giorgio gobbi | Bank of Italy (original) (raw)
Uploads
Papers by giorgio gobbi
Journal of Banking & Finance, 2001
Journal of the European Economic Association, 2014
ABSTRACT This paper studies whether relationship lending mitigates the transmission of the Lehman... more ABSTRACT This paper studies whether relationship lending mitigates the transmission of the Lehman default shock to the supply of credit in Italy. Exploiting the presence of multiple banking relationships, we control for banks’ and firms’ unobserved characteristics. Results show that the growth of credit itself is higher and its cost lower the shorter the distance between the bank and the firm, the longer the relationship and the higher the share of credit held by the bank. Credit growth by relationship lenders is 4.6 percent higher than that by transactional lenders; the increase in the cost of credit is 50 basis points lower. The positive effect of relationship lending on credit supply increased during the crisis, compared to a pre-crisis period. The beneficial effect of relationship lending is weaker if the relationship lender is more exposed to the�financial crisis, especially when lending to weaker borrowers.
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
ABSTRACT We empirically investigate the relevance of demand-side complementarity between electron... more ABSTRACT We empirically investigate the relevance of demand-side complementarity between electronic and traditional provision of banking services. Since no systematic data on prices for the two types of service is available, it is not possible to estimate cross-elasticities of demand. We resort to two indirect tests. The first test is based on estimating the relationship between branches and the diffusion of e-banking services in local markets, controlling for individual bank and market characteristics. We test three alternative hypotheses on the relationship between the two delivery channels: complementarity, substitution or segmentation. We find that banks expanded relatively more in the e-business in those local markets where they had relatively fewer branches, with the exclusion of markets where the banks were chartered. The second test is based on measuring the impact of the joint provision of banking services - electronically and at traditional branches - on banks' revenues per customer. We estimate a non-standard revenue function that relates revenues from asset management, brokerage and payment services to the share of customers employing e-banking, given the total number of bank customers. Our results show that a high share of e-customers is associated with a reduction in revenues per customer. This evidence is not consistent with complementarity because banks did not extract substantial consumer surplus from the joint provision of electronic services and traditional services at the branch.
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
Journal of Banking & Finance, 2001
Journal of the European Economic Association, 2014
ABSTRACT This paper studies whether relationship lending mitigates the transmission of the Lehman... more ABSTRACT This paper studies whether relationship lending mitigates the transmission of the Lehman default shock to the supply of credit in Italy. Exploiting the presence of multiple banking relationships, we control for banks’ and firms’ unobserved characteristics. Results show that the growth of credit itself is higher and its cost lower the shorter the distance between the bank and the firm, the longer the relationship and the higher the share of credit held by the bank. Credit growth by relationship lenders is 4.6 percent higher than that by transactional lenders; the increase in the cost of credit is 50 basis points lower. The positive effect of relationship lending on credit supply increased during the crisis, compared to a pre-crisis period. The beneficial effect of relationship lending is weaker if the relationship lender is more exposed to the�financial crisis, especially when lending to weaker borrowers.
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
ABSTRACT We empirically investigate the relevance of demand-side complementarity between electron... more ABSTRACT We empirically investigate the relevance of demand-side complementarity between electronic and traditional provision of banking services. Since no systematic data on prices for the two types of service is available, it is not possible to estimate cross-elasticities of demand. We resort to two indirect tests. The first test is based on estimating the relationship between branches and the diffusion of e-banking services in local markets, controlling for individual bank and market characteristics. We test three alternative hypotheses on the relationship between the two delivery channels: complementarity, substitution or segmentation. We find that banks expanded relatively more in the e-business in those local markets where they had relatively fewer branches, with the exclusion of markets where the banks were chartered. The second test is based on measuring the impact of the joint provision of banking services - electronically and at traditional branches - on banks' revenues per customer. We estimate a non-standard revenue function that relates revenues from asset management, brokerage and payment services to the share of customers employing e-banking, given the total number of bank customers. Our results show that a high share of e-customers is associated with a reduction in revenues per customer. This evidence is not consistent with complementarity because banks did not extract substantial consumer surplus from the joint provision of electronic services and traditional services at the branch.
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000
SSRN Electronic Journal, 2000