Italian Households Debt
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Italy
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.
Italian Household Demand
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.
Household Wealth and Resilience to Financial Shocks in Italy
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.
Italian Household Wealth in a Cross-Country Perspective
Author | : Laura Bartiloro |
Publisher | : |
Total Pages | : 24 |
Release | : 2012 |
Genre | : |
ISBN | : |
This paper provides a comparative analysis of household wealth in the United States, the United Kingdom, Japan, France, Germany, Spain and Italy, with a special focus on the latter. First, we compare national levels of debt and financial and real wealth. Second, we analyse the composition of financial wealth in more detail, by looking at the instruments in which households invest. Third, we discuss the empirical evidence on household indebtedness. In a nutshell, in Italy household financial assets are not as large as in the US, the UK or Japan, but are larger than in other European countries. This Italian position derives from the greater importance of securities other than shares and unquoted shares and other equity in the household portfolio, while insurance technical reserves are small by international standards. Italy also has a high ratio of real wealth to disposable income. Taking into account that their debt is low, Italian household have a high net wealth among the main OECD countries.