After the Credit Crunch: Long-Term Finance for Economic Growth

Risultato della ricerca: Contributo in rivistaArticolo in rivistapeer review


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.
Lingua originaleEnglish
pagine (da-a)217-229
Numero di pagine13
Stato di pubblicazionePubblicato - 2014


  • credit crunch
  • financial crisis
  • non-bank funding.


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