L’evoluzione e le determinanti dei crediti deteriorati prima e durante la pandemia di Covid-19

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Agnese, Paolo and Pancotto, Livia (2021) L’evoluzione e le determinanti dei crediti deteriorati prima e durante la pandemia di Covid-19. Il Risparmio, LXIV (2/3). pp. 55-68.

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Abstract

In this paper, we analyse the evolution and exogenous determinants of Non-performing loans (NPLs) in Italy in recent years, including the current pandemic phase. The empirical analysis confirms the countercyclical nature of NPL stocks and the direct relationship between unemployment rate and volumes of impaired assets. An inverse association between public debt and NPL ratio is revealed. In addition, the newly introduced government-backed scheme (GACS) appears to be effective in facilitating the banks' disposal of NPLs. Despite recent positive developments in Italy, including the efforts to clean-up banks' balance sheets, structural changes and improved financial strategies are crucial to prevent a foreseeable reignition of the problem, especially in light of the crisis generated by the Covid-19.

ORCID iDs

Agnese, Paolo and Pancotto, Livia ORCID logoORCID: https://orcid.org/0000-0001-9247-3662;
CORE (COnnecting REpositories)