The Banks and the Italian Economy

Transcription

1 The Banks and the Italian Economy

2 Damiano Bruno Silipo The Banks and the Italian Economy Physica Verlag A Springer Company

3 Editor Professor Damiano Bruno Silipo Dipartimento di Economia e Statistica Università della Calabria ponte P. Bucci Cubo 0C Arcavacata di Rende (CS) Italy silipo@unical.it Chapter 2 is published with kind permission of # MIT Press All Rights Reserved Chapter 4 is published with kind permission of # Banca Nazionale del Lavoro All Rights Reserved Chapter 9 is published with kind permission of # Banca Nazionale del Lavoro All Rights Reserved ISBN e-isbn DOI: / Springer Dordrecht Heidelberg London New York Library of Congress Control Number: # Springer Physica-Verlag Berlin Heidelberg 2009 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Physica-Verlag. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Printed on acid-free paper Physica Verlag Berlin Heidelberg (

4 Contents Introduction Credit Rationing in Italy....7 Mariarosaria Agostino, Damiano B. Silipo, and Francesco Trivieri 2 Does Local Financial Development Matter?...31 Luigi Guiso, Paola Sapienza, and Luigi Zingales 3 Local Financial Development and Corporate Financial Policy...67 Maurizio La Rocca, Tiziana La Rocca, and Alfio Cariola 4 The Geography of Banking Power: The Role of Functional Distance Pietro Alessandrini, Manuela Croci, and Alberto Zazzaro 5 Bank Mergers and Credit Allocation Among Italian Regions Adriano Giannola 6 Basel II and the Financing of R&D Investments Giuseppe Scellato and Elisa Ughetto 7 Basel II and Banking Behaviour in a Dualistic Economy Mariatiziana Falcone, Damiano B. Silipo, and Francesco Trivieri 8 Measuring the Efficiency of the Banking System in a Dualistic Economy: Evidence from the Italian Case Luca Giordano and Antonio Lopes 9 Consolidation, Ownership Structure and Efficiency in the Italian Banking System Marcello Messori v

5 Contributors Mariarosaria Agostino Bucci, Rende (CS), Italy, Pietro Alessandrini Department of Economics, Money and Finance Research Group (MoFiR), Università Politecnica delle Marche Piazzale Martelli, Ancona, Italy, Alfio Cariola Business School, University of Calabria, Cubo 3B, Ponte P. Bucci, Rende (CS), Italy, Manuela Croci Lloyds TSB, London, UK, Mariatiziana Falcone Bucci, Rende (CS), Italy, Adriano Giannola Department of Economics, Università di Napoli Federico II, Via Cintia, complesso Monte S. Angelo, Napoli, Italy, Luca Giordano Consob, Italian Stock Exchange Authority, Via G.B. Martini, Roma, Italy, Luigi Guiso Department of Economics, European University Institute, Villa San Paolo, Via della Piazzuola, Firenze, Italy, Maurizio La Rocca Business School, University of Calabria, Cubo 3C, Ponte P. Bucci, Rende (CS), Italy, vii

6 viii Contributors Tiziana La Rocca Business School, University of Calabria, Cubo 3C, Ponte P. Bucci, Rende (CS), Italy, Antonio Lopes Dipartimento di Diritto ed Economia, Second University of Naples, Corso Gran Priorato, Capua (CE), Italy, Marcello Messori Faculty of Economics, University of Rome Tor Vergata, Via Columbia, Rome, Italy, Paola Sapienza University of Chicago GSB, 5807 South Woodlawn Avenue, Chicago, IL 60637, USA, Giuseppe Scellato DSPEA, Politecnico di Torino, Corso Duca degli Abruzzi 24/B, Torino, Italy, Damiano Bruno Silipo Bucci, Rende (CS), Italy, Francesco Trivieri Bucci, Rende (CS), Italy, Elisa Ughetto DSPEA, Politecnico di Torino, Corso Duca degli Abruzzi 24/B, Torino, Italy, Alberto Zazzaro Department of Economics, Money and Finance Research Group (MoFiR), Università Politecnica delle Marche Piazzale Martelli, Ancona, Italy, univpm.it Luigi Zingales University of Chicago GSB, 5807 South Woodlawn Avenue, Chicago, IL , USA,