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L'efficienza allocativa del sistema bancario italiano, 1936-2010

Stefano Battilossi (), Alfredo Gigliobianco (), Giuseppe Marinelli, Sandra Natoli and Ivan Triglia
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Alfredo Gigliobianco: Banca d'Italia, Servizio Studi di Struttura economica e finanziaria

No 25, Quaderni di storia economica (Economic History Working Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Bank credit is by far the most important source of external finance for Italian firms. The allocative efficiency of banks is therefore an important element underlying the overall performance of the economy. In this paper we focus on allocation across industrial sectors. We assume that average sectoral price/earning ratios are a proxy for the growth opportunities of each sector, and that an efficient allocation of credit must take into account the variation of such opportunities. The paper exploits a new database which includes annual data on bank credit to different sectors (both aggregate and at the individual bank level) and parallel data on prices, earnings and capitalization of listed firms from 1948 to 2009. Our results confirm the hypothesis that after the financial liberalization of the early Nineties the allocative efficiency (across sectors) of the banking system increased.

Keywords: Sistema bancario italiano; efficienza allocativa; cointegrazione (search for similar items in EconPapers)
JEL-codes: G14 G28 N24 (search for similar items in EconPapers)
Date: 2011-10
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Citations: View citations in EconPapers (1)

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