The International Crisis and the Italian Productive System: A Firm-Level Study

50 Pages Posted: 27 Oct 2010

Date Written: December 18, 2009


We study the effects of the world economic crisis which began in 2007 on the Italian productive system. National accounts data are supplemented with information gathered in spring 2009 from the Bank of Italy’s survey on industrial and service firms, and from interviews with about 70 of their managers. Our sources confirm that this recession is the most severe recorded since the Second World War and that more than in the past, the recovery of the Italian economy will have to rely on internal demand dynamics and on firms’ ability to respond to increased competitive pressure. Our rich dataset allows us to formulate some initial responses to important issues by distinguishing between firms according to size, sector and propensity to export. When the crisis struck, the Italian productive system was in the middle of a profound, albeit partial, restructuring process, the first fruits of which were beginning to be seen. It is therefore important to understand whether some of the firms that have been most involved in the restructuring process and which are therefore in debt today, are encountering external funding difficulties in this context of widespread falling demand - difficulties serious enough to threaten their very survival.

Note: Downloadable document is in Italian.

Keywords: cyclical fluctuations, recession, investment, firms’ strategies, microdata, restructuring

JEL Classification: C21, E22, E23, L20

Suggested Citation

Bugamelli, Matteo and Cristadoro, Riccardo and Zevi, Giordano, The International Crisis and the Italian Productive System: A Firm-Level Study (December 18, 2009). Bank of Italy Occasional Paper No. 58, Available at SSRN: or

Matteo Bugamelli (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184

Riccardo Cristadoro

Bank of Italy ( email )

Via Nazionale 91
Servizio Studi
00184 Roma
+39 06 4792 3341 (Phone)
+39 06 4792 3720 (Fax)

Giordano Zevi

Bank of Italy ( email )

Via Nazionale 91
00184 Roma

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics