Banche cooperative e stabilità finanziaria. Evidenze empiriche dalla recente crisi finanziaria in alcuni paesi europei

Based on a sample of banks from eleven European countries over the period 2001-2010, this paper examines the stability of cooperative banks in comparison with other business models, as well as the specific role played by cooperative banks in determining banking soundness. The empirical findings show that cooperative banks do exert positive and significant effects on average bank stability, although only in periods of financial distress. This contrasts with a series of publications which blame the fragility of banking systems on the presence of non-profit maximizing entities. Largely mutualized banking systems nevertheless demonstrate a better ability to withstand periods of crisis, possibly even preserving confidence in bank stability.