The economic losses inflicted by the pandemic shock caused severe capital shortfalls for many corporates, which led to public measures being adopted to support firms’ recapitalization and the rebalancing of their financial structure. However, evidence about the dynamics and features of these...

This work analyses the main trends in bond financing by Italian non-financial firms and its role in relation to bank credit across different economic phases. The first part of the analysis refers to the 2008-2019 period, characterized by both crisis and recovery episodes, while the second part...

In the run-up to the financial crisis Italian firms significantly increased their debt in absolute terms and in relation to equity and GDP. The positive gap in firms' leverage between Italy and other euro-area countries has widened in recent years, despite the outstanding debt of Italian firms...

This report analyses and reviews the corporate finance structure of non-financial corporations (NFCs) in the euro area, including how they interact with the macroeconomic environment. Special emphasis is placed on the crisis that began in 2007-08, thus underlining the relevance of financing and...