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Profit and Non-profit Motives in the Public Banks of Naples: An Old Model in Modern Perspective

In: Financial Innovation and Resilience

Author

Listed:
  • Adriano Giannola

    (Università di Napoli Federico II)

Abstract

From 1936 to the beginning of the 1990s, the Italian banking industry was mainly managed by the state or by local public institutions. After the Amato-Carli Law of 1990, the entire sector was rapidly privatized. The specific solution devised for privatization mirrors several features of the ancient model of the public banks of Naples that originated between the fifteenth and the sixteenth century. Most notably, not-for-profit institutions, namely the Banking Foundations, are now the main shareholders of the largest banks. This model reproduces the earlier relation between the Neapolitan charities (luoghi pii) and their offsprings, the commercial banks, and it also generates a similar stabilizing function.

Suggested Citation

  • Adriano Giannola, 2018. "Profit and Non-profit Motives in the Public Banks of Naples: An Old Model in Modern Perspective," Palgrave Studies in the History of Finance, in: Lilia Costabile & Larry Neal (ed.), Financial Innovation and Resilience, chapter 0, pages 345-359, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-90248-7_16
    DOI: 10.1007/978-3-319-90248-7_16
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