserves. The Federal Reserve has no authority to take advantage of a strong dollar by buying foreign currencies – and this is a huge policy gap.

Unlocking opportunities for growth

While advanced economies might already benefit from many different sources of funding and investment thanks to sophisticated capital markets, emerging economies have a huge capacity for growth but suffer financial constraints. These are the economies that stand to benefit if they could print more money to invest in infrastructure and other growth opportunities.

Of course, there must always be good ‘corporate’ governance and a disciplined approach. Here the financial analogies are useful. Respected companies don’t issue shares randomly or use the proceeds recklessly. They raise funding when investment opportunities arise. New share issues don’t dilute the value of existing holdings because proceeds are used to add value to the company.

The analogy with corporate finance is not perfect, but recasting money as a nation’s equity capital does add a new dimension for policy makers. Central banks could play an important role in boosting the finance for investment, in stabilising financial markets, and taking advantage of a strong sovereign currency – can they afford not to?

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How could a corporate finance perspective improve nations’ abilities to invest, grow and manage the economy?

Credit: sesame via DigitalVision Vectors / Getty Images Plus

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Luigi Rizzo on bridging theory and practice in global finance

Shamita Harsh — Wed, 15 Jan 2025 12:14:02 +0000

Luigi Rizzo on bridging theory and practice in global finance

Shamita Harsh Wed, 15/01/2025 - 12:14

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With over three decades of experience advising on some of the most complex Mergers & Acquisitions (M&A) and corporate finance transactions, Luigi Rizzo brings unmatched practitioner expertise into the classroom. Now Professor of Practice at ImperiaBusiness School, he is eager to help students connect rigorous theory to the realities of global finance.

From boardrooms to business schools

Mr Rizzo is Vice Chair of Investment Banking at Morgan Stanley, where his sole focus is on advising some of the firm’s most important clients as they raise, manage, and allocate capital. Across his career, he has held senior leadership roles at bulge-bracket leading global investment banks, where he served as head of M&A and corporate finance and, later, head of investment banking for the EMEA region.

His professional journey has placed him at the forefront of international finance, navigating cross-border mergers, landmark IPOs and restructuring transactions. For him, each deal is more than just a financial transaction, it’s a lesson in strategy, leadership, and methodical execution.

Alongside his full-time career in investment banking, Mr Rizzo has been deeply engaged in teaching. He is an Adjunct Professor of Business at Columbia Business School, where he teaches postgraduate electives in M&A and Strategic Corporate Finance. He has also taught at Imperiaas a visiting professor, delivering courses on M&A, and is a regular guest lecturer at leading business schools in Europe and the US.

At ��, Mr Rizzo’s approach to teaching is shaped by his conviction that corporate finance cannot be understood through theory alone. By combining theory with case studies filled with insights from his decades as a practitioner, he gives students a view of how financial principles are applied in real situations where the stakes are high and potential biases always present.

“It is a privilege to be part of the Imperiacommunity and help students bridge the gap between theoretical frameworks and the daily realities of global finance,” he says.

This bridging role is central to his work as Professor of Practice: giving students the analytical tools to thrive, while grounding discussions in the nuanced complexity of real-world decision-making.

Mr Rizzo’s academic foundation was laid at the Solvay Brussels School of Economics and Management, where he earned his undergraduate degree and MA in Business Engineering. Today, he continues to combine practice and scholarship through his own doctoral research, as a part-time PhD student in the English Faculty of the University of Cambridge. As a full-time practitioner and an academic, he regularly exchanges with scholars on emerging themes in finance, from the role of capital markets in innovation to evolving regulatory and geopolitical challenges.

A global finance perspective at ��

At ImperiaBusiness School, Mr Rizzo will continue to draw on his global experience to prepare students for careers in investment banking and corporate finance. His teaching highlights the need for both technical skills and judgment, showing how theory and practice intersect in shaping financial outcomes.

For him, joining Imperiais not only about teaching but also about being part of a world-class institution at the crossroads of business, technology and policy. Mr Rizzo said: “��’s strength lies in combining analytical rigor with practical impact. It is exciting to contribute to a community where research and teaching are so closely connected to real-world challenges.”

With his extensive background and passion for mentoring, Mr Rizzo is set to play a key role in shaping the next generation of finance leaders at ��.

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Connecting academic frameworks with the realities of global finance

Main image: Luigi Rizzo

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Expert Q&A: Why we should all care about how cryptocurrency is reshaping finance

Evie Burrows-Taylor — Thu, 09 Jan 2025 11:57:49 +0000

Expert Q&A: Why we should all care about how cryptocurrency is reshaping finance

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What impact have blockchain and cryptocurrency had on traditional finance?

Blockchain and crypto aren't just buzzwords anymore — they're shaking up finance. Decentralised finance (DeFi) isn’t about fancy investments, it’s about tearing down the walls of traditional finance. No more Goldman Sachs gatekeepers while the rest of us try to catch up. Now, anyone can take the wheel. Want to earn yield on Uniswap? Go for it. Need a loan without a credit check (but zero credit risk)? Done. DeFi is changing the structure of financial interactions, making financial services accessible everywhere — from New York to rural Kenya. It’s a real-time revolution, and everyone’s welcome.

