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| Tekijä: | Morck, R. Yavuz, M.D. Yeung, B. |
| Otsikko: | Banking system control, capital allocation, and economy performance |
| Lehti: | Journal of Financial Economics
2011 : MAY, VOL. 100:2, p. 264-283 |
| Asiasana: | banking allocation capital economic growth family firms |
| Kieli: | eng |
| Tiivistelmä: | Less efficient capital allocation is observed in countries with their banking systems more thoroughly controlled by tycoons or families. The magnitude of this effect is same as that of state control over banking. Unlike state control, tycoon or family control also has a connection with slower economic and productivity growth, more major financial instability, and worse income inequality. These findings are consistent with theories of elite-capture of a countrys financial system embedding crony capitalism. |
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