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Luca Giordano - One of the best experts on this subject based on the ideXlab platform.
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i confidi nella crisi riforme nuovi assetti e vecchie sfide mutual Loan Guarantee consortia and the crisis reforms new arrangements and old challenges
Social Science Research Network, 2014Co-Authors: Luca Giordano, Francesca Amaturo, Carmelo PetragliaAbstract:Italian Abstract: Il sistema italiano delle strutture di garanzia collettivi fidi (Confidi) riveste un ruolo di assoluta preminenza nel contesto europeo. Negli ultimi anni il numero di imprese associate e cresciuto senza sosta in tutto il Paese, ma il radicamento dei Confidi nel tessuto produttivo resta una prerogativa delle regioni centrosettentrionali. In definitiva, i Confidi danno dimostrazione di essere alleati importanti del sistema produttivo, fin dove possono arrivare con le proprie forze, ma vengono messi a dura prova da un ciclo economico avverso, e da un contesto normativo non sempre pienamente coerente.English Abstract: Mutual Loan-Guarantee Consortia (MLGC) facilitate the matching of demand and supply in the credit market and have played an important role in mitigating credit constraints for Italian SMEs during the financial crisis. However, the Italian MLGC system is currently experiencing tough times due to a number of reasons. In this short paper, we first review the most recent performances of MLGC, paying particular attention to their regional distribution. We then provide some remarks on the proposal of reform of the MLGC legislation.
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divari territoriali e limiti nell accesso al credito per le pmi meridionali quale ruolo per i confidi credit constraints for smes in the italian mezzogiorno which role for mutual Loan Guarantee consortia
Social Science Research Network, 2009Co-Authors: Carmelo Petraglia, Francesca Amaturo, Luca GiordanoAbstract:Italian Abstract: Il saggio propone una riflessione su criticita e potenzialita dei Confidi nell’allentare il vincolo del razionamento del credito delle PMI meridionali. In primo luogo si fornisce un inquadramento teorico della loro funzione nel rapporto banca-impresa, richiamando al tempo stesso la limitata evidenza empirica sul tema. In secondo luogo, si fornisce un quadro quantitativo del divario Nord-Sud del sistema dei Confidi in relazione a caratteristiche dimensionali, volumi di attivita, requisiti patrimoniali e intensita e quantita dei finanziamenti garantiti. Viene poi affrontato il tema dei cambiamenti indotti dal Nuovo Accordo sui requisiti di capitale (Basilea II) prefigurando il ruolo che i Confidi svolgeranno nel nuovo quadro di riferimento. Infine, viene richiamata l’attenzione dell’operatore pubblico sulla necessita di interventi a sostegno dei Confidi meridionali al fine di potenziarne l’azione di intermediazione tra domanda e offerta di credito.English Abstract: This paper focuses on the perspective role of Mutual Loan-Guarantee Consortia (MLGC) in mitigating credit constraints for SMEs located in the Italian Mezzogiorno. First, we argue how the functioning of MLGC fits into the theory of bank-firm relationships, also referring to the scarce empirical evidence on the issue. Second, we evaluate the weakness – in terms of size, volume of activity, patrimonial requirements and Guaranteed Loans – of the Southern MLGC system. We then provide insights on the impact of the novelties introduced by the New Basel Capital Accord (Basel II) on MLGC’s activity. Finally, we conclude for the need of public support to MLGC in the Mezzogiorno in order to enhance their function of facilitating the matching of demand and supply in the credit market.
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divari territoriali e limiti nell accesso al credito per le pmi meridionali quale ruolo per i confidi credit constraints for smes in the italian mezzogiorno which role for mutual Loan Guarantee consortia
MPRA Paper, 2009Co-Authors: Carmelo Petraglia, Francesca Amaturo, Luca GiordanoAbstract:This paper focuses on the perspective role of Mutual Loan-Guarantee Consortia (MLGC) in mitigating credit constraints for SMEs located in the Italian Mezzogiorno. First, we argue how the functioning of MLGC fits into the theory of bank-firm relationships, also referring to the scarce empirical evidence on the issue. Second, we evaluate the weakness – in terms of size, volume of activity, patrimonial requirements and Guaranteed Loans – of the Southern MLGC system. We then provide insights on the impact of the novelties introduced by the New Basel Capital Accord (Basel II) on MLGC’s activity. Finally, we conclude for the need of public support to MLGC in the Mezzogiorno in order to enhance their function of facilitating the matching of demand and supply in the credit market.
Carmelo Petraglia - One of the best experts on this subject based on the ideXlab platform.