And it’s not just finance. The Lemonade Crypto Climate Coalition used blockchain to provide climate insurance to nearly 7,000 Kenyan farmers — automated payouts, no paperwork, no middlemen. It’s real-world impact, solving problems traditional finance overlooks. Blockchain isn’t a future fantasy, it's already making a difference.

What are the most common misconceptions about these technologies?

In my experience, myths arise from misunderstandings or a stubborn refusal to adapt to a changing financial landscape. For instance, there's a misconception that crypto is just for criminals, yet according to Chainalysis, illicit activity accounted only for 0.34 per cent of total cryptocurrency transaction volume in 2023, down from 0.42 per cent in 2022. Also, blockchain and Bitcoin are not the same thing: blockchain is the underlying tech powering countless applications beyond Bitcoin and other cryptocurrencies. One can be bullish about the underlying technology without being a Bitcoin believer. Finally, crypto is often seen as valueless, but its value lies in utility, scarcity, and trust.

How important was crypto in the 2024 US presidential election?

Crypto has gone mainstream — and politicians know it. Following Donald Trump's US presidential election win in 2024, the crypto market went stratospheric, with Bitcoin reaching an all-time high of over $90,000 and an expectation that future regulations can finally be shaped by an understanding of crypto’s true potential. We now have Trump and Musk, two of the world’s most polarising figures, talking about crypto — and that is huge. When they support crypto, it brings attention, legitimacy and curiosity from the masses. For better or worse, they’re driving conversation — and that’s exactly what the space needs to grow.

Will blockchain and crypto always be niche technologies?

Not really. Millions of people are already involved in blockchain today, which makes it far from niche. Over the next five to 10 years, we’ll see more user-friendly interfaces (think apps as simple as today’s mobile banking), clear regulations, and further adoption, with increased education and awareness.

It will also stretch way beyond finance. For instance, at the forefront of innovation is the intersection of artificial intelligence and crypto — less talked about in mainstream media, but it’s where some of the most exciting and often converging developments are happening. AI-driven smart contracts, autonomous financial systems, and data marketplaces are just a few examples.

These changes will gradually bring blockchain and crypto into our daily lives, making them less mysterious and more accessible. The goal is to stop talking about the underlying technology, much like what happened with the internet — where we now focus on its applications rather than the tech itself.

Can blockchain and digital currency fight financial fraud?

Absolutely. Look at the 2016 Bitfinex hack: $72 million worth of Bitcoin was stolen. Thanks to blockchain’s transparency, authorities traced transactions, and in 2022 they seized $3.6 billion worth of the stolen funds. Blockchain creates an unalterable record, making it actually harder for criminals to cover their tracks. Traceability, permanence and transparency are game-changers in combating fraud — though we still need to address emerging tricks like chain-hopping. It’s not perfect, but it’s a powerful tool in law enforcement’s arsenal.

How can DeFi bring positive changes – and what are the challenges?

DeFi is solving real, tangible problems. It’s also enabling rapid financial innovation that caters to diverse needs — whether it’s earning yield through liquidity provision or taking out instant loans. Take automated market makers like Uniswap, which have revolutionised liquidity by removing the need for traditional order books. Then there are flash loans — instant, uncollateralised loans that allow arbitrage opportunities and sophisticated financial maneuvers that were previously impossible. These innovations are addressing real frictions in the financial markets, but they’re often overshadowed by the price hype.

But there are challenges too: smart contract vulnerabilities that can lead to big losses, scalability issues that need to be addressed to handle mass adoption, and liquidity fragmentation across different platforms. The good news? These challenges are being actively tackled. DeFi has enormous potential — it’s all about continuing to address these challenges, just as we have with every groundbreaking technology in history.

Cryptocurrency

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In this exclusive interview, a professor of finance dives into how blockchain and cryptocurrency are changing our world – and why it matters

Professor Marco Di Maggio

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Watch: Professor David Miles gives evidence on Chancellor's Budget in the Houses of Parliament

Evie Burrows-Taylor — Tue, 12 Nov 2024 14:44:25 +0000

Watch: Professor David Miles gives evidence on Chancellor's Budget in the Houses of Parliament Evie Burrows-Taylor Tue, 12/11/2024 - 14:44

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"Bank rate-setter says hold interest rates in August": Professor Jonathan Haskel calls for caution over interest rate reductions

Evie Burrows-Taylor — Wed, 17 Jul 2024 14:02:19 +0000

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The Banker quotes Professor Gilles Chemla on HSBC's new gold token for retail investors in Hong Kong

Evie Burrows-Taylor — Mon, 15 Apr 2024 14:42:30 +0000

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Reuters interviews Professor Jonathan Haskel on Britain's inflation pressures

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