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Economies of Diversification and Conflicts of Interest: The Effects of the New Regulation in Italy

In: The Changing Face of European Banks and Securities Market

Author

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  • Elisabetta Gualandri
  • Andrea Landi

Abstract

No-one would deny that the diversification of the activities of the commercial banks was one of the most important processes which marked the development of the main financial and banking systems during the 1980s. It can be considered as the result of a convergence, which has matured during the last few years, between the aims of super- visory authorities and the objectives pursued by the commercial banks themselves. In the banks' view, the diversification of their activities was the strategy which would allow them to increase their intermediation volumes and convert the resulting enlargement of the range of products offered into a reduction in costs and an increase in profitability. This was the policy which the commercial banks in the leading countries were virtually forced to adopt in a situation which has seen a rapid growth in the securities markets and a drop in traditional intermediation. For the authorities, functional despecialisation and competition between the various categories of intermediaries seemed to be the essential precondi- tions for a reduction in the rents in the various markets of the financial system and for an increase in the welfare of the consumers of financial services.

Suggested Citation

  • Elisabetta Gualandri & Andrea Landi, 1994. "Economies of Diversification and Conflicts of Interest: The Effects of the New Regulation in Italy," Palgrave Macmillan Books, in: Jack Revell (ed.), The Changing Face of European Banks and Securities Market, chapter 0, pages 144-173, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23141-6_8
    DOI: 10.1007/978-1-349-23141-6_8
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