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| Tekijä: | Körner, T. Schnabel, I. |
| Otsikko: | Public ownership of banks and economic growth |
| Lehti: | Economics of transition
2011 : JUL, VOL. 19:3, p. 407-441 |
| Asiasana: | banks economic growth financial markets development political systems institutions models profitability |
| Vapaa asiasana: | initial conditions public ownership heterogeneity GDP |
| Kieli: | eng |
| Tiivistelmä: | Based on the viewpoint that in an influential article, La Porta et al. (2002) argue that public ownership of banks is associated with lower gross domestic product (GDP) growth. The author expounds that this relationship does not hold for all countries, but depends on a country's initial conditions, in particular its financial development and political institutions. Public ownership is harmful only if a country has low financial development and low institutional quality. The negative impact of public ownership on growth fades quickly as the financial and political system develops. In highly developed countries, it is found no or even positive effects. Policy conclusions for individual countries are likely to be misleading if such heterogeneity is ignored. |
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