No. 64 - Financial innovation in Italy: a lopsided process

by Cesare Caranza and Carlo Cottarelli
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This paper surveys the main features and causes of financial innovation in Italy during the last decade. It is argued that financial innovation has so far been patchy, with far-reaching changes in important areas, but has left other areas almost unaffected even though these have been highly innovative abroad. This is especially true of the corporate and banking sectors' fund-raising techniques and of bank lending. The factors that have prevented innovation in these fields are classified as influencing either the demand or the supply of new financial products and it is concluded that supply factors have been important and probably somewhat underestimated in the literature.

This paper was presented at the conference on "Origins and Diffusion of Financial Innovation" held in Fiesole at the European University Institute on 7-9 October 1985.

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  1. 31 May 1986
    No. 64 - Financial innovation in Italy: a lopsided process
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