- Ricerche e Progetti
- Biblioteca della Libertà
- Pubblicazioni e Working Paper
- Articoli e media
- Eventi e notizie
This article uses replies to the questions which Doxa, an Italian opinion poll agency, asked a sample of bank deposit holders on behalf of Centro Einaudi and Banca Nazionale del Lavoro in June 2002. When interpreting the results, it is worthwhile recalling that the twelve months from June 2001 to June 2002 were one of the most critical periods in the history of financial markets, arguably the most critical since the seventies, a decade marked by nominal interest rates lower than the inflation rate, declining share markets and a weak level of economic trading. The difference between then and now is the ongoing presence of a robust sector of financial broking. The evidence suggests, however, that investment professionals are incapable of proposing tools suitable for investors and, especially, in the recent past, forced their hands, selling complex, risky products to people who, until ten years ago, had held exclusively bank deposits and public bonds. There can be no doubt, however, that as soon as the financial industry starts caring more for investors, the latter will reacquire lost trust and the sector will become an important growth factor for the Italian economy.