IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Reassessing the bank–industry relationship in Italy, 1913–1936: a counterfactual analysis

Listed author(s):
  • Michelangelo Vasta


    (University of Siena, Siena, Italy)

  • Carlo Drago

    (University Niccolò Cusano, Roma, Italy)

  • Roberto Ricciuti

    (University of Verona, Verona, Italy and CESifo, Munich, Germany)

  • Alberto Rinaldi

    (University of Modena and Reggio Emilia and RECent, Modena, Italy)

Until the banking reform in 1936, banks and industrial companies in Italy were strongly intertwined (both in terms of ownership and interlocking directorates). Using Imita.db—a large dataset containing data on over 300,000 directors of Italian joint-stock companies—this paper analyzes what would have happened to the Italian corporate network in the years 1913, 1921, 1927 and 1936 if the German-type universal banks and their directors would have not been there. Our test shows that new centers of the system would have emerged (financial, electricity, and phone companies), confirming the interconnected nature of the Italian capitalism. We also analyze two industries (textiles and iron and steel) characterized by different labor-to-capital intensities to check for sectoral differences. Contrary to conventional wisdom, we find that local banks were important in funding both industries.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: Access to full text is restricted to journal subscribers

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Article provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.

Volume (Year): 11 (2017)
Issue (Month): 2 (May)
Pages: 183-216

in new window

Handle: RePEc:afc:cliome:v:11:y:2017:i:2:p:183-216
Contact details of provider: Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  1. Carlo Drago & Roberto Ricciuti & Alberto Rinaldi & Michelangelo Vasta, 2013. "A counterfactual analysis of the bank-industry relationship in Italy, 1913-1936," Department of Economics (DEMB) 0013, University of Modena and Reggio Emilia, Department of Economics "Marco Biagi".
  2. Fohlin,Caroline, 2011. "Finance Capitalism and Germany's Rise to Industrial Power," Cambridge Books, Cambridge University Press, number 9780521396608, March.
  3. Andrea Colli & Alberto Rinaldi & Michelangelo Vasta, 2016. "The only way to grow? Italian Business groups in historical perspective," Business History, Taylor & Francis Journals, vol. 58(1), pages 30-48, January.
  4. Stefano Battilossi, 2009. "Did governance fail universal banks? Moral hazard, risk taking, and banking crises in interwar Italy -super-1," Economic History Review, Economic History Society, vol. 62(s1), pages 101-134, August.
  5. Fohlin, Caroline, 1998. "Fiduciariand Firm Liquidity Constraints: The Italian Experience with German-Style Universal Banking," Explorations in Economic History, Elsevier, vol. 35(1), pages 83-107, January.
  6. Fohlin, Caroline, 1999. "Capital mobilisation and utilisation in latecomer economies: Germany and Italy compared," European Review of Economic History, Cambridge University Press, vol. 3(02), pages 139-174, August.
  7. repec:ucp:bkecon:9780226531083 is not listed on IDEAS
  8. Cohen, Jon S., 1967. "Financing Industrialization in Italy, 1894–1914: The Partial Transformation of a Late-Comer," The Journal of Economic History, Cambridge University Press, vol. 27(03), pages 363-382, September.
  9. Rinaldi, Alberto & Vasta, Michelangelo, 2012. "The Italian Corporate Network After the “Golden Age” (1972–1983): From Centrality to Marginalization of State-Owned Enterprises," Enterprise & Society, Cambridge University Press, vol. 13(02), pages 378-413, June.
  10. Rinaldi, Alberto & Vasta, Michelanelo, 2005. "The Structure of Italian Capitalism, 1952 1972: New Evidence Using the Interlocking Directorates Technique," Financial History Review, Cambridge University Press, vol. 12(02), pages 173-198, October.
  11. Randall K. Morck, 2005. "A History of Corporate Governance around the World: Family Business Groups to Professional Managers," NBER Books, National Bureau of Economic Research, Inc, number morc05-1, December.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:afc:cliome:v:11:y:2017:i:2:p:183-216. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.