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The Reform of Italian Cooperative Banks

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  • Eva Gutierrez
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    Abstract

    This paper argues that the governance framework of cooperative banks may hamper raising capital, particularly at time of distress, complicating the bank resolution process ?specially for large banks?and may not provide adequate incentives to control banks'' management. Reforms should preserve the positive characteristics that make cooperative banks a valuable addition to the Italian financial system, while providing enough flexibility and incentives for banks to adopt a suitable governance model. Our empirical analysis suggests that cooperative banks may enjoy a higher degree of monopoly power than commercial banks. Thus, regulations and the enforcement of antitrust policies should ensure a leveled playing field.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/74.

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    Length: 18
    Date of creation: 01 Mar 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/74

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    Related research

    Keywords: Bank resolution; Competition; Bank supervision; Governance; Capital accumulation; banking; shareholders; banking law; credit; shares; banking sector; prices; cooperative banking; raising capital; banking system; retail banking; bank management; cooperative bank; level playing field; payment systems; capital adequacy; banks ? loans; bank stability; bank capacity; banking systems; bank capital; banking industry; deposit guarantee; bank network; capital mobility; retained earnings; bank insolvency; banking institutions; banking sectors; bank performance; bank ownership; bank relationships;

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    1. Martin Cihák & Heiko Hesse, 2007. "Cooperative Banks and Financial Stability," IMF Working Papers 07/2, International Monetary Fund.
    2. Panzar, John C & Rosse, James N, 1987. "Testing for "Monopoly" Equilibrium," Journal of Industrial Economics, Wiley Blackwell, vol. 35(4), pages 443-56, June.
    3. Kenneth Spong & Richard J. Sullivan & Robert DeYoung, 1995. "What makes a bank efficient? : a look at financial characteristics and management and ownership structure," Financial Industry Perspectives, Federal Reserve Bank of Kansas City, issue Dec, pages 1-19.
    4. Hempell, Hannah S., 2002. "Testing for Competition Among German Banks," Discussion Paper Series 1: Economic Studies 2002,04, Deutsche Bundesbank, Research Centre.
    5. Altunbas, Yener & Evans, Lynne & Molyneux, Philip, 2001. "Bank Ownership and Efficiency," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(4), pages 926-54, November.
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