The Italian Financial System Remodelled

This book looks at the banking and finance industries in Italy and how these industries contribute to the Italian economy. Could these industries be the solution to the contradiction in which the country's economy has been caught for several years: it is better governed than it has been in the past, but is not growing as much as it could. The book looks at how this solution might be achieved and what factors will govern the contribution of the banking and finance industries.

List of Tables List of Figures Preface PART 1: A MUTATION The New Forms of the Italian Financial System Finance and the Sectors of the Economy A Tendency to Converge? PART 2: THE INSTITUTIONAL AND ANALYTICAL FRAMEWORK The Legal Order Taxation Supervision Competition PART 3: THE LEGAL ORDER The Amendments to the Legal Framework of Banking and Finance The Legal System: An Overview The Adequacy of the Legal System The Legal Order and Change PART 4: TAXATION The Fiscal Burden and Tax Neutrality for the Financial Sector Taxation and the Structure of the Financial System The Revised Model Taxation and Change PART 5: SUPERVISION Independent Authorities The Bank of Italy: Monetary Management and Supervision The Bank of Italy's Supervisory Activities Supervision and Change PART 6: COMPETITION The Initial Conditions and the Turning-point of the Seventies Up to 1990 After 1990 Competition and Change PART 7: PERFORMANCE Banks Institutional Investors and Markets The Financial Industry: Advances and Lags PART 8: A STAGNANT ECONOMY The Stagnation of the Italian Economy in the 1990s The Causes: 'Real', Not Financial PART 9: FINANCE AND GROWTH Schumpeter Revisited Better Finance, More Growth Quid Agendum PART 10: THE OUTLOOK Notes References Index

PIERLUIGI CIOCCA is Deputy Director General of the Bank of Italy. He holds appointments in Committees and Working Groups within the OECD, the G-10 and the European Union as the Bank of Italy representative. He is the author of two books in monetary economics and economic history and several articles in Italian and foreign economic journals.