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After the pandemic period due to the spread of COVID-19, staff of the National Institute of Geophysics and Volcanology (INGV) with diversified skills and coming from different geographical areas has planned and organized the participation of the Institute in the XXXVI edition of the Futuro Remoto popular scientific event occurred in Naples from 22 to 27 November 2022, finally back in presence. Starting from the theme indicated by the organizers - called “Equilibrium” - the working group has developed a proposal entitled “Earth: in constant search for equilibrium”. The proposal has been articulated so as to start from the observation of the internal disequilibria that make the Earth a planet in continuous movement, up to the manifestations of the earth’s dynamics producing a significant impact on human life, such as volcanic eruptions, earthquakes and climate changes. These themes have been illustrated with models, demonstrations with scientific instruments, interactive exhibits and videos. Thanks to the activities carried out, the visitors have been able to exchange their points of view with the INGV staff, developing reflections on the proposed topics. Very important for the successful interaction between the INGV personnel involved and the public was the climate of collaboration and harmony created thanks to proactive attitudes, professionalism and skills of the staff who have planned, organized and participated in the event., Dopo il periodo pandemico legato alla diffusione del COVID­19, personale dell’Istituto Nazionale di Geofisica e Vulcanologia (INGV) con diverse competenze e proveniente da diverse aree geografiche ha progettato e organizzato la partecipazione dell’Istituto alla XXXVI edizione della manifestazione divulgativa “Futuro Remoto”, che si è svolta a Napoli dal 22 al 27 novembre 2022, finalmente tornata in presenza. Partendo dal tema indicato dagli organizzatori – denominato “Equilibri” – il gruppo di lavoro ha formulato una proposta intitolata “Terra: alla costante ricerca di un equilibrio”. La proposta è articolata in un percorso che parte dall’osservazione dei disequilibri globali che rendono la Terra un pianeta in continuo movimento, fino alle manifestazioni della dinamica terrestre che hanno grande impatto sulla vita dell’uomo come le eruzioni vulcaniche, i terremoti e i cambiamenti climatici. Questi temi sono stati illustrati con plastici, dimostrazioni con strumentazioni scientifiche, exhibit interattivi e video. Grazie alle attività svolte, i visitatori si sono confrontati con il personale INGV presente, sviluppando riflessioni sulle tematiche proposte. Molto importante per la riuscita interazione tra i ricercatori coinvolti e il pubblico è stato il clima di collaborazione e affiatamento che si è creato grazie a atteggiamenti proattivi, alla professionalità e alle diverse competenze del personale che ha organizzato, realizzato e partecipato all’evento.

Unconventional geothermal resource development can contribute to increase power generation from renewable energy sources in countries without conventional hydrothermal reservoirs, which are usually associated with magmatic activity and extensional faulting, as well as to expand the generation in those regions where conventional resources are already used. Three recent drilling experiences focused on the characterization of unconventional resources are described and compared: the Campi Flegrei Deep Drilling Project (CFDDP) in Italy, the United Downs Deep Geothermal Power (UDDGP) project in the United Kingdom, and the DEEP Earth Energy Production in Canada. The main aspects of each project are described (geology, drilling, data collection, communication strategies) and compared to discuss challenges encountered at the tree sites considered, including a scientific drilling project (CFDDP) and two industrial ones (UDDGP and DEEP). The first project, at the first stage of pilot hole, although not reaching deep supercritical targets, showed extremely high, very rare thermal gradients even at shallow depths. Although each project has its own history, as well as social and economic context, the lessons learned at each drilling site can be used to further facilitate geothermal energy development. This research was co-funded by ICDP consortium and INGV for the CFDDP. Grant number CFDDP 05-2008.

Volcanic monitoring has as main goal the identification of typical phenomena of impending-eruption precursors. Therefore, recording a large amount of data of volcanic gases composition, during the quiescence period, is fundamental in order to identify baseline values to be distinguished from any anomalous geochemical signal. The gases emitted by most of the volcanoes are difficult to be sampled especially when the volcano is restless. Volcanic gases have traditionally been monitored by means of direct in situ sampling of fumaroles, followed by laboratory analysis [e.g., Symonds et al., 1994]. However, since direct sampling is often impractical and hazardous, particularly during eruptions, or of too low temporal resolution, efforts have been made (since the 1970s) to improve volcanological applications of optical remote sensing techniques [Pedone et al., 2014; and references therein]. Soil-gas surveys of hydrothermal volcanoes in a quiescent condition have also quantified diffuse CO2 emissions, but much less information has been obtained on fumarolic CO2 emissions. Because of these difficulties, the volcanic CO2 flux (the most reliable gas precursor to an eruption, [Aiuppa et al., 2015]) inventory remains sparse and incomplete for most of the active volcanoes on Earth [Burton et al., 2013]. Collection of fumarole gases is – depending on the state of volcanic activity, for logistics and other practical reasons – mostly performed discontinuously with time intervals ranging from days, weeks or even months between consecutive sample collections [Pecoraino and Giammanco, 2005]. Conventional sampling requires that operators collect fluid samples directly from the fumarolic vent in different kind of flasks directly on site. By this way any short-term variation in gasgeochemical parameters may be missed.