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i confidi nella crisi riforme nuovi assetti e vecchie sfide mutual Loan Guarantee consortia and the crisis reforms new arrangements and old challenges
Social Science Research Network, 2014Co-Authors: Luca Giordano, Francesca Amaturo, Carmelo PetragliaAbstract:Italian Abstract: Il sistema italiano delle strutture di garanzia collettivi fidi (Confidi) riveste un ruolo di assoluta preminenza nel contesto europeo. Negli ultimi anni il numero di imprese associate e cresciuto senza sosta in tutto il Paese, ma il radicamento dei Confidi nel tessuto produttivo resta una prerogativa delle regioni centrosettentrionali. In definitiva, i Confidi danno dimostrazione di essere alleati importanti del sistema produttivo, fin dove possono arrivare con le proprie forze, ma vengono messi a dura prova da un ciclo economico avverso, e da un contesto normativo non sempre pienamente coerente.English Abstract: Mutual Loan-Guarantee Consortia (MLGC) facilitate the matching of demand and supply in the credit market and have played an important role in mitigating credit constraints for Italian SMEs during the financial crisis. However, the Italian MLGC system is currently experiencing tough times due to a number of reasons. In this short paper, we first review the most recent performances of MLGC, paying particular attention to their regional distribution. We then provide some remarks on the proposal of reform of the MLGC legislation.
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divari territoriali e limiti nell accesso al credito per le pmi meridionali quale ruolo per i confidi credit constraints for smes in the italian mezzogiorno which role for mutual Loan Guarantee consortia
Social Science Research Network, 2009Co-Authors: Carmelo Petraglia, Francesca Amaturo, Luca GiordanoAbstract:Italian Abstract: Il saggio propone una riflessione su criticita e potenzialita dei Confidi nell’allentare il vincolo del razionamento del credito delle PMI meridionali. In primo luogo si fornisce un inquadramento teorico della loro funzione nel rapporto banca-impresa, richiamando al tempo stesso la limitata evidenza empirica sul tema. In secondo luogo, si fornisce un quadro quantitativo del divario Nord-Sud del sistema dei Confidi in relazione a caratteristiche dimensionali, volumi di attivita, requisiti patrimoniali e intensita e quantita dei finanziamenti garantiti. Viene poi affrontato il tema dei cambiamenti indotti dal Nuovo Accordo sui requisiti di capitale (Basilea II) prefigurando il ruolo che i Confidi svolgeranno nel nuovo quadro di riferimento. Infine, viene richiamata l’attenzione dell’operatore pubblico sulla necessita di interventi a sostegno dei Confidi meridionali al fine di potenziarne l’azione di intermediazione tra domanda e offerta di credito.English Abstract: This paper focuses on the perspective role of Mutual Loan-Guarantee Consortia (MLGC) in mitigating credit constraints for SMEs located in the Italian Mezzogiorno. First, we argue how the functioning of MLGC fits into the theory of bank-firm relationships, also referring to the scarce empirical evidence on the issue. Second, we evaluate the weakness – in terms of size, volume of activity, patrimonial requirements and Guaranteed Loans – of the Southern MLGC system. We then provide insights on the impact of the novelties introduced by the New Basel Capital Accord (Basel II) on MLGC’s activity. Finally, we conclude for the need of public support to MLGC in the Mezzogiorno in order to enhance their function of facilitating the matching of demand and supply in the credit market.
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divari territoriali e limiti nell accesso al credito per le pmi meridionali quale ruolo per i confidi credit constraints for smes in the italian mezzogiorno which role for mutual Loan Guarantee consortia
MPRA Paper, 2009Co-Authors: Carmelo Petraglia, Francesca Amaturo, Luca GiordanoAbstract:This paper focuses on the perspective role of Mutual Loan-Guarantee Consortia (MLGC) in mitigating credit constraints for SMEs located in the Italian Mezzogiorno. First, we argue how the functioning of MLGC fits into the theory of bank-firm relationships, also referring to the scarce empirical evidence on the issue. Second, we evaluate the weakness – in terms of size, volume of activity, patrimonial requirements and Guaranteed Loans – of the Southern MLGC system. We then provide insights on the impact of the novelties introduced by the New Basel Capital Accord (Basel II) on MLGC’s activity. Finally, we conclude for the need of public support to MLGC in the Mezzogiorno in order to enhance their function of facilitating the matching of demand and supply in the credit market.
Francesca Amaturo - One of the best experts on this subject based on the ideXlab platform.
