Central Banking

ECB paper highlights stability and growth benefits of market-based finance


There is little disagreement among European policy-makers that more market-based finance would be a good thing, but research published today (May 28) by the European Central Bank (ECB) has gone some way towards quantifying the potential benefits.

Sam Langfield, of the ECB's European Systemic Risk Board directorate, and Marco Pagano, of the University of Naples Federico II, test two hypotheses: that under bank-based financial structures systemic risk tends to be higher, and growth lower. They fin

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