The Italian economy is characterised by a large number of micro-firms and small firms and by a long-lasting gap between North and South Italy. Therefore, global shocks – such as the Great Recession – have had a heterogeneous impact at the local level: the collapse in private demand was unequally distributed across different products, services and regions. The aim of this paper, therefore, is to evaluate the impact of the Great Recession on firm's survival for the universe of Italian firms in the light of two relevant indicators: local exposure to crisis and local demand shocks. The results suggest a strong negative impact of local demand shocks on the survival of firms, whereas the degree of exposure to the crisis generally has a weak effect.

中文翻译：

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当地需求冲击和企业生存：大衰退期间意大利经济的应用

意大利经济的特点是大量微型企业和小企业，以及意大利北部和南部之间的长期差距。因此，全球性冲击——例如大衰退——在地方层面产生了不同的影响：私人需求的崩溃在不同的产品、服务和地区之间分布不均。因此，本文的目的是根据两个相关指标评估大萧条对意大利公司整体生存的影响：当地危机暴露和当地需求冲击。结果表明，当地需求冲击对企业的生存有很强的负面影响，而危机的暴露程度通常影响较弱。