This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron’s (1962) hypothesis: universality is interpreted as a strategy for banks to reach the critical size needed in order to perform successful securitization of corporate debt. A relevant natural experiment in universal banking and industrialization (Belgium in the 1830s) illustrates the argument. The conclusion is that creating a new financial market also implies establishing intermediaries to supply crucial functions such as underwriting, certification, and liquidity provision
Capital mobilization represents a serious obstacle to industrialization. By stimulating savings, mat...
This paper reviews the characteristics of the international incursions by banks since the early 1990...
Since Gerschenkron's path-breaking studies, universal banking is considered to be largely responsibl...
This paper proposes a reassessment of the old-age debate on universal banking and growth by putting ...
Whilst in some financial systems in the early twentieth century commercial and investment banking ac...
This paper examines the impact of universal banks on the performance of affiliated firms in Belgium ...
International audienceRecent developments in the literature on financial architecture suggest that b...
The term universal banking means different things to different people. But at bottom, everyone agr...
I analyze the impact of the formation of universal banks on corporate investment by looking at the g...
Explanations for the extensive interlocking of bank and firm directorates in pre-World War I Germany...
Commercial banks were leading participants in the U.S. securities markets during the great bull mark...
© 2016 Banca Monte dei Paschi di Siena SpA This paper explains the process of competitive deregulati...
Lack of both theoretical cogency and empirical evidence casts doubt on the Gerschenkronian paradigm ...
Whilst in some financial systems in the early twentieth century commercial and investment banking ac...
We investigate the impact of universal bank relations on the performance and the risk of listed comp...
Capital mobilization represents a serious obstacle to industrialization. By stimulating savings, mat...
This paper reviews the characteristics of the international incursions by banks since the early 1990...
Since Gerschenkron's path-breaking studies, universal banking is considered to be largely responsibl...
This paper proposes a reassessment of the old-age debate on universal banking and growth by putting ...
Whilst in some financial systems in the early twentieth century commercial and investment banking ac...
This paper examines the impact of universal banks on the performance of affiliated firms in Belgium ...
International audienceRecent developments in the literature on financial architecture suggest that b...
The term universal banking means different things to different people. But at bottom, everyone agr...
I analyze the impact of the formation of universal banks on corporate investment by looking at the g...
Explanations for the extensive interlocking of bank and firm directorates in pre-World War I Germany...
Commercial banks were leading participants in the U.S. securities markets during the great bull mark...
© 2016 Banca Monte dei Paschi di Siena SpA This paper explains the process of competitive deregulati...
Lack of both theoretical cogency and empirical evidence casts doubt on the Gerschenkronian paradigm ...
Whilst in some financial systems in the early twentieth century commercial and investment banking ac...
We investigate the impact of universal bank relations on the performance and the risk of listed comp...
Capital mobilization represents a serious obstacle to industrialization. By stimulating savings, mat...
This paper reviews the characteristics of the international incursions by banks since the early 1990...
Since Gerschenkron's path-breaking studies, universal banking is considered to be largely responsibl...