Growth and Finance, European Integration and the Lisbon Strategy*

PADOAN, PIER CARLO;Mariani, Fabio
(2006) JCMS: Journal of Common Market Studies — Vol. 44, p. 77-112 (2006)

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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’.
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PADOAN, P. C., & Mariani, F. (2006). Growth and Finance, European Integration and the Lisbon Strategy*. JCMS: Journal of Common Market Studies, 44, 77-112. https://doi.org/10.1111/j.1468-5965.2006.00615.x (Original work published 2006)