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Investment and investment financing in Italy: some evidence at the macro level

Listed author(s):
  • Claire Giordano


    (Bank of Italy)

  • Marco Marinucci


    (Bank of Italy)

  • Andrea Silvestrini


    (Banca d'Italia)

We analyse the developments of investment and investment financing in Italy since 1995, based on data from national accounts and the flow of funds. The exceptional fall in investment after the global financial crisis in 2007 concerned all institutional sectors and asset categories. However, appropriately deflated data highlight the more intense fall of household capital expenditure. Consistently, on the asset side, construction was one of the most hard-hit capital goods; ICT and intangible investment instead weathered the double recession better. Focusing on investment financing, the eruption of the crisis caused a major contraction in the availability of external finance for non-financial corporations and households. Long-term loans to non-financial corporations became more important, crowding out their short-term counterparts. Also the weight of debt securities increased significantly, especially after 2008.

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Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 307.

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Date of creation: Feb 2016
Handle: RePEc:bdi:opques:qef_307_16
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  1. Matteo Accornero & Paolo Finaldi Russo & Giovanni Guazzarotti & Valentina Nigro, 2015. "First-time corporate bond issuers in Italy," Questioni di Economia e Finanza (Occasional Papers) 269, Bank of Italy, Economic Research and International Relations Area.
  2. Adrian Blundell-Wignall & Caroline Roulet, 2015. "Infrastructure versus other investments in the global economy and stagnation hypotheses: What do company data tell us?," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2014(2), pages 7-45.
  3. Giorgio Albareto & Paolo Finaldi Russo, 2012. "Financial fragility and growth prospects: credit rationing during the crisis," Questioni di Economia e Finanza (Occasional Papers) 127, Bank of Italy, Economic Research and International Relations Area.
  4. Brent Neiman, 2014. "The Global Decline of the Labor Share," The Quarterly Journal of Economics, Oxford University Press, vol. 129(1), pages 61-103.
  5. Fabio Busetti & Claire Giordano & Giordano Zevi, 2015. "Main drivers of the recent decline in Italy’s non-construction investment," Questioni di Economia e Finanza (Occasional Papers) 276, Bank of Italy, Economic Research and International Relations Area.
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