NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Banks and Markets: The Changing Character of European Finance

Luigi Zingales, Raghuram G. Rajan

NBER Working Paper No. 9595
Issued in March 2003
NBER Program(s):   CF

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

download in pdf format
   (436 K)

email paper

This paper is available as PDF (436 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w9595

Users who downloaded this paper also downloaded these:
Rajan and Zingales w5758 Financial Dependence and Growth
Rajan and Zingales w8177 The Influence of the Financial Revolution on the Nature of Firms
Levine w10766 Finance and Growth: Theory and Evidence
Rajan w11728 Has Financial Development Made the World Riskier?
Diamond and Rajan w14739 The Credit Crisis: Conjectures about Causes and Remedies
 
Publications
Activities
Meetings
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us