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Italy After The Crisis: A Case Of Recoveryless Credit Growth

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  • Antonio FORTE

    (Centro Europa Ricerche, Italy)

Abstract

In this study I compare the credit condition with the economic growth in Italy from January 2007 onward. Starting from the literature on the creditless recovery, I highlight the specific features of the Italian situation in which, notwithstanding the prolonged and deep economic crisis, the credit has persistently continued to grow. A comparison with the German case confirms the peculiar characteristics of the Italian condition. An econometric study supports this idea and, in order to depict this Italian economic situation, I propose a new expression: the recovery-less credit growth.

Suggested Citation

  • Antonio FORTE, 2011. "Italy After The Crisis: A Case Of Recoveryless Credit Growth," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 2(2), pages 132-140.
    • Handle: RePEc:srs:jtpref:v:2:y:2011:i:2:p:132-140
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    1. Bengt Holmstrom & Jean Tirole, 1997. "Financial Intermediation, Loanable Funds, and The Real Sector," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(3), pages 663-691.
    2. Dell'Ariccia, Giovanni & Detragiache, Enrica & Rajan, Raghuram, 2008. "The real effect of banking crises," Journal of Financial Intermediation, Elsevier, vol. 17(1), pages 89-112, January.
    3. Guillermo A. Calvo & Alejandro Izquierdo & Ernesto Talvi, 2006. "Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises," Research Department Publications 4474, Inter-American Development Bank, Research Department.
    4. Demirguc-Kunt, Asli & Detragiache, Enrica & Gupta, Poonam, 2006. "Inside the crisis: An empirical analysis of banking systems in distress," Journal of International Money and Finance, Elsevier, vol. 25(5), pages 702-718, August.
    5. Kroszner, Randall S. & Laeven, Luc & Klingebiel, Daniela, 2007. "Banking crises, financial dependence, and growth," Journal of Financial Economics, Elsevier, vol. 84(1), pages 187-228, April.
    6. Ben S. Bernanke & Cara S. Lown, 1991. "The Credit Crunch," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 205-248.
    7. Michael Biggs & Thomas Mayer & Andreas Pick, 2009. "Credit and economic recovery," DNB Working Papers 218, Netherlands Central Bank, Research Department.
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    9. Mr. Abdul d Abiad & Mr. Giovanni Dell'Ariccia & Ms. Grace B Li, 2011. "Creditless Recoveries," IMF Working Papers 2011/058, International Monetary Fund.
    10. Mr. Prakash Kannan, 2010. "Credit Conditions and Recoveries from Recessions Associated with Financial Crises," IMF Working Papers 2010/083, International Monetary Fund.
    11. Coricelli, Fabrizio & Roland, Isabelle, 2011. "How do credit conditions shape economic recoveries?," CEPR Discussion Papers 8325, C.E.P.R. Discussion Papers.
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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