Growth and finance, European integration, and the Lisbon strategy

Pier Carlo Padoan (1) , Fabio Mariani (2)

1 UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome]
2 CES - Centre d'économie de la Sorbonne

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'.

Mots clés: Growth and finance; European integration

Domaines: Economies et finances

Pier Carlo Padoan, Fabio Mariani. Growth and finance, European integration, and the Lisbon strategy. Journal of Common Market Studies, 2006, 44 (1), pp.77-112. ⟨10.1111/j.1468-5965.2006.00615.x⟩. ⟨halshs-00308749⟩