In this paper we examine trade credit terms in Italy on the basis of two original surveys carried out by the Bank of … of 11 days. 83 per cent of trade credit is extended on net terms (with no discount offered for prompt payment). When two …-part terms are offered, the cost of trade credit is normally very high and well above market interest rates. These results point …

) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that … their inventory investment is constrained by the availability of trade credit. As for the magnitude of the substitution … effect, however, this study finds that it is not sizable. This is in line with the micro theories of trade credit and the …

A remarkable feature of short-term business finance is the widespread use of trade credit as collateral in bank …

Trade credit arises from delayed payments between firms. It is not easy to identify its determinants since they are … the usage of trade credit by Italian industrial firms. We use an original database that contains detailed information from … an ad hoc survey of Bank of Italy on trade credit, from Italian Central Credit Register on banking relations and from …

Structural Vector Autoregressions (SVAR) by focusing on the effects of monetary policy, credit supply and housing demand shocks … policy shocks in the U.S. The evidence is less clear-cut for housing demand shocks. Finally, credit supply shocks seem to …

developments in Italy have been broadly in line with the fundamentals; during the recent financial crisis, the worsening in credit …