The Cost of Banking Regulation
---- Acknowledgements -----
We are grateful to the Foundation Banque de France for funding this paper. We thank Marco Pagano and Fabio Schiantarelli and participants at the Bank of Italy conference "Financial Structure, Product Market Structure and Economic Performance" and the Lisbon European Banking History conference. Luigi Guiso thanks the EEC and MURST for financial support, while Luigi Zingales thanks the Center for Security Prices and the Stigler Center at the University of Chicago for financial support.