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New Finance for Italian Firms.Issues of Mini-Bonds and SME Entering the Stock Exchange are the Most Promising Novelties

Author

Listed:
  • Ciro Rapacciuolo

    (Confindustria-Research Department, Rome)

Abstract

The difficulties of bank lending to Italian firms create an urgent need for new finance from alternative channels. This is essential to catch the recovery in 2014. More resources should come from private equity and mezzanine finance. Good news arrive from small and medium-sized enterprises (SME) accessing the stock-exchange. A promising novelty are the Mini-Bonds which try to open the corporate bond market to SME. We need to revive the securitization of loans. District and local bonds are little exploited. Positive development was recently seen in network finance. Confidi and Fondo Centrale di Garanzia should be strengthened to support access to credit.

Suggested Citation

  • Ciro Rapacciuolo, 20. "New Finance for Italian Firms.Issues of Mini-Bonds and SME Entering the Stock Exchange are the Most Promising Novelties," Rivista di Politica Economica, SIPI Spa, issue 2, pages 231-257, April-Jun.
    • Handle: RePEc:rpo:ripoec:y:2014:i:2:p:231-257
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    More about this item

    Keywords

    bond market; stock market; firm financial structure;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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