Disentangling demand and supply in credit developments: A survey-based analysis for Italy

Giovane, Paolo Del; Eramo, Ginette; Nobili, Andrea

doi:10.1016/j.jbankfin.2011.03.001

Cited by 281 publications

(44 citation statements)

References 23 publications

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“…Other research shows that during the crisis the vast majority of entrepreneurs adopted defensive strategies, based on cutting and downsizing actions (Cesaroni & Sentuti, 2014;Del Giovane, Eramo, & Nobili, 2011). As a consequence, financing needs were very low and firms did not require new loans.…”

Section: Access To Bank Credit a Comparison Between Men And Women Enmentioning

confidence: 99%

Economic crisis, women entrepreneurs and bank loans: some empirical evidence from Italy

Cesaroni

2016

Economic Research-Ekonomska Istraživanja

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This paper presents the main findings from an empirical research project, whose aim was to answer the following research questions: (1) Did men and women entrepreneurs ask for new bank loans during the crisis? (2) Did they obtain required bank loans at the same conditions? (3) Which variables, other than gender, influence access to bank credit? Data show that firms were very cautious in access to finance during the crisis and female-led firms asked for bank loans more rarely than male-led ones. Entrepreneurs' gender, age and education, banking history and industry only slightly affected access to credit during the crisis.

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Section: Access To Bank Credit a Comparison Between Men And Women Enmentioning

confidence: 99%

Economic crisis, women entrepreneurs and bank loans: some empirical evidence from Italy

Cesaroni

2016

Economic Research-Ekonomska Istraživanja

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“…Interestingly, the most recent episode of lending slowdown has been somewhat milder than in the 1992-93 recession, despite the severe 2008-09 output contraction, probably thanks to lower interest rates supporting demand and the policies put in place to sustain credit to small and medium sized enterprises. 20 The 2009-10 credit slowdown was mainly driven by weak demand, even though supply constraints appear to have prevailed for a period in early 2009 (Albertazzi and Marchetti, 2010;Panetta and Signoretti, 2010;Del Giovane et al, 2010;Zoli, 2010). 21 So far the pace of the slowdown in private sector credit seems to be lower than that experienced in previous recession episodes, possibly because the pace of credit growth in the pre-recession period has been slower.…”

Section: Impact Of Movements In Sovereign Spreads On Lending Condimentioning

confidence: 99%

Italian Sovereign Spreads: Their Determinants and Pass-through to Bank Funding Costs and Lending Conditions

Zoli

2013

IMF Working Papers

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Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect CDS spreads and bond yields of Italian banks, and are transmitted rapidly to firm lending rates. Banks with lower capital ratios and higher nonperforming loans were found to be more sensitive to swings in sovereign spreads. Credit supply constraints due to bank funding shortages from the sovereign debt crisis were a major factor behind the lending slowdown in late 2011, while in 2012 weak demand appears to have been driving changes in credit more than supply.

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“…The use of bank-level responses, however, is gaining traction. In a recent paper, Del Giovane, Eramo, and Nobili [2011] use a subset of bank-level responses of the ECB's Bank Lending Survey-the subset containing the responses of Italian banks-to quantify the importance of supply and demand factors behind the contraction in business lending during the recent financial crisis. 1 arise, for example, from banks' internal reassessments of the inherent riskiness of their business lines, changes in regulations or the supervisory environment, or changes in industry strategies (see Bassett and Zakrajšek [2003]).…”

Section: Introductionmentioning

confidence: 99%

Changes in Bank Lending Standards and the Macroeconomy

Bassett¹,

Chosak²,

Driscoll³

et al. 2010

SSRN Journal

106

190

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Identifying macroeconomic effects of credit shocks is difficult because many of the same factors that influence the supply of loans also affect the demand for credit. Using bank-level responses to the Federal Reserve's Loan Officer Opinion Survey, we construct a new credit supply indicator: changes in lending standards, adjusted for the macroeconomic and bank-specific factors that also affect loan demand. Tightening shocks to this credit supply indicator lead to a substantial decline in output and the capacity of businesses and households to borrow from banks, as well as to a widening of credit spreads and an easing of monetary policy.JEL Classification: E32, E44

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Disentangling demand and supply in credit developments: A survey-based analysis for Italy

Cited by 281 publications

References 23 publications

Economic crisis, women entrepreneurs and bank loans: some empirical evidence from Italy

Economic crisis, women entrepreneurs and bank loans: some empirical evidence from Italy

Italian Sovereign Spreads: Their Determinants and Pass-through to Bank Funding Costs and Lending Conditions

Changes in Bank Lending Standards and the Macroeconomy

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