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Contribution Details

Type Working Paper
Scope Discipline-based scholarship
Title Revealing “Mafia Inc.”? Financial Crisis, Organized Crime, and the Birth of New Enterprises
Organization Unit
Authors
  • Marco Le Moglie
  • Giuseppe Sorrenti
Language
  • English
Institution University of Zurich
Series Name Working paper series / Department of Economics
Number 251
ISSN 1664-7041
Number of Pages 66
Date 2019
Abstract Text We study the investment of organized crime in the legal economy. By using the shock induced on the Italian credit market by the 2007 subprime mortgage crisis, we document how provinces with a high organized crime presence have been impacted less by the crisis in terms of the establishment of new enterprises than provinces with a lower criminal infiltration. We provide evidence that the lower impact of the crisis is consistent with the presence of investments by organized crime in the legal economy. We corroborate this interpretation by comparing our results with the characterization made by the judicial authority of such investments and ruling out possible alternative explanations.
Official URL https://www.econ.uzh.ch/static/release/workingpapers.php?id=930
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Keywords Mafia, organized crime, established enterprises, crisis, Finanzkrise, Mafia, Organisiertes Verbrechen, Kreditgewährung, Unternehmensgründung
Additional Information Revised version ; Former title: "Mafia Inc.": when godfathers become entrepreneurs