Lending, Investments and the Financial Crisis

This book features contributions from leading researchers into the effect of the recent financial crisis on lending in the banking sector. They explore the emergence of alternative methods of firm financing, including crowdfunding, firm network financing

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Joseph Falzon (editor) BANK PERFORMANCE, RISK AND SECURITIZATION BANK STABILITY, SOVEREIGN DEBT AND DERIVATIVES Josanco Floreani and Maurizio Polato THE ECONOMICS OF THE GLOBAL STOCK EXCHANGE INDUSTRY Rym Ayadi and Sami Mouley MONETARY POLICIES, BANKING SYSTEMS, REGULATION AND GROWTH IN THE SOUTHERN MEDITERRANEAN Gabriel Tortella, Ruiz García and Luis José SPANISH MONEY AND BANKING A History Caner Bakir BANK BEHAVIOR AND RESILIENCE Jill M. Hendrickson FINANCIAL CRISIS The United States in the Early Twenty-First Century Dimitris N. Chorafas HOUSEHOLD FINANCE Adrift in a Sea of Red Ink Mario Anolli, Elena Beccalli and Tommaso Giordani (editors) RETAIL CREDIT RISK MANAGEMENT

Palgrave Macmillan Studies in Banking and Financial Institutions Series Standing Order ISBN: 978–1–403–94872–4 (outside North America only) You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address, the title of the series and the ISBN quoted above. Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire RG21 6XS, England

Lending, Investments and the Financial Crisis Edited by

Elena Beccalli Professor, Università Cattolica del Sacro Cuore, Italy and Visiting Professor, London School of Economics, UK and

Federica Poli Associate Professor, Università Cattolica del Sacro Cuore, Italy

Selection and editorial content © Elena Beccalli and Federica Poli 2015 Individual chapters © Contributors 2015 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2015 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-56498-9 ISBN 978-1-137-53101-8 (eBook) DOI 10.1057/9781137531018 This book is printed on paper suitable for recycling and made from fully managed and sus