Access to credit and economic complexity: Evidence from Italian provinces
研究了意大利各省的经济复杂性如何降低企业获取银行信贷的障碍，发现更高的经济复杂性有助于银行识别成功项目并增加信贷供给，且存在长期空间溢出效应。
Abstract This paper focuses on the relationship between “urbanization economies” and access to bank credit by assessing the role of product variety and economic complexity in affecting local credit market conditions. Using quarterly data on Italian provinces for 2008–2018 and adopting a dynamic (spatial) econometric approach, the work provides robust evidence highlighting how local economic complexity reduces the barriers to accessing local credit markets. With a greater “qualified” diversification (higher economic complexity), banks access successful projects with greater probability and are more willing to grant credit. The estimation results also reveal the existence of long‐run spatial spillover effects. The empirical findings advocate for a nuanced and context‐specific policy framework. By embracing place‐based and mission‐oriented policies encouraging diversification and knowledge diffusion, regions can enhance their economic resilience and provide tailored support to businesses, ensuring their stability and growth even in the face of challenging credit conditions.