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Frigerio, M., Vandone, D. A firm-level analysis of development banks in Europe. Vierteljahrshefte zur Wirtschaftsforschung, 89(3), 61-77.
Frigerio, Marco and Vandone, Daniela "A firm-level analysis of development banks in Europe" Vierteljahrshefte zur Wirtschaftsforschung 89.3, , 61-77.
Frigerio, Marco/Vandone, Daniela: A firm-level analysis of development banks in Europe, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 89, iss. 3, 61-77, [online]


A firm-level analysis of development banks in Europe

Frigerio, Marco | Vandone, Daniela

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 89 (2020), Iss. 3 : pp. 61–77

1 Citations (CrossRef)

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Marco Frigerio, Department of Economics, Management and Quantitative Methods, Università degli Studi di Milano

  • Marco Frigerio is Research Fellow of Banking and Finance at the Department of Economics, Management and Quantitative methods of the University of Milan. In 2006 he graduated in Economics at the University of Siena. He holds a PhD in Economics, Markets, Institutions from the IMT Lucca Institute for Advanced Studies. He has worked as researcher at Banca Monte dei Paschi di Siena and UniCredit Group. His research interests are in financial economics, development banks, monetary economics and international finance.
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Daniela Vandone, Department of Economics, Management and Quantitative Methods, Università degli Studi di Milano

  • Daniela Vandone is Full Professor of Banking and Finance at the University of Milan. Her research interests are in economics of financial markets and intermediaries, with a focus on microeconomics of financial intermediaries, financial regulation at a European level, financial investments and risk management. She published widely at international level; her researches have appeared, among others, in Journal of Economic Psychology, Energy Policy, Quantitative Finance, International Review of Economics and Finance, European Journal of political economy, Cambridge University Press.
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Cited By

  1. Innovation - Research and Development for Human, Economic and Institutional Growth

    Innovation and Global Sustainable Development: What Role for Development Banking?

    Frigerio, Marco

    2024 [Citations: 0]


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Summary: We perform a cross-country firm-level analysis of all development banks headquartered in Europe. The goal is to investigate their financial profile and efficiency characteristics and to shed light on some crucial issues, which may underline their capacity to raise external sources of finance in addition to capital contributions from shareholder governments (e. g. their capital generation and cost efficiency, the quality of their loan portfolio, the composition of their sources of finance). A financial statement analysis of their accounting features is cogent in the light of the relevance attributed by European policy makers to the economic and financial sustainability of development banks, given the key role they have been called to play in the European economy since the 2008 crises. Indeed, although development banks have goals that go beyond profitability, they need to combine their socio-economic goals with conditions of efficiency and profitability, in order to “stand on their own feet” and secure a reasonable level of financial strength and stability. We first map all development banks headquartered in Europe. We then collect financial information within the reference period 2008 – 2018 for the whole population of development banks. We also split the sample according to size, in order to assess their dimensional heterogeneity. This study provides policymakers with quantitative information on the economic and financial profile of contemporary promotional financial institutions, which may be valuable in the current debate on their role and relevance in Europe.