Law, Institutions and Economics in Nanterre (LIEN)
Retrouvez l'ensemble des rendez-vous scientifiques
Les mardis de 11h à 12h30 en salle G614 - bâtiment G (sauf exceptions)

  Organisation : Benjamin Monnery et Jean-Marc Zogheib
Programme

Séminaires à venir

date_range 13 OCTOBRE 2026

Credit constraints vs lack of demand: An analysis of Italian firms' borrowing demand in the construction industry

Intervenant(s)

Marisa Ratto (LEDa / U Paris Dauphine)

Informations pratiques

11H à 12H15 en présentiel (Bât. Allais salle 614A)

Informations complémentaires

Abstract: This paper studies the demand for bank loans by Italian construction firms. Using the Bank of Italy’s Survey of Construction and Industrial Firms for 2018-2022, we show that most firms report no intention to apply for a loan. Besides renewals of existing credit lines and credit rationing by banks, we explore a third explanation: firms may obtain funds in a parallel, illegal market controlled by organized crime. We match the survey with province-level data on real estate confiscated from the mafia, used as a proxy for mafia territorial control, and estimate a multinomial logit model of firms’ intention to apply for a loan. We find that stronger mafia control is associated with a significantly lower probability of demanding, or intending to demand, a bank loan. This result holds after controlling for firm characteristics, liquidity, and credit conditions, and lack of demand is not associated with worsening credit conditions. The evidence is consistent with organized crime pre-empting firms’ demand for formal credit even in the absence of credit rationing. By focusing on demand rather than supply, the paper complements existing evidence on how organized crime distorts credit markets.

date_range 03 NOVEMBRE 2026

TBA

Intervenant(s)

Lars Sørgard (NHH Bergen)

date_range 17 NOVEMBRE 2026

TBA

Intervenant(s)

Elisabeth Leduc (Erasmus School of Economics)

date_range 01 DÉCEMBRE 2026

TBA

Intervenant(s)

Camille Urvoy (CREST)

date_range 15 DÉCEMBRE 2026

TBA

Intervenant(s)

Stéphane Méchoulan (Dalhousie University)

Archive

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