This study provides a first assessment of Italian banks' exposure to physical risk arising from climate change in relation to lending to non-financial corporates. Based on granular data on loans and on the likelihood of climate-related events, we quantify to what extent physical risk could...

This study analyzes high-frequency data on credit cards to identify the impact of the COVID-19 pandemic on Italian consumer transactions. Using an event study approach, it finds that during the national lockdown total transactions fell by over 50%. The decline was particularly severe in...

We analyse new survey data from a representative sample of about 2,000 Italian micro-entrepreneurs to assess their level of financial and digital competences and to investigate whether these skills help them cope with unexpected shocks. We find that the financial literacy and digital skills of...

The spread of the pandemic and the consequent adoption of lockdown measures to prevent infections had severe consequences for business activity and employment. By using data from the Italian Labour Force Survey, this paper simulates the effect of the COVID-19 crisis on the dynamics and...

In a context characterized by upcoming regulatory changes and deeply affected by the COVID-19 epidemic, this paper examines the diffusion of firm undercapitalization (i.e., the firm displaying a level of equity below the legal limit) among Italian corporations. In a proposal by the National...