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The Changing Role of Finance in Southern European Economies: Will There be an Improvement in Economic Performance?

In: Economic Transformation, Democratization and Integration into the European Union

Author

Listed:
  • Heather D. Gibson
  • Yiannis Stournaras
  • Euclid Tsakalotos

Abstract

The financial sector in any economy is crucial to the health of the whole economy. Financial intermediaries and markets act to bring together those who wish to save with those who wish to invest. Savers usually want immediate access to their funds, they often require some certainty about the return and they may wish to save in small amounts. Investors, by contrast, require long-term loans, often in large amounts for projects which may have uncertain returns. The raison d’être of financial intermediaries is that they act to satisfy both savers and investors. As such, changes that take place in the financial sector are important not only in and of themselves but also because they affect the potential performance of the economy as a whole and the real economy in particular.

Suggested Citation

  • Heather D. Gibson & Yiannis Stournaras & Euclid Tsakalotos, 2001. "The Changing Role of Finance in Southern European Economies: Will There be an Improvement in Economic Performance?," Palgrave Macmillan Books, in: Heather D. Gibson (ed.), Economic Transformation, Democratization and Integration into the European Union, chapter 8, pages 274-305, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-97761-3_8
    DOI: 10.1057/9780333977613_8
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