LE CARTOLARIZZAZIONI SUI PRESTITI ALLE PMI ITALIANE: TRA SOFFERENZE E POLITICA MONETARIA ESPANSIVA

We investigate the evolution of securitizations of loans to Italian small and medium enterprises (SMEs). The aggregate issued amount abnormally increased in the last two years, although their use as a collateral toward central banks did not change significantly with respect to other instruments. Increasing attention to non-performing loans (NPL) of both scholars and international institutions may have triggered their disposal to pursue financial stability. However, loans toward SMEs kept on decreasing, notwithstanding the improvement of balance sheets.