European Financial Ecosystems. Comparing France, Sweden, UK, and Italy

Marta Zava Stefano Caselli

No 25261, BAFFI CAREFIN Working Papers from BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy

Abstract: The study examines the structure, functioning, and strategic implications of financial ecosystems across four European countries—France, Sweden, the United Kingdom, and Italy—to identify institutional best practices relevant to the ongoing transformation of Italy’s financial system. Building on a comparative analysis of legislation and regulation, taxation, investor bases, and financial intermediation, the report highlights how distinct historical and institutional trajectories have shaped divergent models: the French dirigiste system anchored by powerful state-backed institutions and deep asset management pools; the Swedish social-democratic ecosystem driven by broad household equity participation, tax efficient savings vehicles, and equity-oriented pension funds; and the British liberal model, characterized by deep capital markets, strong institutional investor engagement, and globally competitive listing infrastructure. In contrast, Italy remains predominantly bank-centric, with fragmented institutional investment, limited retail equity participation, underdeveloped public markets, and a structural reliance on domestic banking channels for corporate finance.

Keywords: financial ecosystems; capital markets; institutional investors; household savings; taxation; IPO markets; SME finance; European financial integration; Savings and Investments Union. (search for similar items in EconPapers)
JEL-codes: G10 G18 G23 G28 O16 (search for similar items in EconPapers)
Pages: 91
Date: 2025
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