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L’efficienza allocativa del sistema bancario italiano, 1936-2010

Author

Listed:
  • Stefano Battilossi

    (Universidad Carlos III de Madrid)

  • Alfredo Gigliobianco

    (Banca d’Italia, Servizio Studi di Struttura economica e finanziaria)

  • Giuseppe Marinelli

    (Banca d’Italia, Servizio Statistiche economiche e finanziarie)

  • Sandra Natoli
  • Ivan Triglia

Abstract

Bank credit is by far the most important source of external finance for Italian firms. The allocative efficiency of banks is therefore an important element underlying the overall performance of the economy. In this paper we focus on allocation across industrial sectors. We assume that average sectoral price/earning ratios are a proxy for the growth opportunities of each sector, and that an efficient allocation of credit must take into account the variation of such opportunities. The paper exploits a new database which includes annual data on bank credit to different sectors (both aggregate and at the individual bank level) and parallel data on prices, earnings and capitalization of listed firms from 1948 to 2009. Our results confirm the hypothesis that after the financial liberalization of the early Nineties the allocative efficiency (across sectors) of the banking system increased.

Suggested Citation

  • Stefano Battilossi & Alfredo Gigliobianco & Giuseppe Marinelli & Sandra Natoli & Ivan Triglia, 2011. "L’efficienza allocativa del sistema bancario italiano, 1936-2010," Quaderni di storia economica (Economic History Working Papers) 25, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:workqs:qse_25
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    File URL: https://www.bancaditalia.it/pubblicazioni/quaderni-storia/2011-0025/index.html
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    Cited by:

    1. Said Jaouadi & Ilhem Zorgui, 2014. "Exploring Effectiveness and Efficiency of Banks in Switzerland," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(4), pages 313-325, April.

    More about this item

    Keywords

    Sistema bancario italiano; efficienza allocativa; cointegrazione;
    All these keywords.

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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