Since the 1980s, financial crises have tended to reoccur with increasing frequency and growing intensity. They are endogenously generated by the established OTD (Originate-To-Distribute) model within the new finance-growth paradigm. Good finance fosters the correct allocation of financial...

Financial services firms play a key role in the European economy. The efficiency and profitability of these firms and the competition among them have an impact on allocation of savings, financing of investment, economic growth, the stability of the financial system and the transmission of...

This paper tests the extent to which convergence has been occurring between EU member states in the sources of funding for investment by non-financial corporations. The evidence from time series on 9 EU member countries during 1971-1996 suggests that bank lending (credit) remains the most...