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i confidi nella crisi riforme nuovi assetti e vecchie sfide mutual Loan Guarantee consortia and the crisis reforms new arrangements and old challenges
Social Science Research Network, 2014Co-Authors: Luca Giordano, Francesca Amaturo, Carmelo PetragliaAbstract:Italian Abstract: Il sistema italiano delle strutture di garanzia collettivi fidi (Confidi) riveste un ruolo di assoluta preminenza nel contesto europeo. Negli ultimi anni il numero di imprese associate e cresciuto senza sosta in tutto il Paese, ma il radicamento dei Confidi nel tessuto produttivo resta una prerogativa delle regioni centrosettentrionali. In definitiva, i Confidi danno dimostrazione di essere alleati importanti del sistema produttivo, fin dove possono arrivare con le proprie forze, ma vengono messi a dura prova da un ciclo economico avverso, e da un contesto normativo non sempre pienamente coerente.English Abstract: Mutual Loan-Guarantee Consortia (MLGC) facilitate the matching of demand and supply in the credit market and have played an important role in mitigating credit constraints for Italian SMEs during the financial crisis. However, the Italian MLGC system is currently experiencing tough times due to a number of reasons. In this short paper, we first review the most recent performances of MLGC, paying particular attention to their regional distribution. We then provide some remarks on the proposal of reform of the MLGC legislation.
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divari territoriali e limiti nell accesso al credito per le pmi meridionali quale ruolo per i confidi credit constraints for smes in the italian mezzogiorno which role for mutual Loan Guarantee consortia
Social Science Research Network, 2009Co-Authors: Carmelo Petraglia, Francesca Amaturo, Luca GiordanoAbstract:Italian Abstract: Il saggio propone una riflessione su criticita e potenzialita dei Confidi nell’allentare il vincolo del razionamento del credito delle PMI meridionali. In primo luogo si fornisce un inquadramento teorico della loro funzione nel rapporto banca-impresa, richiamando al tempo stesso la limitata evidenza empirica sul tema. In secondo luogo, si fornisce un quadro quantitativo del divario Nord-Sud del sistema dei Confidi in relazione a caratteristiche dimensionali, volumi di attivita, requisiti patrimoniali e intensita e quantita dei finanziamenti garantiti. Viene poi affrontato il tema dei cambiamenti indotti dal Nuovo Accordo sui requisiti di capitale (Basilea II) prefigurando il ruolo che i Confidi svolgeranno nel nuovo quadro di riferimento. Infine, viene richiamata l’attenzione dell’operatore pubblico sulla necessita di interventi a sostegno dei Confidi meridionali al fine di potenziarne l’azione di intermediazione tra domanda e offerta di credito.English Abstract: This paper focuses on the perspective role of Mutual Loan-Guarantee Consortia (MLGC) in mitigating credit constraints for SMEs located in the Italian Mezzogiorno. First, we argue how the functioning of MLGC fits into the theory of bank-firm relationships, also referring to the scarce empirical evidence on the issue. Second, we evaluate the weakness – in terms of size, volume of activity, patrimonial requirements and Guaranteed Loans – of the Southern MLGC system. We then provide insights on the impact of the novelties introduced by the New Basel Capital Accord (Basel II) on MLGC’s activity. Finally, we conclude for the need of public support to MLGC in the Mezzogiorno in order to enhance their function of facilitating the matching of demand and supply in the credit market.
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divari territoriali e limiti nell accesso al credito per le pmi meridionali quale ruolo per i confidi credit constraints for smes in the italian mezzogiorno which role for mutual Loan Guarantee consortia
MPRA Paper, 2009Co-Authors: Carmelo Petraglia, Francesca Amaturo, Luca GiordanoAbstract:This paper focuses on the perspective role of Mutual Loan-Guarantee Consortia (MLGC) in mitigating credit constraints for SMEs located in the Italian Mezzogiorno. First, we argue how the functioning of MLGC fits into the theory of bank-firm relationships, also referring to the scarce empirical evidence on the issue. Second, we evaluate the weakness – in terms of size, volume of activity, patrimonial requirements and Guaranteed Loans – of the Southern MLGC system. We then provide insights on the impact of the novelties introduced by the New Basel Capital Accord (Basel II) on MLGC’s activity. Finally, we conclude for the need of public support to MLGC in the Mezzogiorno in order to enhance their function of facilitating the matching of demand and supply in the credit market.
Issouf Soumare - One of the best experts on this subject based on the ideXlab platform.
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effects of maturity choices on Loan Guarantee portfolios1
The Journal of Risk Finance, 2006Co-Authors: Michel Gendron, Van Son Lai, Issouf SoumareAbstract:Purpose – The purpose of this paper is to analyse the effects of the maturities of credit‐enhanced debt contracts on the value of an insurer's Loan‐Guarantee portfolios.Design/methodology/approach – The paper proposes a contingent‐claims model and uses as measure of credit insurance risk, the market value of the private Guarantee, which accounts for projects' and guarantor's specific risks, correlations as well as financial leverage.Findings – The results indicate that in the case of insuring the debts of two parallel projects with different specific risks, one high‐risk and the other low‐risk, the tradeoff between maturities of the Guarantees increases with the projects' expected losses, hence the maturity choice decision is crucial for portfolios subject to high expected losses. For a two sequential projects Loan‐Guarantee portfolio, the paper finds that, regardless of the order of execution of the projects, it is the maturity of the debt supporting the high‐risk project that drives the risk exposure of...
