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Erschienen in:
2015 | OriginalPaper | Buchkapitel
After the Credit Crunch: Long-Term Finance for Economic Growth
verfasst von : Angelo S. Baglioni, Andrea Monticini, Giacomo Vaciago
Erschienen in: The Restructuring of Banks and Financial Systems in the Euro Area and the Financing of SMEs
Verlag: Palgrave Macmillan UK
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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.