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Growth and finance, European integration, and the Lisbon strategy

Author

Listed:
  • Pier Carlo Padoan

    (UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome])

  • Fabio Mariani

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This article considers the relationship between financial and technological integration in Europe. It finds that market-based financial systems support output growth, investment and total factor productivity (TFP) more than bank-based ones. It identifies three groups of countries and estimates the probability of transition between the groups. It finds that financial integration might be a necessary but not sufficient condition for moving towards the 'Lisbon benchmark'.

Suggested Citation

  • Pier Carlo Padoan & Fabio Mariani, 2006. "Growth and finance, European integration, and the Lisbon strategy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00308749, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00308749
    DOI: 10.1111/j.1468-5965.2006.00615.x
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    Cited by:

    1. Bruno Caprettini, 2008. "Finance and the Diffusion of Digital Technologies," Rivista di Politica Economica, SIPI Spa, vol. 98(6), pages 79-122, November-.
    2. Anwar, Amar & Iwasaki, Ichiro, 2022. "The Finance–Growth Nexus inAsia : A Meta-Analytic Approach," CEI Working Paper Series 2022-03, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    3. IWASAKI, Ichiro & ONO, Shigeki, 2023. "Economic Development and the Finance-Growth Nexus : A Meta-Analytic Approach," CEI Working Paper Series 2023-06, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

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    Keywords

    Growth and finance; European integration;

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