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Access to credit in times of crisis: measures to support firms and households


  • Laura Bartiloro

    () (Banca d'Italia)

  • Luisa Carpinelli

    () (Banca d'Italia)

  • Paolo Finaldi Russo

    () (Banca d'Italia)

  • Sabrina Pastorelli

    () (Banca d'Italia)


The financial crisis that started in August 2007 has led to a worsening in the conditions of credit supply to customers. Since the second half of 2008, several measures have been adopted in order to sustain access to credit for both firms and households, such as debt moratoria, provisions of guarantees on specific types of loans, and various forms of incentives to increase the supply of lending. The initiatives aimed at firms have been sizeable, involving financial resources up to as much as 5 per cent of total bank loans granted between the beginning of 2009 and September 2011. The corresponding value for households has been more modest, slightly above 1 per cent; this is mainly because of the strict qualification requirements applied to some of the initiatives and to their limited financial endowment.

Suggested Citation

  • Laura Bartiloro & Luisa Carpinelli & Paolo Finaldi Russo & Sabrina Pastorelli, 2012. "Access to credit in times of crisis: measures to support firms and households," Questioni di Economia e Finanza (Occasional Papers) 111, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:opques:qef_111_12

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    Cited by:

    1. International Monetary Fund, 2013. "Italy; Technical Note on the Financial Situation of Italian Households and Non-Financial Corporations and Risks to the Banking System," IMF Staff Country Reports 13/348, International Monetary Fund.
    2. Esposito, Lucia & Nobili, Andrea & Ropele, Tiziano, 2015. "The management of interest rate risk during the crisis: Evidence from Italian banks," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 486-504.

    More about this item


    access to credit; debt moratoria; guarantee provisions;

    JEL classification:

    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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