We build a model to simulate how the euro-area market-based financial system may function under stressed conditions, such as the COVID-19 turmoil. The core of the model is a set of representative agents reflecting key economic sectors, which interact in asset, funding and derivatives markets and...

Italian Abstract: Il lavoro fornisce una valutazione, di taglio normativo ed empirico, di alcune misure tese ad agevolare la concessione di liquidità a favore di imprese che abbiano avviato una procedura di concordato preventivo. Dal 2010 in avanti, vari interventi legislativi hanno...

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 during the...

Italian Abstract: Questo studio illustra i risultati di un'indagine sull'efficacia delle procedure di recupero dei crediti alle imprese condotta dalla Banca d'Italia nel 2015 presso i maggiori gruppi bancari. Il tasso di recupero delle liquidazioni nel periodo 2011-14 è stato leggermente...

Unlikely to pay loans (UTPs) are non-performing loans (NPLs) that have a non-zero probability of returning to the performing state. This paper draws on Italian Central Credit Register data on the entire population of Italian UTP firms from 2005 to 2019, matched with firm and bank balance sheet...

We investigate the duration of bad loans for a unique data set of sole proprietorships in Italy, finding that bad loans for female firms last longer. However, this result is mainly due to the fact that loans granted to female firms are less frequently written off than those to male ones,...

This study presents the results of a survey carried out by the Bank of Italy in 2015 on the efficiency of credit recovery procedures undertaken by the main Italian banking groups. The recovery rate for liquidations in the years 2011-2014 was slightly above 40 per cent, and the largest share of...

We analyse the evolution of capital and labour (mis)allocation across firms in five euro-area countries (Belgium, France, Germany, Italy and Spain) and eight main sectors of the economy during the period 2002-2012. Three key stylized facts stand out. First, in all countries except Germany,...

This paper analyzes the potential and the limits of project finance for the provision of local public services and compares them with alternative instruments in the light of current regulation. The main requirements for project finance, even in non quot;purequot; forms, to justify its complex...

The Italian insolvency framework makes several restructuring tools available to firms and their creditors, so that distress does not necessarily lead to liquidation. This paper analyses two such instruments: debt restructuring agreements (DRAs) and compositions with creditors (CCs), both...