Title: The availability of consumer credit during financial crises

Authors: Valerio Pesic; Fabrizio Santoboni; Paolo Zenobi

Addresses: Sapienza University of Rome, Via del Castro Laurenziano, 9, 00161, Roma, Italy ' Sapienza University of Rome, Via del Castro Laurenziano, 9, 00161, Roma, Italy ' Guglielmo Marconi University, Via Plinio, 44, 00193, Roma, Italy

Abstract: This paper aims to provide an outline of the main factors characterising the demand and the offer of consumer credit in modern financial markets: more in particular, by focusing attention on the management policies and commercial solutions adopted by the leading Italian operators during recent years, we aim to establish the most relevant concerns that have affected the market of consumer credit in the aftermath of the recent financial crisis. In order to achieve this result, we proceeded to the definition of a survey, created through a careful sampling methodology choice, which we conducted between late 2012 and the first semester of 2013, as of the preparation and subsequent submission of a specific questionnaire to a wide sample of Italian financial intermediaries. As expected, among other results, we find that the financial crisis strongly reduced the capability of consumers to achieve any financing for their consumption purposes, even if significant differences arise from specific characteristics of loans and customers creditworthiness. Because of some features characterising the Italian market and the survey we elaborated, we consider the evidence we obtained of a particular interest in order to determine the mechanisms which characterise the credit consumer market over a widespread number of countries.

Keywords: consumer credit; financial crisis; credit crunch; credit availability; Italy; loans; customer creditworthiness.

DOI: 10.1504/IJRAM.2016.074434

International Journal of Risk Assessment and Management, 2016 Vol.19 No.1/2, pp.22 - 53

Received: 02 Apr 2014
Accepted: 03 Jun 2014
Published online: 30 Jan 2016 *

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