IDEAS home Printed from https://ideas.repec.org/p/bdi/workqs/qse_25.html
   My bibliography  Save this paper

L'efficienza allocativa del sistema bancario italiano, 1936-2010

Author

Listed:
  • Stefano Battilossi

    (Universidad Carlos III de Madrid)

  • Alfredo Gigliobianco

    (Banca d'Italia, Servizio Studi di Struttura economica e finanziaria)

  • Giuseppe Marinelli

    (Banca d'Italia, Servizio Statistiche economiche e finanziarie)

  • Sandra Natoli
  • Ivan Triglia

Abstract

Bank credit is by far the most important source of external finance for Italian firms. The allocative efficiency of banks is therefore an important element underlying the overall performance of the economy. In this paper we focus on allocation across industrial sectors. We assume that average sectoral price/earning ratios are a proxy for the growth opportunities of each sector, and that an efficient allocation of credit must take into account the variation of such opportunities. The paper exploits a new database which includes annual data on bank credit to different sectors (both aggregate and at the individual bank level) and parallel data on prices, earnings and capitalization of listed firms from 1948 to 2009. Our results confirm the hypothesis that after the financial liberalization of the early Nineties the allocative efficiency (across sectors) of the banking system increased.

Suggested Citation

  • Stefano Battilossi & Alfredo Gigliobianco & Giuseppe Marinelli & Sandra Natoli & Ivan Triglia, 2011. "L'efficienza allocativa del sistema bancario italiano, 1936-2010," Quaderni di storia economica (Economic History Working Papers) 25, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:workqs:qse_25
    as

    Download full text from publisher

    File URL: https://www.bancaditalia.it/pubblicazioni/quaderni-storia/2011-0025/index.html?com.dotmarketing.htmlpage.language=1
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Said Jaouadi & Ilhem Zorgui, 2014. "Exploring Effectiveness and Efficiency of Banks in Switzerland," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(4), pages 313-325, April.

    More about this item

    Keywords

    Sistema bancario italiano; efficienza allocativa; cointegrazione;
    All these keywords.

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdi:workqs:qse_25. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/bdigvit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.