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Growth and finance, European integration, and the Lisbon strategy

Pier Carlo Padoan and Fabio Mariani ()
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Pier Carlo Padoan: University of Rome - University of Rome

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: This article considers the relationship between financial and technological integration in Europe. It finds that market-based financial systems support output growth, investment and total factor productivity (TFP) more than bank-based ones. It identifies three groups of countries and estimates the probability of transition between the groups. It finds that financial integration might be a necessary but not sufficient condition for moving towards the 'Lisbon benchmark'.

Keywords: Growth and finance; European integration (search for similar items in EconPapers)
Date: 2006
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Published in Journal of Common Market Studies, Wiley, 2006, 44 (1), pp.77-112. ⟨10.1111/j.1468-5965.2006.00615.x⟩

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DOI: 10.1111/j.1468-5965.2006.00615.x

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