Financialisation and Economic and Financial Crises: The Case of Italy

Giampaolo Gabbi, Elisa Ticci () and Pietro Vozzella
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Pietro Vozzella: University of Siena

FESSUD studies from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This report on Italy examines the long-run changes between the financial and the real sectors of the economy, with a focus on the effects of financialization on the macroeconomic developments which drove to the 2007 financial crisis. The first part provides some analysis on the major GDP components and the financial balance pattern over the long period. The analysis allows to classify the nature of Italian growth as mainly consumer led type. The second part finds out the effects of an increasing dominance of finance since the beginning of the 1990s on income distribution, investment in capital stock, consumption and the current account. The third part links the long-run developments with the financial and economic crisis, showing how the consumer collapse and the public investment constraints explain how the recession is still charactering the Italian economy.

Keywords: income inequality; consumption; financialisation; financial and economic crisis; current account; credit; Italy (search for similar items in EconPapers)
JEL-codes: D31 D33 E21 E24 E25 E62 E64 G21 (search for similar items in EconPapers)
Pages: 71 pages
Date: 2014-12-01
New Economics Papers: this item is included in nep-fdg and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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