Recent trends in the productivity of the Italian trawl fishery: The importance of the socio-economic context and overexploitation

The aim of this paper is to highlight the productivity of Italian trawl fishery, one of the most important sector in the Italian fishing fleet. As shown in this study, three variables play a significant effect on Total Factor Productivity (TFP) in a given year: the actual number of fishing days, the average market prices of commercial species and the stock of physical capital. While the number of fishing days can have a negative impact on the TFP, a positive correlation occurs instead with the other two variables. It is also possible to observe a high variability in TFP among different regions of Italy, a finding that is to be expected given the dual nature of the Italian economy, characterized by a high level of discrepancy in prosperity between the North and the South. This lends support to the hypothesis that significant positive externalities may occur in a more dynamic business environment, one which is both open to innovation and increased international and social relations.