La restrizione del credito in uno schema di teoria monetaria della produzione: il caso italiano

Guido Traficante and Guglielmo Forges Davanzati ()

Moneta e Credito, 2018, vol. 71, issue 283, 211-233

Abstract: This paper deals with the causes and the effects of a credit restriction in Italy, within the theoretical framework of the monetary theory of production, as elaborated by Augusto Graziani. It will be argued that credit restriction ultimately depends on the decline of aggregate demand. Empirically, this view is supported for Italy, France and Germany. However, a monetary policy tightening implemented by the European Central Bank does not lead to a significant credit reduction in Italy, probably due to the low degree of substitutability of bank financing, given that the Italian production structure is mainly characterized by small and medium enterprises.

Keywords: monetary theory of production; credit restriction; aggregate demand (search for similar items in EconPapers)
JEL-codes: E12 E51 E52 (search for similar items in EconPapers)
Date: 2018
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