Since 2000, a Thermal Ionisation Mass Spectrometer (Thermo ScientificTM Triton TI® Mass Spectrometer) and a clean laboratory are operating at the Istituto Nazionale di Geofisica e Vulcanologia (INGV), Sezione di Napoli, Osservatorio Vesuviano (OV) to measure strontium (Sr) and neodymium (Nd) isotope compositions of volcanic products for scientific purposes. In 2014 particular attention has been dedicated to set up the analytical procedure for extracting Sr and Nd and measuring their isotope compositions from groundwater and mineral water, due to its growing interest on environmental topics. Strontium is considered a trace element and Sr2+ preferentially substitutes for Ca2+ in most rock types since it geochemically behaves like calcium. Groundwater is enriched in Sr during water-rock interaction processes occurring within the saturated and/or unsaturated zones. Conversely, Sr is removed from water as a result of mineral precipitation and ion exchange reactions. The most common removal process is the coprecipitation of Sr2+ ions with calcium carbonate. However, this latter process does not fractionate Sr2+ [Faure and Powell, 1972]. Therefore, the Sr isotopic composition of groundwater records an integrated signal of water-rock interaction along flow path and dissolution/precipitation events, and can be used as a dynamic tracer to constrain subsurface flow in volcanic, non volcanic and geothermal areas. Water is a natural resource, which is renewed by different processes. The aforementioned geochemical processes and reactions with dissolving/precipitating minerals have a profound effect on water quality. Since the 1990s, Sr isotopes have been extensively used as a natural tracer of groundwater flow [Peterman and Stuckless, 1992; Bullen et al., 1996; Johnson and De Paolo, 1994; McNutt et al., 1990; McNutt, 2000; Frost et al., 2002; Gosselin et al., 2004; Klaus et al., 2007] because groundwater progressively acquires the 87Sr /86Sr isotopic ratio from the rocks with which it has interacted [Prasanna et al. 2009]. Furthermore, variable Sr isotope ratios and concentrations characterize different groundwater sources and are tracers of groundwater mixing [eg. Carucci et al., 2012]. In this work we present the first results obtained by analyzing the Sr isotope composition of two mineral waters, selected groundwater samples from Mt. Etna and a certified water sample from North America (National Research Council Canada - NRC, Certified Reference Materials - CRM TM-25.4). On the contrary, the Nd isotope ratios of such water samples have been not measured due to the low Nd content of the investigated samples. A statistically representative data set on certified international standards (NIST SRM 987, La Jolla and JNdi-1) was used to evaluate the quality of the analytical data produced at the INGVOV Radiogenic Isotope Laboratory since 2014. This methodological approach will allow us to isotopically characterize different water systems with the aim to trace back the water-rock interaction and mixing processes in different environments. This analytical procedure could be exported to other geological contests and applied to other types of waters (e.g. surface and thermal water).

La città di Napoli presenta un assetto morfologico molto articolato, inserito nella parte orientale dei Campi Flegrei (fig. 1a), che sono un campo vulcanico caratterizzato da eventi prevalentemente esplosivi e da centri distribuiti in un territorio molto vasto [Rosi e Sbrana, 1987; Orsi et al., 1996]. La vulcano-tettonica dell’area è dominata da due collassi calderici legati alle due eruzioni di Ignimbrite Campana e Tufo Giallo Napoletano e da ulteriori eventi deformativi di minore entità che hanno ulteriormente dislocato le sequenze di rocce dell’area napoletano-flegrea a varie quote. Inoltre l’area è caratterizzata da un vistoso fenomeno di risorgenza che ha dislocato in blocchi il fondo della caldera e determinato, tra l’altro, il significativo sollevamento del terrazzo marino de La Starza [Cinque et al., 1985]. Questo contesto ha portato alla presenza di rilievi collinari, in prevalenza tufacei, ricoperti dalla sequenza di prodotti delle eruzioni recenti (

In this article we study the corporate tax effects on credit market equilibria. In particular, we develop a model that accounts for five pieces of evidence: i) the existence of a tax incentive to borrow, ii) the negative relationship between leverage and profitability, iii) the existence of asymmetric information in credit markets, iv) the screening activity of lenders and v) the business cycle effects on the spread between the high-yield and the investment-grade interest rates on corporate loans. Assuming the existence of two types of firms, we show that either a separating or a pooling credit market equilibrium can arise. More importantly, the equilibrium is crucially affected by corporate taxation. Given these results, we also provide a welfare analysis and discuss corporate tax policy implications.

