The Italian Financial System: Neither Bank Based nor Market Based

David Cobham, Stefania Cosci and Fabrizio Mattesini ()

Manchester School, 1999, vol. 67, issue 3, pages 325-45

Abstract: New data on the sources of finance for the nonfinancial corporate sector show that Italian firms as a whole use more equity finance than their Anglo-Saxon counterparts, and smaller Italian firms use equity more intensively than larger firms. Both findings can be understood in terms of the structure of industry and banking in Italy and the relations between them. Firm managers have considerable autonomy vis-a-vis both financial markets and intermediaries, and the Italian financial system should be seen as substantially different from either the high internal finance systems of the United States and the United Kingdom or the bank-based system of Japan. Copyright 1999 by Blackwell Publishers Ltd and The Victoria University of Manchester

Date: 1999
View citations in EconPapers

Downloads: (external link)
http://www.blackwell-synergy.com/servlet/useragent ... &year=1999&part=null link to full text (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:bla:manchs:v:67:y:1999:i:3:p:325-45

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1463-6786

Access Statistics for this article

Manchester School is edited by Keith Blackburn

More articles in Manchester School from University of Manchester
Series data maintained by Christopher F. Baum ().