Bank Intermediation under Flexible Deposit Rates and Controlled Credit Allocation: the Italian Experience

Mario Monti, Angelo Porta and Paul Grauwe

Chapter 6 in Competition and Regulation in Financial Markets, 1981, pp 117-156 from Palgrave Macmillan

Abstract: Abstract The most striking feature of the Italian financial structure, compared to those of other industrial countries, is an extremely high and rising degree of liquidity. In the last two decades, and particularly in the 1970s, the process of capital formation has been associated with a very pronounced monetisation, money balances being by far the asset most largely accumulated by ultimate wealth-owners. This trend has been made possible, and to some extent stimulated, by a marked expansion of the intermediation performed by the commercial banking system.

Keywords: Interest Rate; Monetary Policy; Banking System; Monetary Authority; Bank Credit (search for similar items in EconPapers)
Date: 1981
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DOI: 10.1007/978-1-349-05585-2_6

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