Banks and Markets: The Changing Character of European Finance

Luigi Zingales and Raghuram Rajan

No 9595, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In the last two decades the European financial markets have become more market oriented. We analyze the economic and political forces that have triggered these changes as well as their likely welfare implications. We also try to assess whether this trend will continue. Based on our analysis, we conjecture that even if Europe might benefit from a continuation of the trend, in the near future political support for it is likely to become much weaker. Furthermore, without serious reforms, the trend is likely to benefit Southern Europe less than Northern Europe

JEL-codes: G0 G2 (search for similar items in EconPapers)
Date: 2003-03
New Economics Papers: this item is included in nep-cba, nep-cfn, nep-eec, nep-fmk, nep-his, nep-mac and nep-mfd
Note: CF
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (154)

Downloads: (external link)
http://www.nber.org/papers/w9595.pdf (application/pdf)

Related works:
Working Paper: Banks and Markets: the Changing Character of European Finance (2003)
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:nbr:nberwo:9595

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w9595

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().