Growth and Finance, European Integration and the Lisbon Strategy

36 Pages Posted: 8 May 2006

See all articles by Pier Carlo Padoan

Pier Carlo Padoan

International Monetary Fund (IMF)

Fabio Mariani

IZA Institute of Labor Economics

Abstract

This article considers the relationship between financial and technological integration in Europe. It finds that market-based financial systems support output growth, investment and total factor productivity (TFP) more than bank-based ones. It identifies three groups of countries and estimates the probability of transition between the groups. It finds that financial integration might be a necessary but not sufficient condition for moving towards the 'Lisbon benchmark'.

Suggested Citation

Padoan, Pier Carlo and Mariani, Fabio, Growth and Finance, European Integration and the Lisbon Strategy. Journal of Common Market Studies, Vol. 44, No. 1, pp. 77-112, March 2006, Available at SSRN: https://ssrn.com/abstract=885424 or http://dx.doi.org/10.1111/j.1468-5965.2006.00615.x

Pier Carlo Padoan (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Fabio Mariani

IZA Institute of Labor Economics ( email )

P.O. Box 7240
Bonn, D-53072
Germany

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