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A More Efficient Financial System for Improved Economic Performance : An Attempt at Identifying the Priorities


  • Francesco Giavazzi
  • Alberto Giovannini


[eng] It is common wisdom that necessary conditions for economic performance are institutions that help the efficient production and distribution of goods and services. This rule applies also in financial sector. The authors surveyed the available evidence on the efficiency of judicial institutions and their effect on working of financial markets. They also analyse the link between good corporate laws, efficient enforcement of the laws and economic performance. Finally, two initiatives are studied : . - a comparison of two bills that the Italian parliament is considering for the reform of the company code ; . - the initiative for the creation across Europe of private credit bureaus and public credit registers. . JEL classifications : G14, G28

Suggested Citation

  • Francesco Giavazzi & Alberto Giovannini, 2001. "A More Efficient Financial System for Improved Economic Performance : An Attempt at Identifying the Priorities," Revue d'Économie Financière, Programme National Persée, vol. 62(2), pages 71-81.
  • Handle: RePEc:prs:recofi:ecofi_1767-4603_2001_num_62_2_4462
    Note: DOI:10.3406/ecofi.2001.4462

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    References listed on IDEAS

    1. Tullio Jappelli & Marco Pagano, 2000. "Information Sharing in Credit Markets: A Survey," CSEF Working Papers 36, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    2. Richard Disney & Jonathan Haskel & Ylva Heden, 2003. "Restructuring and productivity growth in uk manufacturing," Economic Journal, Royal Economic Society, vol. 113(489), pages 666-694, July.
    3. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 1999. "The Quality of Government," Journal of Law, Economics, and Organization, Oxford University Press, vol. 15(1), pages 222-279, April.
    4. Davide Lombardo & Marco Pagano, 1999. "Legal Determinants of the Return on Equity," CSEF Working Papers 24, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Dec 2000.
    5. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    6. Jappelli, Tullio & Pagano, Marco & Bianco, Magda, 2005. "Courts and Banks: Effects of Judicial Enforcement on Credit Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(2), pages 223-244, April.
    7. Paul F. Whiteley (ed.), 0. "Economic Policy," Books, Edward Elgar Publishing, volume 0, number 996.
    8. Armando Castelar Pinneiro & Célia Cabral, 1999. "Credit Markets in Brazil: The Role of Judicial Enforcement and Other Institutions," Research Department Publications 3066, Inter-American Development Bank, Research Department.
    9. Chiuri, Maria Concetta & Jappelli, Tullio, 2000. "Financial Markets, Judicial Costs and Housing Tenure: An International Comparison," IRISS Working Paper Series 2000-04, IRISS at CEPS/INSTEAD.
    10. repec:hrv:faseco:30747160 is not listed on IDEAS
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    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation


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