dc.contributor.author | Ugolini, Stefano | |
dc.date.accessioned | 2018-05-08T07:14:44Z | |
dc.date.available | 2018-05-08T07:14:44Z | |
dc.date.issued | 2010 | |
dc.identifier.isbn | 978-82-7553-578-6 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2497441 | |
dc.description.abstract | 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. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;21/2010 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: G24 | nb_NO |
dc.subject | JEL: G32 | nb_NO |
dc.subject | JEL: N23 | nb_NO |
dc.subject | JEL: O16 | nb_NO |
dc.subject | universal banking | nb_NO |
dc.subject | stock markets | nb_NO |
dc.subject | intermediation | nb_NO |
dc.subject | financial development | nb_NO |
dc.title | Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 38 | nb_NO |
dc.relation.project | Bicentenary Project | nb_NO |
dc.relation.project | Tohundreårsjubileum | nb_NO |