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Effetti differenziali delle politiche monetarie sugli investimenti delle imprese industriali italiane: un’analisi con metodologia panel

Author

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  • Giuseppe Cinquegrana

Abstract

Questo lavoro analizza l'impatto degli shock di politica monetaria sulle decisioni di investimento delle imprese italiane, tenendo conto delle diverse risposte in base alla loro posizione geografica. In particolare, si stima un modello di acceleratore dinamico con metodologia panel utilizzando un approccio Generalized Method of Moments. I coefficienti stimati sembrano confermare la presenza di un’asimmetria territoriale tra le unità produttive industriali del Centro-Nord e quelle del Sud Italia nella sensibilità degli investimenti alle variazioni dell’user cost of capital per ciascuna impresa come conseguenza di modifiche del tasso di interesse di riferimento adottati dall’autorità monetaria. I risultati mostrano che, contrariamente a quanto avviene nel Centro-Nord, gli investimenti a medio termine delle imprese industriali meridionali non aumentano in risposta alla riduzione dei tassi di interesse. Pertanto, l’attività di accumulazione per le imprese industriali nel Sud d’Italia non sembra essere sensibile agli impulsi prodotti da politiche monetarie espansive, dato che l'inefficienza del sistema finanziario locale e la presenza di vincoli istituzionali, essendo i fattori determinanti per l’elevato costo di finanziamento bancario per le imprese meridionali, rendono vischioso il tradizionale canale di trasmissione monetaria.

Suggested Citation

  • Giuseppe Cinquegrana, 2014. "Effetti differenziali delle politiche monetarie sugli investimenti delle imprese industriali italiane: un’analisi con metodologia panel," RIVISTA DI ECONOMIA E STATISTICA DEL TERRITORIO, FrancoAngeli Editore, vol. 2014(3), pages 40-78.
  • Handle: RePEc:fan:restre:v:html10.3280/rest2014-003002
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    References listed on IDEAS

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