Calcagno, Riccardo; Kräussl, Roman; Monticone, Chiara - 2008
We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the … access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the … long run the amount of liquid assets available to Italian firms. We argue that this reform, implemented in July 2007, will …
