The formation of a resistive electrode layer as a portion of an external electrode of a monolithic ceramic capacitor by baking a resistive paste, which contains ITO, a glass frit, and an organic vehicle, to impart the function of a resistance element to the external electrode may lead to the occurrence of blisters or reduced denseness. This is modulated when the resistive paste further contains a densification promoting metal or oxide, which promotes densification of a sintered compact of the resistive paste, and a densification preventing metal oxide, which prevents the densification.