By Pierluigi Ciocca (auth.)
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Additional resources for The Italian Financial System Remodelled
Orderly sales of government securities and limitation of the risks of financial instability were immediate priorities. A broad and efficient primary market and negotiability of the securities on the secondary market were the guidelines followed by the Treasury and the Bank of Italy in managing the public debt. The creation of a liquid and transparent electronic wholesale market in government securities, the success of the markets in derivatives, and the introduction of multiple-price 30 The Italian Financial System Remodelled auctions for Treasury bills and uniform-price auctions for other government securities were instrumental to this end.
It is a necessary but not sufficient condition for the efficiency, proper functioning and soundness of the financial system and for the fortunes of the enterprises that make it up. Ultimately, these fortunes depend on the behaviour and the capacities of those who supply and those who demand financial services. Each of the next four chapters will take up one of the four constituent elements of this framework, recounting its practical impact on the Italian financial system over the past two decades and tracing its present configuration.
In the Italian case, the growth in non-residents’ exposure involved both fixed-income securities and equities. 5 per cent. 5 per cent). 4 Sectoral financial balances in Italy (as a percentage of GDP) 20 15 10 5 0 –5 –10 –15 90 91 92 93 Households Firms 94 95 96 97 98 99 General government Rest of the world Source: Banca d’Italia, ‘Conti finanziari’. the United States, where the share of foreign assets rose slightly. Italy’s international diversification is similar today to that of France and Germany.