We analyse the financing sources of over 360,000 Italian start-ups registered between 2003 and 2010. The data show that, before the Global Financial Crisis, 50 per cent of start-ups borrowed from banks when they were one year old, and that bank loans covered 16 per cent of total assets on...

This work analyses the main trends in bond financing by Italian non-financial firms and its role in relation to bank credit across different economic phases. The first part of the analysis refers to the 2008-2019 period, characterized by both crisis and recovery episodes, while the second part...