| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP674 |
| DP674 Finance and Development: The Case of Southern Italy | |
| Fulvio Ingrosso; Riccardo Faini; Curzio Giannini | |
| 发表日期 | 1992-07-30 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | We look at the role of the financial sector in the context of the relatively backward regions of Southern Italy (the so-called Mezzogiorno). Commercial banks in the South typically have higher operating costs and charge higher interest rates than Northern banks. Econometric analysis on a large set of individual loan contracts suggests that borrowers in the South are considerably riskier than those elsewhere in Italy. It also indicates, however, that risk accounts for only half of the 200 basis points average North-South interest differential. The rest is largely accounted for by differences in operating costs. We argue that these findings reflect a situation in which Southern banks have a monopoly of information concerning local firms, with outside banks forced to resort to rationing practices to avoid attracting the worse borrowers. To support this interpretation, we analyse loan contracts of Southern firms who borrow at the same time from local and external banks. We also show that geographical proximity tends to raise interest rates in the South. We then turn to the issue of allocative efficiency and argue that Southern banks tend to perform their screening function less efficiently than banks in the rest of Italy. We finally show that in the South, risk exerts a significantly larger effect on borrowing and that Southern firms whose earnings are more variable are more likely to be liquidity constrained in their investment decision. |
| 主题 | International Macroeconomics |
| 关键词 | Credit markets Information Italy Mezzogiorno Rationing |
| URL | https://cepr.org/publications/dp674 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529845 |
| 推荐引用方式 GB/T 7714 | Fulvio Ingrosso,Riccardo Faini,Curzio Giannini. DP674 Finance and Development: The Case of Southern Italy. 1992. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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