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Ingredients for the New Economy: How Much does finance matter?

  • Matteo Bugamelli

    ()

    (Bank of Italy, Economic Research Department)

  • Patrizio Pagano

    ()

    (Bank of Italy, Economic Research Department)

  • Francesco Patern�

    ()

    (Bank of Italy, Economic Research Department)

  • Alberto Franco Pozzolo

    ()

    (Bank of Italy, Economic Research Department)

  • Fabiano Schivardi

    ()

    (Bank of Italy, Economic Research Department)

  • Salvatore Rossi

    ()

    (Bank of Italy, Economic Research Department)

Both macro and (still scarce) micro evidence support the idea that a new economy is emerging in the US, not (yet) in Europe. Some have argued that the inadequacies of Europe�s financial system are an important part of the explanation. This paper, after surveying the existing literature on the new productive paradigm and on the related financial aspects, both in the US and in Europe (in Italy in particular), claims that financing the new economy has more to do with traditional firms investing in ICT than with the creation of new firms in ICT-producing sectors. Saying that finance is a major obstacle in Europe to the development of the new economy may be an overstatement, though countries, like Italy, where the average size of firms is small are probably facing specific difficulties.

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Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 418.

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Date of creation: Oct 2001
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Handle: RePEc:bdi:wptemi:td_418_01
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