Government ownership of banks

• 成果类型: Article
• 署名作者: La Porta, R; Lopez-de-Silanes, F; Shleifer, A
• 署名单位: Harvard University; Yale University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00422
• 发表日期: 2002
• 页码: 265-301
• 关键词: financial dependence; PRIVATIZATION WORK; GROWTH; performance; MARKETS

摘要

We assemble data on government ownership of banks around the world. The data show that such ownership is large and pervasive, and higher in countries with low levels of per capita income, backward financial systems, interventionist and inefficient governments, and poor protection of property rights. Higher government ownership of banks in 1970 is associated with slower subsequent financial development and lower growth of per capita income and productivity. This evidence supports political theories of the effects of government ownership of firms.