Finance and investment: The European case

Colin Mayer, Stefano Micossi, Marco Onado, Marco Pagano, Andrea Polo 18 January 2018

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A product of the Restarting European Long-Term Investment Finance research programme, jointly developed by Assonime and the Centre for Economic Policy Research (CEPR), Finance and Investment: The European Case brings together leading researchers to consider the causes of the persistently low level of investment in Europe. It examines the extent to which the financial system is a contributory factor and identifies possible remedies, considering the relation of finance to corporate sector investment, the lending behaviour of banks, the provision of equity financing, and the role of public sector institutions, regulation, and taxation. 


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Finance and Investment provides one of the most comprehensive and thorough analyses of any financial system undertaken to date. It reflects a large body of research using new and existing data sets, employing advanced empirical tools, and exploiting the unique insights provided by the tumultuous events of financial and sovereign debt crises. Together, they comprise an exceptional body of knowledge to advance academic thinking and guide policy formulation.

 

 

Contents:

1 Introduction
Colin Mayer, Stefano Micossi, Marco Onado, Marco Pagano, and Andrea Polo

2 Financial Structure and Corporate Investment in Europe: Evidence from the Crisis Years
Immacolata Marino, Brunella Bruno, and Alexandra D'Onofrio

3 Misallocation of Investment in Europe: The Role of Debt Overhang and Credit Market Distress
Marcin Wolski, Francesca Barbiero, Philipp-Bastian Brutscher, Atanas Kolev, and Alexander Popov

4 Understanding the Use of Long-term Finance in Developing Countries
Sergio Schmukler and María Soledad Martinez Pería

5 Liquidity Squeeze on SMEs during the Great Recession in Europe: The Role of Trade Credit
Fabrizio Coricelli and Marco Frigerio

6 Determinants of Bank Lending in Europe and the US Evidence from Crisis and Post Crisis Years
Brunella Bruno, Immacolata Marino, and Alexandra D'Onofrio

7 Same Story, Different Place? Post-Crisis Recapitalization of Banks in Japan and Europe
Tim Eisert,Viral V. Acharya, Christian Eufinger, and Christian Hirsch

8 The Sovereign-Bank Nexus and the Case for European Safe Bonds
Marco Pagano

9 A Securitisation Scheme for Resolving Europe's Problem Loans
Marco Onado, Brunella Bruno, and Giuseppe Lusignani

10 Changes in the Cost of Bank Equity and the Supply of Bank Credit
Claire Célérier, Thomas Kick, and Steven Ongena

11 From Start-up to Scale-up: Examining Public Policies for the Financing of High-Growth Ventures
Thomas Hellman, Gilles Duruflé, and Karen Wilson

12 Market Innovations for (Non-Bank) Financing of SMEs in Light of Crisis and New Regulation- A Policy Perspective
Eric Nowak and Alexander Eisele

13 Capital Markets Union and firms' access to external market-based finance: evidence and policy implications from a novel survey-based index
Emanuele Rossi, Paola Bongini, Annalisa Ferrando, and Monica Rossolini

14 The EU Securities Law Framework for SMEs: Can Firms and Investors Meet?
Carmine Di Noia, Marcello Bianchi, and Matteo Gargantini

15 Can Insurance Companies Help More SMEs to Access Capital Markets
 Dario Focarelli

 16 Public Development Banks: Who to Target and How?
 Xavier Freixas and Marcela Eslava

17 Infrastructure Investment in Europe: New Data, market dynamics, policy actions and the role of the European Investment Bank
Philipp-Bastian Brutscher and Debora Revoltella

18 Intended and Unintended Consequences of Government Credit Guarantee Programs
Jose Liberti, Vasso Ioannidou, Thomas Mosk, and Jason Sturgess

19 Are Risk-Based Capital Requirements Detrimental to Corporate Lending? Evidence from Europe
Andrea Resti, Brunella Bruno, and Giacomo Nocera

20 Information in the Financial System: The Policy Challenge
Alberto Giovannini

21 Asset encumbrance in European Banks: First Evidence
Enrique Benito, Albert Banal-Estanol, and Dmitry Khametshin

22 Securities Trading and Lending in Banks
Andrea Polo and Jose Luis Peydro and Enrico Sette

Peter Moores Professor of Management, Saïd Business School; Professorial Fellow of Wadham College, Oxford; CEPR Research Fellow

Director General, ASSONIME; Honorary Professor College of Europe; Member of the Board of CEPS and of Cassa Depositi e Prestiti; Chairman of the School of European Political Economy, LUISS

Professor at Bocconi University, Milan and former Commissioner of the Italian public authority responsible for regulating the Italian securities market (CONSOB).

Professor of Economics, University of Naples Federico II and CEPR Research Fellow

Assistant Professor, Universitat Pompeu Fabra; Associate Research Professor, Barcelona Graduate School of Economics; CEPR Research Affiliate

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