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the effects of maturity choices on Loan Guarantee portfolios
Social Science Research Network, 2004Co-Authors: Issouf Soumare, Van Son Lai, Michel GendronAbstract:This paper analyses the effects of the maturities of credit-enhanced debt contracts on the value of an insurer's Loan Guarantee portfolios. We propose a contingent-claims model, that not only includes important features such as coupon payments and absolute priority violations, but also allows for stochastic interest rate and stochastic assets volatility. This is a first attempt at modelling multiple maturities in the context of portfolios of Loan Guarantees. We consider Loan Guarantees for projects that run either in parallel or in sequence. Our results indicate that in the case of insuring the debts of two parallel projects with different specific risks, one high-risk and the other low-risk, the trade-off between maturities of the Guarantees increases with the projects' expected losses, hence the maturity choice decision is crucial for portfolios subject to high expected losses. For a two sequential projects Loan Guarantee portfolio, we find that, regardless of the order of execution of the projects, it is the maturity of the debt supporting the high-risk project which drives the risk exposure of the portfolio.
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an analysis of private Loan Guarantee portfolios
Social Science Research Network, 2002Co-Authors: Michel Gendron, Van Son Lai, Issouf SoumareAbstract:We use contingent claims analysis to evaluate portfolios of vulnerable private Loan Guarantees and to investigate their risk diversification properties. We find that for plausible baseline values of the parameters, the diversifiable credit risk can be eliminated in a portfolio of ten insured firms. We also show that further diversification can be achieved by an appropriate choice of insured firms' risk postures and of correlations between them and the guarantor. Our results suggest that, for high leverage cases, guarantors can do better through size portfolio diversification than by seeking cross-sector diversification.
Michel Gendron - One of the best experts on this subject based on the ideXlab platform.
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effects of maturity choices on Loan Guarantee portfolios1
The Journal of Risk Finance, 2006Co-Authors: Michel Gendron, Van Son Lai, Issouf SoumareAbstract:Purpose – The purpose of this paper is to analyse the effects of the maturities of credit‐enhanced debt contracts on the value of an insurer's Loan‐Guarantee portfolios.Design/methodology/approach – The paper proposes a contingent‐claims model and uses as measure of credit insurance risk, the market value of the private Guarantee, which accounts for projects' and guarantor's specific risks, correlations as well as financial leverage.Findings – The results indicate that in the case of insuring the debts of two parallel projects with different specific risks, one high‐risk and the other low‐risk, the tradeoff between maturities of the Guarantees increases with the projects' expected losses, hence the maturity choice decision is crucial for portfolios subject to high expected losses. For a two sequential projects Loan‐Guarantee portfolio, the paper finds that, regardless of the order of execution of the projects, it is the maturity of the debt supporting the high‐risk project that drives the risk exposure of...
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the effects of maturity choices on Loan Guarantee portfolios
Social Science Research Network, 2004Co-Authors: Issouf Soumare, Van Son Lai, Michel GendronAbstract:This paper analyses the effects of the maturities of credit-enhanced debt contracts on the value of an insurer's Loan Guarantee portfolios. We propose a contingent-claims model, that not only includes important features such as coupon payments and absolute priority violations, but also allows for stochastic interest rate and stochastic assets volatility. This is a first attempt at modelling multiple maturities in the context of portfolios of Loan Guarantees. We consider Loan Guarantees for projects that run either in parallel or in sequence. Our results indicate that in the case of insuring the debts of two parallel projects with different specific risks, one high-risk and the other low-risk, the trade-off between maturities of the Guarantees increases with the projects' expected losses, hence the maturity choice decision is crucial for portfolios subject to high expected losses. For a two sequential projects Loan Guarantee portfolio, we find that, regardless of the order of execution of the projects, it is the maturity of the debt supporting the high-risk project which drives the risk exposure of the portfolio.
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an analysis of private Loan Guarantee portfolios
Social Science Research Network, 2002Co-Authors: Michel Gendron, Van Son Lai, Issouf SoumareAbstract:We use contingent claims analysis to evaluate portfolios of vulnerable private Loan Guarantees and to investigate their risk diversification properties. We find that for plausible baseline values of the parameters, the diversifiable credit risk can be eliminated in a portfolio of ten insured firms. We also show that further diversification can be achieved by an appropriate choice of insured firms' risk postures and of correlations between them and the guarantor. Our results suggest that, for high leverage cases, guarantors can do better through size portfolio diversification than by seeking cross-sector diversification.