The Financial Constraints of Italian Businesses in Crisis Times. Banks, Businesses, Confidi, Guarantees

C. Imbriani and G. Scanagatta

Rivista economica del Mezzogiorno, 2012, issue 3, 445-462

Abstract: The aim of this paper is to analyse the financial constraints to the developmentof Italian businesses in crisis times.The theoretical part of the paper focuses on two elements of the so-calledconfidi that, interacting each other, define their characteristics: the cooperativeelement and the guarantee factor. These two factors tend to reduce credit rationingaffecting both small and medium-size enterprises and those located in disadvantagedareas.The empirical analysis investigates the degree of capitalization and the leverageof Italian businesses in relation to European ones.In addition, the structural and functional aspects of the Fondo Centrale diGaranzia (a fund designated to issue final guarantees) for small and medium enterprisesat the Ministry of Economic Development are considered. In this context,the amounts received and guaranteed by the Fondo Centrale di Garanziaare analysed according to their different distributions, also considering their geographicaldestinations, the ways of interventions under the form of co-guarantee,counter-guarantees to confidi, guarantee to banks; the economic sectors and thedeadline structure of the operations.Finally, this paper considers how the functionality of confidi and Fondo Centraledi Garanzia may reduce the degree of rationing that, especially during crisistimes, affects small and medium-sized enterprises, particularly those located inthe South of Italy.

Keywords: Financial Constraints; Banks; Businesses; Guarantees; Confidi. (search for similar items in EconPapers)
Date: 2012
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