Banks and Markets: The Changing Character of European Finance
By Luigi Zingales, Raghuram G. Rajan. 2003
378 citations recorded by the source corpus.
In the last two decades the European financial markets have become more market oriented. We analyze the economic and political forces that have triggered these changes as well as their likely welfare implications. We also try to assess whether this trend will continue. Based on our analysis, we conjecture that even if Europe might benefit from a continuation of the trend, in the near future political support for it is likely to become much weaker. Furthermore, without serious reforms, the trend is likely to benefit Southern Europe less than Northern Europe
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/3fcf6e258184adebe114c12e6678d293c79998c4
How researchers see this paper
The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.
In Economics and Econometrics
- John O. S. Wilson
- Phil Molyneux
- Tullio Jappelli
- John Goddard
- Luigi Guiso
- Mario Padula
- M. Pagano
- Yong Tan
In Finance
- John O. S. Wilson
- Phil Molyneux
- John Goddard
- Yong Tan
- Tullio Jappelli
- M. Pagano
- Luigi Guiso
- Mario Padula
Citations in the corpus
- Finance and Innovation: The Case of Publicly Traded Firms (2007, neutral): “…we argue, is more likely to be reliable when the innovation is incremental; and less reliable for more radical discoveries (Scherer, 1984; Rajan and Zingales, 2003).3 Hence, for novel projects, the board prefers a capital structure that consists of equity and public debt, and that does…”
- Central banking and the infrastructural power of finance: the case of ECB support for repo and securitization markets (2020, background): “…such as the Bundesbank considered the nonmarket features of ‘organised capitalism’ conducive to macroeconomic governability, supporting banks’ embeddedness in corporate networks, relationship-based banking and even cohesive trade unions (Hall and Franzese, 1998; Rajan and Zingales, 2003, p. 38).”
- Financial Market Integration and Economic Growth in the EU (2004, methodology): “On the one hand, recent papers (King and Levine, 1993a; Rajan and Zingales, 1998) have convincingly shown that local financial development has a strong positive impact on growth.”
- European banking: An overview (2007, background): “Consequently, the distinction between banks and non-bank financial intermediaries has become increasingly blurred (Rajan and Zingales, 2003; Van der Zwet, 2003).”