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The Banks and the Italian Economy

:	Damiano Bruno Silipo
:	Damiano Bruno Silipo
:	The Banks and the Italian Economy
:	Physica-Verlag
:	9783790821123
:	1
:	CHF 104.30
:

:	Betriebswirtschaft
:	English

:	243
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

Dami no Bruno Silipo In the 1990s the Italian banking system underwent profound normative, institutional and structural changes. The Consolidated Law on Banking (1993) and that on Finance (1998) instituted the legal framework for a far-reaching overhaul of the Italian banking and ?nancial system: signi?cant relaxation of entry barriers, the liberalization of branching, the privatization of the Italian banks, and a massive process of mergers and acquisitions. Following the Bank of Italy's liberalization of branching in 1990, in 10 years the number of bank branches increased by 70% in Italy, while in the rest of Europe it declined. Over the decade the average number of banks doing business in a province rose from 27 to 31, while a wave of mergers (324 operations) and acquisitions (137) revolutionized the Italian banking industry, reducing the overall number of Italian banks by 30%. To a signi?cant extent this concentration represented take-overs of troubled Southern banks by Central and Northern ones. As a result of these developments (plus a rise in banking productivity and a fall in costs), the spread between short-term lending and deposit rates fell from 7 percentage points in 1990 to 4 points in 1999. And despite an increase in concentration in a number of local credit markets, the interest-rate differential between the locally dominant and other banks generally narrowed.

	Contents	5
	Contributors	6
	Introduction	8
	References	12
	Credit Rationing in Italy	13
	1.1 Introduction	13
	1.2 Credit Rationing and its Determinants	15
	1.3 The Empirical Models	20
	1.4 The Econometric Methodology	24
	1.5 Data	25
	1.6 Results	26
	1.7 Concluding Remarks	31
	Appendix A	31
	References	33
	Does Local Financial Development Matter?	36
	2.1 Introduction	36
	2.2 Data Description	39
	2.3 Our Indicator of Financial Development	41
	2.4 Our Instruments	47
	2.5 Effects of Financial Development on Firms’ Creations	51
	2.6 Effects of Financial Development on Firms’ Growth	60
	2.7 Testing the Differential Effect of Local Financial Development	64
	2.8 Financial Integration	68
	2.9 Conclusions	69
	References	70
	Local Financial Development and Corporate Financial Policy	72
	3.1 Introduction	72
	3.2 Capital Structure and Debt Maturity	74
	3.3 Capital Structure, Debt Maturity and Local Financial Development	76
	3.4 Sample, Variables and Hypothesis	79
	3.5 Empirical Results	85
	3.6 Conclusions	92
	References	94
	The Geography of Banking Power: The Role of Functional Distance	97
	4.1 Introduction	97
	4.2 The Background	99
	4.3 The Italian Scenario	104
	4.4 The Estimation Strategy	107
	4.5 Sample, Data and Variables	109
	4.6 Results	116
	4.7 Concluding Remarks	123
	References	125
	Bank Mergers and Credit Allocation Among Italian Regions	128
	5.1 Two Markets, Two Independent Banks	128
	5.2 Two Banks, a Unified Market	129
	5.3 Two Markets, Two Independent Banks. A Dualistic Approach	130
	5.4 Two Banks, the Unified Dual Market	132
	5.5 Consolidating a Dualistic Credit Market. The Case of the Italian Mezzogiorno	134
	References	136
	Basel II and the Financing of R	136
	137	136
	6.1 Introduction	137
	6.2 Contributions on Financial Constraints and Innovation	140
	6.3 The Main Features of the Basel II Capital Accord	141
	6.4 Sample Characteristics and Summary Statistics	143
	6.5 Models and Results	148
	6.6 Conclusion	158
	References	159
	Basel II and Banking Behaviour in a Dualistic Economy	162
	7.1 Introduction	162
	7.2 Capital Requirements and Banking Behaviour	164
	7.3 The Model	166
	7.4 The Impact of Basel II on the Italian Credit Market	171
	7.5 The Data	174
	7.6 Econometric Analysis	175
	7.7 Results	177
	7.8 Conclusions	180
	Appendix	181
	References	183
	Measuring the Efficiency of the Banking System in a Dualistic Economy: Evidence from the Italian Case	185
	8.1 Introduction	185
	8.2 The Italian Credit System Restructuring in the Last Decade	186
	8.3 The Analysis of Efficiency Through the Construction of Stochastic Frontiers	190
	8.4 The Econometric Analysis	196
	8.5 Conclusions	205
	References	207
	Consolidation, Ownership Structure and Efficiency in the Italian Banking System	210
	9.1 Introduction	210
	9.2 Some General Remarks	211
	9.3 The Two Phases of the Nineties	215
	9.4 Income from Services and Ownership Structures	231
	9.5 Conclusion	239
	References	240