Conclusions

Making some final comments on the analyzed subjects, we will say that the banking concentration in itself is neither bad nor good, but that the economy depends on the correct operation of the financial system. This correct operation depends as well on the level of development and critical mass in general, and upon the structure of the system in particular. Thus we can find concentrated banking systems but with an efficient operation so the case of Spain, or other very atomized but equally effective in its relation with the SMEs like the German one.

It is now then where the problem of the information asymmetries starts playing his role, kind of problem that we tried to highlight in this work relating it to the sector of the SMEs that indeed is particularly sensible to this phenomenon. The consequences are even ampler if we only considered the developing countries, since the presence of an informal economy without access to the FFS aggravates the growth problems. Making mention to the case of Argentina we will say that according to some studies (Arrigoni, 2000) one out of two SME in Argentina was financed by the informal financial system (IFS) with a life expectancy considerably smaller. The case is representative for the rest of emergent economies with different implications but with strong presence of information asymmetries in all of them.

Thus, and beside direct active policies like the lines of credit or subsidies to specific sectors, policies would be created in order to diminish the existing information asymmetries between the financial intermediaries, the investment opportunities and the money savers in general. Only after reaching an `efficient financial market', that at the end is an ` efficient information market', then sustainable policies could be generated to support the productive sectors that really need them.

Even more, any substantial improvement in the information will reduce the risk of the financial system and it will even be able to reduce the procyclical tendencies of the economy and other macroeconomic consequences, reinforcing the system to face external shocks.