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The Diversification Benefits of Universal Banking

Author

Listed:
  • Fabrizio Casalin
  • Enzo Dia

    ()

Abstract

We find that both the aggregate issuance of bonds, and the volume of commercial and industrial loans outstanding in the US, respond to fluctuations in industrial production and interest rates, but in opposite directions. This empirical result suggests that universal banks can reduce the cyclical fluctuations of their income, by jointly providing direct lending and security underwriting services.

Suggested Citation

  • Fabrizio Casalin & Enzo Dia, 2010. "The Diversification Benefits of Universal Banking," Working Papers 192, University of Milano-Bicocca, Department of Economics, revised Jul 2010.
  • Handle: RePEc:mib:wpaper:192
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    File URL: http://dems.unimib.it/repec/pdf/mibwpaper192.pdf
    File Function: First version, 2010
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    More about this item

    Keywords

    Universal Banking; Diversification;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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