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Title: Banks and Markets: the Changing Character of European Finance

Author(s): Raghuram G Rajan and Luigi Zingales

Publication Date: May 2003

Keyword(s): banking system, finance development and financial markets

Programme Area(s): Financial Economics

Abstract: In the last two decades the European financial markets have become more market-oriented. We analyse the economic and political forces that have triggered these changes as well as their likely welfare implications. We also try to assess whether this trend will continue. Based on our analysis, we conjecture that even if Europe might benefit from a continuation of the trend, in the near future political support for it is likely to become much weaker. Furthermore, without serious reforms, the trend is likely to benefit Southern Europe less than Northern Europe.

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Bibliographic Reference

Rajan, R and Zingales, L. 2003. 'Banks and Markets: the Changing Character of European Finance'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=3865