Finanziare l'edilizia. Percezioni, progetti e realtà nella Lombardia del miracolo economico

Credit exerts a strong influence on the building activity. In the Fifties and Sixties, the Italian securities market was underdeveloped and public intervention could hardly keep up with demand. Access to credit then appeared as a key factor for builders, since it made up for private investment fluctuations. This paper adopts the viewpoint of the Milanese building association, as Lombardy was the largest real estate market in the country, together with Lazio. The Milanese association not only urged legislative innovations aimed at facilitating access to financial resources, but also helped to foster new operational mechanisms against market inefficiencies. The article investigates the main weaknesses of the banking sector according to the builders’ standpoint, and then it explores the development of the mortgage credit in Italy, especially focusing on the role played by the major national institution in this field, the Cassa di risparmio delle provincie lombarde.