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Consolidation, Ownership Structure and Efficiency in the Italian Banking System

  • Marcello Messori
Chapter

Abstract

The paper refers to the processes of consolidation and privatization occurred in the Italian financial market during the nineties, in order to analyze their possible effects on efficiency, competition, and ownership reallocation of the banking system. The main results are that these two processes were accompanied by gains in the efficiency and competitiveness of the Italian market for traditional banking services, but they were unable to offset the drawbacks in the financial services offered to households and in the ownership structure of Italy's largest and medium-sized banking groups. In this last respect, the paper shows that banks mergers and acquisitions and privatization tightened the mesh of cross-shareholdings, and placed at the center of the consequent spiderweb of ownership a small number of major shareholders dominated by a peculiar nonmarket institution – that is, the Italian bank-derived foundations

Keywords

Total Asset Ownership Structure Asset Management Herfindahl Index Banking Group 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Physica-Verlag Berlin Heidelberg 2009

Authors and Affiliations

  1. 1.Università degli Studi di Roma Tor VergataDipartimento di Economia e IstituzioniRomeItaly

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