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Bank Intermediation under Flexible Deposit Rates and Controlled Credit Allocation: the Italian Experience

In: Competition and Regulation in Financial Markets

Author

Listed:
  • Mario Monti
  • Angelo Porta
  • Paul Grauwe

Abstract

The most striking feature of the Italian financial structure, compared to those of other industrial countries, is an extremely high and rising degree of liquidity. In the last two decades, and particularly in the 1970s, the process of capital formation has been associated with a very pronounced monetisation, money balances being by far the asset most largely accumulated by ultimate wealth-owners. This trend has been made possible, and to some extent stimulated, by a marked expansion of the intermediation performed by the commercial banking system.

Suggested Citation

  • Mario Monti & Angelo Porta & Paul Grauwe, 1981. "Bank Intermediation under Flexible Deposit Rates and Controlled Credit Allocation: the Italian Experience," Palgrave Macmillan Books, in: Albert Verheirstraeten (ed.), Competition and Regulation in Financial Markets, chapter 6, pages 117-156, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05585-2_6
    DOI: 10.1007/978-1-349-05585-2_6
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    Cited by:

    1. Cebenoyan, A. Sinan & Fischer, Klaus P. & Papaioannou, George J., 1995. "Corporate financial structure under inflation and financial repression: A comparative study of North American and emerging markets firms," Global Finance Journal, Elsevier, vol. 6(1), pages 25-45.

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