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Credit supply during a sovereign debt crisis

Bofondi, Marcello; Carpinelli, Luisa; Sette, Enrico - Banca d'Italia - 2013

We study the effect of the increase in Italian sovereign debt risk on credit supply on a sample of 670,000 bank-firm relationships between December 2010 and December 2011, drawn from the Italian Central Credit Register. To identify a causal link, we exploit the lower impact of sovereign risk on...

Persistent link: https://www.econbiz.de/10011099677

The negative feedback loop between banks and sovereigns

Angelini, Paolo; Grande, Giuseppe; Panetta, Fabio - Banca d'Italia - 2014

More than three years since the outbreak of the sovereign debt crisis in the euro area the banking systems of several countries remain exposed to the vagaries of government bond markets. The paper analyzes the different channels through which sovereign risk affects banking risk (and vice versa),...

Persistent link: https://www.econbiz.de/10011100401

The impact of the sovereign debt crisis on the activity of Italian banks

Albertazzi, Ugo; Ropele, Tiziano; Sene, Gabriele; … - Banca d'Italia - 2012

We assess the effects of the sovereign debt crisis on Italian banksï¿½ activity using aggregate data on funding and loan rates, lending quantities and income statements for the period 1991-2011. We augment standard reduced-form equations for the variables of interest with the spread on...

Persistent link: https://www.econbiz.de/10011105110

Bank balance sheets and the transmission of financial shocks to borrowers: evidence from the 2007-2008 crisis

Patti, Emilia Bonaccorsi di; Sette, Enrico - Banca d'Italia - 2012

We use Italian data on bank lending to firms to study the transmission of shocks affecting bank balance sheets to the volume and cost of credit granted to business borrowers and to the probability of banks accepting loan applications from new borrowers during the 2007-2008 financial crisis. The...

Persistent link: https://www.econbiz.de/10009645790

Real effects of banking crises: a survey of the literature

Carpinelli, Luisa - Banca d'Italia - 2009

The literature is unanimous in highlighting that banking crises have a negative impact on GDP, usually more pronounced in developing economies. The magnitude of the losses is more controversial: the quantitative results of studies on the repercussions of banking crises on economic activity, in...

Persistent link: https://www.econbiz.de/10008546340

Credit supply, flight to quality and evergreening: an analysis of bank-firm relationships after Lehman

Albertazzi, Ugo; Marchetti, Domenico J. - Banca d'Italia - 2010

This paper analyzes the effects of the financial crisis on credit supply by using highly detailed data on bank-firm relationships in Italy after Lehman’s collapse. We control for firms’ unobservable characteristics, such as credit demand and borrowers’ risk, by exploiting multiple lending....

Persistent link: https://www.econbiz.de/10008509918

Credit ratings in structured finance and the role of systemic risk

Violi, Roberto - Banca d'Italia - 2010

This paper explores the implications of systemic risk in Credit Structured Finance (CSF). Risk measurement issues loomed large during the 2007-08 financial crisis, as the massive, unprecedented number of downgrades of AAA senior bond tranches inflicted severe losses on banks, calling into...

Persistent link: https://www.econbiz.de/10008677911

The sectoral distribution of money supply in the Euro area

Ferrero, Giuseppe; Nobili, Andrea; Passiglia, Patrizia - Banca d'Italia - 2007

The strong and prolonged deviation of money growth from its reference value since 2001 has caused concern among policy … might be smaller than previously assumed. We provide a sectoral breakdown of money holdings and show that current excess … liquidity conditions are in some measure related to the acceleration of non-bank financial intermediariesï¿½ money demand, as …

Persistent link: https://www.econbiz.de/10005609365

Did inflation really soar after the euro cash changeover? Indirect evidence from ATM withdrawals

Angelini, Paolo; Lippi, Francesco - Banca d'Italia - 2006

The introduction of the euro notes and coins in the first two months of 2002 was followed by a lively debate on the alleged inflationary effects of the new currency. In Italy, as in the rest of the euro area, survey-based measures signaled a much sharper rise in inflation than measured by the...

Persistent link: https://www.econbiz.de/10005609383

Stock market fluctuations and money demand in Italy, 1913-2003

Caruso, Massimo - Banca d'Italia - 2006

This paper examines the impact of stock market fluctuations on money demand in Italy taking a long-run perspective. The … includes dividends and real money balances; however, the estimated long-run relationship is unstable. In a dynamic, short …-term specification of money demand the estimated coefficient on deflated stock prices is positive, thus compatible with a wealth effect …

Persistent link: https://www.econbiz.de/10005609359

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