The international crisis and the Italian productive system: a firm-level study
We study the effects of the world economic crisis which began in 2007 on the Italian productive system. National accounts data are supplemented with information gathered in spring 2009 from the Bank of Italyï¿½s survey on industrial and service firms, and from interviews with about 70 of their managers. Our sources confirm that this recession is the most severe recorded since the Second World War and that more than in the past, the recovery of the Italian economy will have to rely on internal demand dynamics and on firmsï¿½ ability to respond to increased competitive pressure. Our rich dataset allows us to formulate some initial responses to important issues by distinguishing between firms according to size, sector and propensity to export. When the crisis struck, the Italian productive system was in the middle of a profound, albeit partial, restructuring process, the first fruits of which were beginning to be seen. It is therefore important to understand whether some of the firms that have been most involved in the restructuring process and which are therefore in debt today, are encountering external funding difficulties in this context of widespread falling demandï¿½difficulties serious enough to threaten their very survival.
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- Antonio Bassanetti & Martina Cecioni, & Andrea Nobili & Giordano Zevi, .
"Le principali recessioni italiane: un confronto retrospettivo,"
wp2010-9, Department of the Treasury, Ministry of the Economy and of Finance.
- Antonio Bassanetti & Martina Cecioni & Andrea Nobili & Giordano Zevi, 2011. "Le principali recessioni italiane: un confronto retrospettivo," Rivista di Politica Economica, SIPI Spa, issue 3, pages 281-318, JULY-SEPT.
- Severin Borenstein & Joseph Farrell, 1998. "Inside the Pin-Factory: Empirical Studies Augmented by Manager Interviews," NBER Books, National Bureau of Economic Research, Inc, number bore98-1.
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