In this paper we develop a moral hazard model to investigate whether and how public financial institutions can mitigate a credit crunch problem caused by the financial crisis. Public institutions provide instruments that work to reduce the financial capital cost of private banks. This facilitates the access to credit, but may induce borrowers to invest in bad projects. We find that stimulating competition among banks is welfare-enhancing in that it disciplines borrowers. Alternatively, a concentrated banking sector can increase welfare through monitoring, provided that public intervention in the form of credit guarantees does not undermine the incentive to monitor.

How do wage and other financial benefits affect the set of candidates for political office? In this theoretical paper, we answer the question by studying self-selection into politics of individuals with heterogeneous skills and heterogeneous motivations. Our predictions are in line with the efficiency wage results proposed by the extant literature when a benchmark model with skills as the sole relevant characteristic of individuals is considered. Welfare is increasing in the politicians'wage since the best, i.e., high-skilled, individuals are attracted to politics only if their remuneration covers their high opportunity costs. Our findings are remarkably different when motivation is also taken into account. Welfare is not likely to be maximized when the politicians'wage is relatively high, for high-skilled individuals with market-oriented rather than public-spirited motivation are attracted. Finally, we provide an overview of the labor market of politicians in Europe and suggest that the Italian Parliament might be representative of our inefficiency wage mechanism, which we call moneycracy.

During this work has been developed an innovative methodology for continuous and in situ gas monitoring (24/24 h) of fumarolic and soil diffusive emissions applied to the geothermal and volcanic area of Pisciarelli near Agnano inside the Campi Flegrei caldera (CFc). In literature there are only scattered and in discrete data of the geochemical gas composition of fumarole at Campi Flegrei; it is only since the early ’80 that exist a systematic record of fumaroles with discrete sampling at Solfatara (Bocca Grande and Bocca Nuova fumaroles) and since 1999, even at the degassing areas of Pisciarelli. This type of sampling has resulted in a time series of geochemical analysis with discontinuous periods of time set (in average 2-3 measurements per month) completely inadequate for the purposes of Civil Defence in such high volcanic risk and densely populated areas. For this purpose, and to remedy this lack of data, during this study was introduced a new methodology of continuous and in situ sampling able to continuously detect data related and from its soil diffusive degassing. Due to its high sampling density (about one measurement per minute therefore producing 1440 data daily) and numerous species detected (CO2, Ar, 36Ar, CH4, He, H2S, N2, O2) allowing a good statistic record and the reconstruction of the gas composition evolution of the investigated area. This methodology is based on continuous sampling of fumaroles gases and soil degassing using an extraction line, which after undergoing a series of condensation processes of the water vapour content - better described hereinafter - is analyzed through using a quadrupole mass spectrometer

In this paper we study optimal choices of self-selection into politics and commitment once in office on the part of citizens with heterogeneous abilities and heterogeneous motivations. Politicians can moonlight, i.e., they can work in the market sector while appointed in parliament. Our theoretical framework shows that high-ability citizens may enter politics. Yet while high-ability non-motivated (market-fit) politicians are likely to shirk, high-ability motivated (public-fit) ones are more committed to parliamentary activity. We test our predictions by using a unique database of Italian parliamentarians for the period 1996-2006. We find evidence of advantageous selection of the market-fit and the public-fit politicians in that they both display a pre-election income greater than that of the Italian population. We also show that the commitment of the market-fit parliamentarians in terms of voting attendance is negatively affected by income opportunities, whilst this is not the case for the public-fit ones.

In this paper we consider a credit rationing problem between a bank and a creditworthy firm. We then determine whether and how the intervention of an external financial institution can facilitate the access to credit. In particular, we focus on the European Investment Bank Group (EIBG), which provides (i) specific credit lines to help banks that finance small and medium-sized enterprises (SMEs) and (ii) guarantees for portfolios of SMEs’ loans. We show that especially during crises an appropriate EIBG’s intervention allows to reduce credit rationing.

Using a longitudinal data set of balance sheets of 504 non profit and for-profit firms operating in the social residential sector in Italy, we investigate the relationship between capital structure and type of enterprise. The nondistribution constraint typical of nonprofit organizations increases the fraction of own capital on total investment: this is shown, by means of a theoretical moral hazard model, to reduce their leverage. By contrast, the intrinsecally high commitment of nonprofit entrepreneurs weakens the moral hazard problem: this augments leverage (ii). Our empirical analysis shows that once control for observable characteristics for-profitt companies have a leverage 6% higher than nonprofit enterprises, even if the latter faces lower credit costs. We explain this finding by arguing that effect prevails on effect.