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Government ownership of banks

Author: Rafael La Porta; Florencio Lopez-de-Silanes; Andrei Shleifer; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2000.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7620.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: In this paper, we investigate a neglected aspect of financial systems of many countries around the world: government ownership of banks. We assemble data which establish four findings. First, government ownership of banks is large and pervasive around the world. Second, such ownership is particularly significant in countries with low levels of per capita income, underdeveloped financial systems,  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Rafael La Porta; Florencio Lopez-de-Silanes; Andrei Shleifer; National Bureau of Economic Research.
OCLC Number: 70123417
Notes: "March 2000."
Description: 1 online resource (47, [8] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7620.
Responsibility: Rafael La Porta, Florencio López-de-Silanes, Andrei Shleifer.

Abstract:

Abstract: In this paper, we investigate a neglected aspect of financial systems of many countries around the world: government ownership of banks. We assemble data which establish four findings. First, government ownership of banks is large and pervasive around the world. Second, such ownership is particularly significant in countries with low levels of per capita income, underdeveloped financial systems, interventionist and inefficient governments, and poor protection of property rights. Third, government ownership of banks is associated with slower subsequent financial development. Finally, government ownership of banks is associated with lower subsequent growth of per capita income, and in particular with lower growth of productivity rather than slower factor accumulation. This evidence is inconsistent with the optimistic development' theories of government ownership of banks common in the 1960s, but supports the more recent political' theories of the effects of government ownership of firms.

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