Italian Households' Debt
Author | : S. Studi |
Publisher | : |
Total Pages | : |
Release | : 2002 |
Genre | : |
ISBN | : |
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Author | : S. Studi |
Publisher | : |
Total Pages | : |
Release | : 2002 |
Genre | : |
ISBN | : |
Author | : Silvia Magri |
Publisher | : |
Total Pages | : 82 |
Release | : 2002 |
Genre | : Consumer credit |
ISBN | : |
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publisher | : International Monetary Fund |
Total Pages | : 43 |
Release | : 2013-12-06 |
Genre | : Business & Economics |
ISBN | : 1475566999 |
This Technical Note examines the financial situation of Italian households and nonfinancial corporations and risks to the banking system. The credit risk from Italian households is mitigated by their considerable net wealth. Income has declined during the crisis, leading to tighter financial conditions for households, especially for young and low-income groups, but low indebtedness, high levels of assets, and declining interest rates have protected households from widespread debt payment difficulties. The financial situation of nonfinancial corporations, in particular small and medium-sized enterprises, is fragile, as evidenced by already high loan default rates. Continued strong policy action will be important to mitigate the impact of these vulnerabilities, especially for firms.
Author | : Silvia Magri |
Publisher | : |
Total Pages | : 71 |
Release | : 2002 |
Genre | : |
ISBN | : |
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 1988-08-09 |
Genre | : Business & Economics |
ISBN | : 1451956967 |
The composition of Italian household wealth has undergone significant changes in the last decade, partly reflecting the growth of public debt and monetary policies aimed at encouraging its absorption by the household sector. Within a theoretical framework consistent with the “money in the utility function” approach, this paper investigates household preferences for liquidity services provided by short-term financial assets. In the attempt to explain the factors underlying those changes, the empirical analysis provides information on the pattern of substitution for the main components of financial wealth and permits analysis of a variety of government interventions in asset markets.
Author | : Daniel Garcia-Macia |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2018-08-31 |
Genre | : Business & Economics |
ISBN | : 1484374894 |
High household wealth is often cited as a key strength of the Italian economy. Both in absolute terms and relative to income, the Italian household sector is wealthier than most euro area peers. A sizable fraction of this wealth is held by the rich and upper middle classes. This paper documents the changes in the Italian household sector’s financial wealth over the past two decades, by constructing the matrix of bilateral financial sectoral exposures. Households became increasingly exposed to the financial sector, which in turn was exposed to the highly indebted real and government sectors. The paper then simulates different financial shocks to gauge the ability of the household sector to absorb losses. Simple illustrative calculations are presented for a fall in the value of government bonds as well as for bank bail-ins versus bailouts.
Author | : Valentina Michelangeli |
Publisher | : |
Total Pages | : 25 |
Release | : 2014 |
Genre | : |
ISBN | : |
Author | : David Loschiavo |
Publisher | : |
Total Pages | : 42 |
Release | : 2016 |
Genre | : |
ISBN | : |
Author | : Isabella Santini |
Publisher | : |
Total Pages | : 20 |
Release | : 2009 |
Genre | : |
ISBN | : |
Author | : Ms.Edda Zoli |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2013-04-03 |
Genre | : Business & Economics |
ISBN | : 1484357701 |
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.