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Titoli e attività bancaria: ponti e mura


  • Tommaso Padoa-Schioppa

    (Banca Centrale Europea, Francoforte sul Meno (Germania))


The paper examines the relationship between banking and securities activities in the light of financial market developments (securitisation, institutionalization of investment, emergence of complex financial instruments, conglomeration and consolidation), with particular reference to Europe. The enhanced links between banking and securities businesses have generated increased and new risks to financial institutions. However, banks' stability remains crucial for the stability of the financial system as a whole, because of their unique role as provider of liquidity. The paper also addresses the implications of the banking-securities combination for regulatory and supervisory arrangements. The exporting of prudential requirements traditional in banking (such as capital ratios) into the securities field, and the importing of securities regulation (such as transparency requirements) into the banking sector, can be deemed mutually beneficial. As regards supervision, there is a need to monitor the continued effectiveness of the current framework. This entails strengthening co-operation both at the national level and on a cross-border basis among sectoral supervisors in the micro-prudential field, and between them and central banks in the macro-prudential field.

Suggested Citation

  • Tommaso Padoa-Schioppa, 2002. "Titoli e attività bancaria: ponti e mura," Moneta e Credito, Economia civile, vol. 55(220), pages 321-344.
  • Handle: RePEc:psl:moneta:2002:41

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    References listed on IDEAS

    1. Padoa-Schioppa, Tommaso, 1999. "EMU and Banking Supervision," International Finance, Wiley Blackwell, vol. 2(2), pages 295-308, July.
    2. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
    3. Calvo, Guillermo A. & Mendoza, Enrique G., 2000. "Rational contagion and the globalization of securities markets," Journal of International Economics, Elsevier, vol. 51(1), pages 79-113, June.
    4. Anil K. Kashyap & Raghuram Rajan & Jeremy C. Stein, 2002. "Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-Taking," Journal of Finance, American Finance Association, vol. 57(1), pages 33-73, February.
    5. Franklin Allen & Richard Herring, 2001. "Banking Regulation versus Securities Market Regulation," Center for Financial Institutions Working Papers 01-29, Wharton School Center for Financial Institutions, University of Pennsylvania.
    6. Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 107(3), pages 797-817.
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    More about this item


    Bank; Banking; Financial Institution; Financial Market; Securities;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)


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