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After the Credit Crunch: Long-Term Finance for Economic Growth

Author

Listed:
  • Angelo S. Baglioni

    (Catholic University of the Sacred Heart-Department of Economics and Finance, Milan)

  • Andrea Monticini

    (Catholic University of the Sacred Heart-Department of Economics and Finance, Milan)

  • Giacomo Vaciago

    (Catholic University of the Sacred Heart-Department of Economics and Finance, Milan)

Abstract

We stress the role of a more balanced financial structure for the Italian corporate sector. Three sources of funding are seen as complementary: equity, long-term debt, and bank loans. An analysis of the credit crunch shows the emergence of two phases: the first from the Lehman crash (2008) to 2010; the second from the sovereign debt crisis (2011) to today. The supply of bank credit will not recover quickly, since bank behaviour is pro-cyclical and prudential regulation will not help. Italian firms should become less dependent on banks. Specialised intermediaries should channel funds from institutional investors to the corporate sector.

Suggested Citation

  • Angelo S. Baglioni & Andrea Monticini & Giacomo Vaciago, 2014. "After the Credit Crunch: Long-Term Finance for Economic Growth," Rivista di Politica Economica, SIPI Spa, issue 2, pages 217-229, April-Jun.
    • Handle: RePEc:rpo:ripoec:y:2014:i:2:p:217-229
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    More about this item

    Keywords

    credit crunch; financial crisis; non-bank funding.;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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