The two recessions that have hit Italy since the end of 2008 have raised the share of non-performing loans to businesses in banks� portfolios substantially. In this paper we evaluate to what extent the deterioration of credit quality was due not only to the decline in firms� sales...

The recent economic and financial crisis has drawn attention to how mutual guarantee institutions (MGIs) facilitate small and medium enterprises in accessing bank financing. The aim of this paper is twofold. First, we describe the structural features of the Italian market for mutual guarantees...

We investigate whether the shape of relations between banks and firms has had a detectable effect in mitigating the credit contraction that followed Lehman's default in September 2008. Using micro data on a large sample of Italian firms, we analyze the relation between firms' debt concentration...

Using unique matched bank-firm data on export, import and ordinary loans for a large sample of Italian manufacturing exporters for the years 2007-2010, this paper investigates the role of trade finance in a credit shock. We find that the credit shock faced by exporters in the aftermath of the...

This paper studies the characteristics of the Italian nonfinancial firms using derivatives and the purpose of the derivatives use according to the most important literature in financial risk management. By using the Italian credit register and balance sheet data this study extends for the first...

The paper offers theoretical and empirical insights into the links between banks and firms in industrial districts ans to the way way investment is financed. The conclusion is that the rise of district banking localism cannot be taken for granted and that industrial districts do not seem...

In this paper we examine trade credit terms in Italy on the basis of two original surveys carried out by the Bank of Italy. The surveys show that 80-90 per cents of sales are paid on a deferred payment basis of 90 days on average and a delay of 11 days. 83 per cent of trade credit is extended on...

Why do some countries suffer from backward financial institutions and weak corporate governance rules? We show that, even if, overall, the economy would benefit corporate governance reforms, not all the agents would stand to gain from the improvement. In particular, entrepreneurs and firms that...

The paper offers theoretical and empirical insights into the links between banks and firms in industrial districts and to the way investment is financed. Theoretically, it is assumed that district-banking localism is embedded in the industrial districts� social context. District banks...

Trade credit arises from delayed payments between firms. It is not easy to identify its determinants since they are connected to organisational,technical, commercial and financial factors.In this paper we empirically examine the determinants of the usage of trade credit by Italian industrial...