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The financing of Italian firms and the credit crunch: findings and exit strategies

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  • Elisabetta Gualandri

    ()

  • Valeria Venturelli

    ()

Abstract

The aim of the paper is to analyse how credit crunch has modified the traditional bank-firm relationship with a particular attention to the Italian situation. Our analysis reinforces the finding that in Italy, the credit available to the real economy is insufficient in terms not only of quantity but also of quality. The subsequent step is to identify and discuss possible exit strategies for eliminating the credit crunch and to overcome serious intrinsic shortcomings in terms of alternative instruments, markets and intermediaries. In fact, if on the one hand the crisis has revealed the underdevelopment of the Italian financial market, the insufficient role of institutional investors, the embryonic state of the corporate bond markets and the virtual non-existence of commercial paper markets; on the other hand, it could finally provide the opportunity for the development of these channels. The changing role of banks in the new scenario is also analysed as well as the characteristics firms will require to benefit from it.

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Bibliographic Info

Paper provided by Universita di Modena e Reggio Emilia, Facoltà di Economia "Marco Biagi" in its series Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) with number 13101.

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Length: pages 27
Date of creation: Oct 2013
Date of revision:
Handle: RePEc:mod:wcefin:13101

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Web page: http://www.economia.unimore.it
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Keywords: credit crunch; sovereign debt crisis; bank-firm relationship; SMEs financing; alternative financing measures;

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References

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