After the Credit Crunch: Long-Term Finance for Economic Growth
Angelo Baglioni (),
Andrea Monticini and
Giacomo Vaciago ()
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Giacomo Vaciago: Catholic University of the Sacred Heart-Department of Economics and Finance, Milan
Rivista di Politica Economica, 2014, issue 2, 217-229
We stress the role of a more balanced financial structure for the Italian corporate sector. Three sources of funding are seen as complementary: equity, long-term debt, and bank loans. An analysis of the credit crunch shows the emergence of two phases: the first from the Lehman crash (2008) to 2010; the second from the sovereign debt crisis (2011) to today. The supply of bank credit will not recover quickly, since bank behaviour is pro-cyclical and prudential regulation will not help. Italian firms should become less dependent on banks. Specialised intermediaries should channel funds from institutional investors to the corporate sector.
Keywords: credit crunch; financial crisis; non-bank funding. (search for similar items in EconPapers)
JEL-codes: E50 G20 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:y:2014:i:2:p:217-229
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