The Banks and the Italian Economy
Damiano Bruno Silipo The Banks and the Italian Economy Physica Verlag A Springer Company
Editor Professor Damiano Bruno Silipo Dipartimento di Economia e Statistica Università della Calabria ponte P. Bucci Cubo 0C 87036 Arcavacata di Rende (CS) Italy silipo@unical.it Chapter 2 is published with kind permission of # MIT Press 2004. All Rights Reserved Chapter 4 is published with kind permission of # Banca Nazionale del Lavoro 2005. All Rights Reserved Chapter 9 is published with kind permission of # Banca Nazionale del Lavoro 2002. All Rights Reserved ISBN 978-3-7908-2111-6 e-isbn 978-3-7908-2112-3 DOI: 10.1007/978-3-7908-2112-3 Springer Dordrecht Heidelberg London New York Library of Congress Control Number: 2009921014 # 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 (www.springer.com)
Contents Introduction...1 1 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....93 Pietro Alessandrini, Manuela Croci, and Alberto Zazzaro 5 Bank Mergers and Credit Allocation Among Italian Regions....125 Adriano Giannola 6 Basel II and the Financing of R&D Investments...135 Giuseppe Scellato and Elisa Ughetto 7 Basel II and Banking Behaviour in a Dualistic Economy...161 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...185 Luca Giordano and Antonio Lopes 9 Consolidation, Ownership Structure and Efficiency in the Italian Banking System....211 Marcello Messori v
Contributors Mariarosaria Agostino Bucci, 87036 Rende (CS), Italy, agostino@unical.it Pietro Alessandrini Department of Economics, Money and Finance Research Group (MoFiR), Università Politecnica delle Marche Piazzale Martelli, 86121 Ancona, Italy, p.alessandrini@univpm.it Alfio Cariola Business School, University of Calabria, Cubo 3B, Ponte P. Bucci, 87036 Rende (CS), Italy, a.cariola@unical.it Manuela Croci Lloyds TSB, London, UK, croci@lloydstsb.co.uk Mariatiziana Falcone Bucci, 87036 Rende (CS), Italy, falcone_50676@yahoo.it Adriano Giannola Department of Economics, Università di Napoli Federico II, Via Cintia, complesso Monte S. Angelo, 80126 Napoli, Italy, giannola@unina.it Luca Giordano Consob, Italian Stock Exchange Authority, Via G.B. Martini, 3-00198 Roma, Italy, l.giordano@consob.it. Luigi Guiso Department of Economics, European University Institute, Villa San Paolo, Via della Piazzuola, 43 50133 Firenze, Italy, luigi.guiso@eui.eu Maurizio La Rocca Business School, University of Calabria, Cubo 3C, Ponte P. Bucci, 87036 Rende (CS), Italy, m.larocca@unical.it vii
viii Contributors Tiziana La Rocca Business School, University of Calabria, Cubo 3C, Ponte P. Bucci, 87036 Rende (CS), Italy, tiziana.larocca@unical.it Antonio Lopes Dipartimento di Diritto ed Economia, Second University of Naples, Corso Gran Priorato, 1-80143 Capua (CE), Italy, lopes.antonio@iol.it. Marcello Messori Faculty of Economics, University of Rome Tor Vergata, Via Columbia, 200133 Rome, Italy, messori@uniroma2.it Paola Sapienza University of Chicago GSB, 5807 South Woodlawn Avenue, Chicago, IL 60637, USA, Paola.Sapienza@chicagogsb.edu Giuseppe Scellato DSPEA, Politecnico di Torino, Corso Duca degli Abruzzi 24/B, 10129 Torino, Italy, giuseppe.scellato@polito.it Damiano Bruno Silipo Bucci, 87036 Rende (CS), Italy, silipo@unical.it Francesco Trivieri Bucci, 87036 Rende (CS), Italy, francesco.trivieri@unical.it Elisa Ughetto DSPEA, Politecnico di Torino, Corso Duca degli Abruzzi 24/B, 10129 Torino, Italy, elisa.ughetto@polito.it Alberto Zazzaro Department of Economics, Money and Finance Research Group (MoFiR), Università Politecnica delle Marche Piazzale Martelli, 86121 Ancona, Italy, a.zazzaro@ univpm.it Luigi Zingales University of Chicago GSB, 5807 South Woodlawn Avenue, Chicago, IL 60637 610, USA, luigi.zingales@chicagogsb.edu