European financial systems through the crisis: Patterns and convergence

Tommaso Colozza and Emilio Barucci

Review of International Economics, 2021, vol. 29, issue 5, 1451-1485

Abstract: We investigate the financial crisis as a cut‐off point in EU financial systems’ evolution and assess its effects on cross‐country convergence patterns. Before the crisis, we observe a rise in the centrality of the financial sector, driven by an upward convergent pattern of bank credit. This inflated leverage ratios across all economic sectors, and a catch‐up phenomenon is retrieved in the leveraging of the real sector. The crisis caused a general deleveraging across all economic sectors, with a downward convergence pattern characterizing the financial sector, and triggered an upward convergent pattern in the level of insurance products in households’ portfolios.

Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://doi.org/10.1111/roie.12549

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: https://EconPapers.repec.org/RePEc:bla:reviec:v:29:y:2021:i:5:p:1451-1485

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0965-7576

Access Statistics for this article

Review of International Economics is currently edited by E. Kwan Choi

More articles in Review of International Economics from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().