Growth and finance, European integration, and the Lisbon strategy

Pier Carlo Padoan and Fabio Mariani (fabio.mariani@uclouvain.be)
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Pier Carlo Padoan: UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome]

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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, 2006, 44 (1), pp.77-112. ⟨10.1111/j.1468-5965.2006.00615.x⟩

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Journal Article: Growth and Finance, European Integration and the Lisbon Strategy* (2006)
Working Paper: Growth and finance, European integration, and the Lisbon strategy (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00308749

DOI: 10.1111/j.1468-5965.2006.00615.x

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