Monetary Policy through Ceilings on Bank Lending

Cottarelli, Carlo; Galli, Giampaolo; Reedtz, Paolo Marullo; Pittaluga, Giovanni B.

doi:10.2307/1344586

Cited by 31 publications

(10 citation statements)

References 18 publications

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“…effectively constraining bank credit. In Italy Cottarelli et al (1986) estimate that the constraint was operative in 1974Q2-1975Q1, 1977Q1 15 For a comparative study on France and Italy that reaches similar conclusions but from a different angle (the focus is on the stability of money demand and control of monetary aggregates), see Dooley and Spinelli (1989). 1974 1975 1976 1977 1978 1979 1980 1981 1982 In all three countries, capital controls were mainly used to restrain outflows.…”

Section: Summing Upmentioning

confidence: 95%

“…________________________ 13 A general study of this experiment is Cottarelli et al (1986). See also Caranza and Fazio (1983).…”

Section: Italymentioning

confidence: 98%

“…Credit ceilings, in particular, when applied bank by bank, in principle freeze market shares. In their detailed analysis of the Italian experiment, Cottarelli et al (1986) conclude that indeed, credit ceilings reduce competition but they note a number of mitigating factors:…”

Section: Banking Effectsmentioning

confidence: 99%

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Financial Restraints and Liberalization in Postwar Europe

Wyplosz¹

2001

Financial Liberalization

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Section: Summing Upmentioning

confidence: 95%

“…________________________ 13 A general study of this experiment is Cottarelli et al (1986). See also Caranza and Fazio (1983).…”

Section: Italymentioning

confidence: 98%

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Financial Restraints and Liberalization in Postwar Europe

Wyplosz¹

2001

Financial Liberalization

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“…The effectiveness of credit ceilings has not been subject to the same degree of scrutiny as capital controls. The few available study (Cottarelli et al (1986)) conclude that, when effective (that is, when they are not circumvented), they significantly distort bank competition and are, thus, damaging for banking market efficiency-and, in this respect, should be seen as inferior to controls on capital inflows. For this reason, and, more generally, to avoid forms of financial dirigisme that may be seen as reminiscent of planning, credit ceilings are unlikely to become a permanent feature of CEB countries, although they may be occasionally used in response to credit booms.…”

Section: Credit Ceilingsmentioning

confidence: 99%

Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans

Hollar

Dell’Ariccia²,

Cottarelli³

2003

IMF Working Papers

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Following a period of privatization and restructuring, commercial banks in Central and Eastern Europe and, more recently, in the Balkans have rapidly expanded their lending to the private sector. This paper describes the causes of this expansion, assesses future trends, and evaluates its policy implications. It concludes that bank credit to the private sector is likely to continue rising faster than GDP in the next few years throughout the region, picking up also in countries where so far it has been stalled. Although this growth should be regarded as a structural and positive development, policymakers will have to evaluate carefully its implications for macroeconomic developments and financial stability.

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“…8 See Prosperetti and Durante (1995). 9 For an assessment of these policies see Cottarelli et al (1986).…”

Section: á Key Features Of the Italian Financial Systemmentioning

confidence: 99%

The Italian Financial System: neither Bank Based nor Market BasedManuscript received 21.10.96; final version received 9.12.97.

Cobham

Cosci

Mattesini

1999

The Manchester School

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New data on the sources of ¢nance for the non-¢nancial corporate sector show that Italian ¢rms as a whole use more equity ¢nance than their Anglo-Saxon counterparts, and smaller Italian ¢rms use equity more intensively than larger ¢rms. Both ¢ndings can be understood in terms of the structure of industry and banking in Italy and the relations between them. Firm managers have considerable autonomy vis-a© -vis both ¢nancial markets and intermediaries, and the Italian ¢nancial system should be seen as substantially di¡erent from either the high internal ¢nance systems of the USA and the UK or the bankbased system of Japan.

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Monetary Policy through Ceilings on Bank Lending

Cited by 31 publications

References 18 publications

Financial Restraints and Liberalization in Postwar Europe

Financial Restraints and Liberalization in Postwar Europe

Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans

The Italian Financial System: neither Bank Based nor Market BasedManuscript received 21.10.96; final version received 9.12.97.

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