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.
|Numero di pagine||13|
|Rivista||RIVISTA DI POLITICA ECONOMICA|
|Stato di pubblicazione||Pubblicato - 2014|
- credit crunch
- financial crisis
- non-bank funding.