TY  - JOUR
AU  - Zingales,Luigi
AU  - Rajan,Raghuram G.
TI  - Banks and Markets: The Changing Character of European Finance
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9595
PY  - 2003
Y2  - March 2003
UR  - http://www.nber.org/papers/w9595
L1  - http://www.nber.org/papers/w9595.pdf
N1  - Author contact info:
Luigi Zingales
Booth School of Business
The University of Chicago
5807 S. Woodlawn Avenue
Chicago, IL 60637
Tel: 773/702-3196
Fax: 773/834-2081
E-Mail: luigi.zingales@ChicagoBooth.edu

Raghuram Rajan
Booth School of Business
University of Chicago
5807 South Woodlawn Avenue
Chicago, IL 60637
Tel: 773/702-4437
Fax: 773/702-0458
E-Mail: raghuram.rajan@ChicagoBooth.edu
AB  - 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
ER  -