Bank privatization in developing countries: A summary of lessons and findings

Journal of Banking and Finance

Volumn 29, Issue 8-9 SPEC. ISS., 2005, Pages 1905-1930

  Clarke, George R G ^a   Cull, Robert ^a   Shirley, Mary M ^b  

^a WORLD BANK   (United States)

^b Ronald Coase Institute   (United States)

Author keywords

Bank privatization; Foreign entry

Indexed keywords

EID: 20444490829     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2005.03.006     Document Type: Article

References (91)

1. C. Adam W. Cavendish P.S. Mistry Adjusting privatization: Case studies 1992 James Currey London, UK
2. G.A. Akerlof P.M. Romer Looting: The economic underworld of bankruptcy for profit Brookings Papers on Economic Activity 0 1993 1-60
3. A. Alchian Some economics of property rights Politico 30 1965 816-829
4. N. Barberis M. Boycko A. Shleifer N. Tsukanova How does privatization work. Evidence from the Russian shops Journal of Political Economy 104 1996 764-790
5. Barth, J., Caprio, G., Levine, R., 2001a. The regulation and supervision of banks around the world: A new database. Policy Research Working Paper #2588, World Bank, Washington, DC.
6. J.R. Barth G. Caprio Jr. R. Levine Banking systems around the globe: Do regulation and ownership affect performance and stability in: S.F. Mishkin (Eds.) Prudential regulation and supervision: What works and what doesn't 2001 University of Chicago Press Chicago, IL 31-96
7. Beck, T., Demirgüç-Kunt, A., Levine, R., 2003a. Bank concentration and crises. Policy Research Working Paper # 3041, World Bank, Washington, DC.
8. Beck, T., Demirgüç-Kunt, A., Levine, R., 2003b. Small and medium enterprises, economic growth and development. Policy Research Working Paper #3178, World Bank, Washington, DC.
9. E. Berglof G. Roland Soft budget constraints and banking in transition Journal of Comparative Economics 26 1998 18-40
10. A.A. Berle G.C. Means The modern corporation and private property 1932 Macmillan New York
11. B. Black R. Kraakman A. Tarassova Russian privatization and corporate governance: What went wrong Stanford Law Review 52 2000 1751-1808
12. A.E. Boardman A.R. Vining Ownership and performance in competitive environments: A comparison of the performance of private, mixed and state-owned enterprises Journal of Law and Economics 32 2004 1-33
13. J. Bonin P. Wachtel Lessons from bank privatization in Central Europe in: H. Rosenblum (Eds.) Bank privatization: Conference proceedings of a policy research workshop 2000 Federal Reserve Bank of Dallas Dallas, TX 35-51
14. J.P. Bonin I. Hasan P. Wachtel Bank performance, efficiency and ownership in transition countries Journal of Banking and Finance 29 2005 31-53
15. J.P. Bonin P. Wachtel Financial sector development in transition economies: Lessons from the first decade Financial Markets, Institutions, and Instruments 12 2003 1-66
16. T.E. Borcherding W.C. Bush R.M. Spann The effects of public spending on the divisibility of public outputs in consumption, bureaucratic power, and the size of the tax-sharing group in: T.E. Borcherding (Eds.) Budgets and bureaucrats: The sources of Government growth 1977 Duke University Press Durham, NC 211-228
17. T.E. Borcherding F. Schneider W. Pommerehne Comparing the efficiency of private and public production Zeitschrift für Nationalokonomie, Supplement 2 1982 127-156
18. M. Bornstein Russia's mass privatization program Communist Economies and Economic Transformation 6 1994 419-457
19. M. Boycko A. Shleifer R.W. Vishny A theory of privatization Economic Journal 106 1996 309-319
20. J. Buchanan Cost and choice: An inquiry in economic theory 1969 Markham Chicago, IL
21. G. Caprio P. Honohan Finance for growth: Policy choices in a volatile world 2001 World Bank Washington, DC
22. G. Caprio M.S. Martinez Peria Avoiding disaster: Policies to reduce the risk of banking crises in: E. Cardoso A. Galal (Eds.) Monetary policy and exchange rate regimes: Options for the Middle East 2002 Egyptian Center for Economic Studies Cairo, Egypt 193-230
23. R.E. Caves Lessons from privatization in Britain: State enterprise behavior, public choice, and corporate governance Journal of Economic Behavior and Organization 13 1990 145-169
24. S. Claessens S. Djankov Ownership concentration and corporate performance in the Czech Republic Journal of Comparative Economics 27 1999 498-513
25. S. Claessens R.K. Peters State enterprise performance and soft budget constraints Economies of Transition 5 1997 305-322
26. G.R.G. Clarke R. Cull Why privatize. The case of Argentina's public provincial banks World Development 27 1999 865-886
27. G.R.G. Clarke R. Cull Political and economic determinants of the likelihood of privatizing Argentine public banks Journal of Law and Economics 45 2002 165-197
28. Clarke, G.R.G., Cull, R., forthcoming. Bank privatization in Argentina: A model of political constraints and differential outcomes. Journal of Development Economics.
29. Clarke, G.R.G., Cull, R., Martinez Peria, M.S., 2001. Does foreign bank penetration reduce access to credit in developing countries? Evidence from asking borrowers. Policy Research Working Paper #2716, World Bank, Washington, DC.
30. G. Clarke R. Cull M.S. Martinez Peria S. Sánchez Bank lending to small businesses in Latin America: Does bank origin matter? Journal of Money, Credit, and Banking 37 2005 43-82
31. S. Commander T. Killick Privatisation in developing countries: A survey of the issues in: P. Cook C. Kirkpatrick (Eds.) Privatisation in less developed countries 1988 St Martin's Press New York 91-124
32. P. Cook C. Kirkpatrick Privatisation in less developed countries 1988 St. Martin's Press New York
33. P. Cook C. Kirkpatrick Privatization and public enterprise reform in developing countries: The World Bank's bureaucrats in business report: Introduction and overview Journal of International Development 9 1997 843-847
34. R. Cull J. Matesova M.M. Shirley Ownership structure and the temptation to loot: Evidence from privatized firms in the Czech Republic Journal of Comparative Economics 30 2002 1-24
35. J. D'Souza W.L. Megginson The financial and operating performance of privatized firms during the 1990s Journal of Finance 54 1999 1397-1438
36. D'Souza, J., Megginson, W.L., Nash, R.C., 2001. Determinants of performance improvements in privatized firms: The role of restructuring and corporate governance. Working Paper, University of Oklahoma, Norman, OK.
37. M. Dewatripont E. Maskin Credit and efficiency in centralized and decentralized economies Review of Economic Studies 62 1995 541-555
38. S. Djankov The enterprise isolation program in Romania Journal of Comparative Economics 27 1999 281-293
39. J.D. Donahue Privatization decision: Public ends and private means 1989 Basic Books New York
40. A. Dyck Privatization and corporate governance: Principles, evidence, and future challenges World Bank Research Observer 16 2001 59-84
41. Earle, J.S., 1998. Post-privatization ownership and productivity in Russian industrial enterprises. Stockholm Institute of Transition Economics (SITE). Working Paper #128, Stockholm, Sweden.
42. J.S. Earle S. Estrin Privatization, competition, and budget constraints: Disciplining enterprises in Russia Economics of Planning 36 2003 1-22
43. Earle, J.S., Estrin, S., Leschenko, L., 1995. Are Russian enterprises restructuring? Working Paper, University of London, London, UK.
44. E.F. Fama M.G. Jensen Separation of ownership and control Journal of Law and Economics 26 1983 301-325
45. Frydman, R., Gray, C., Hessel, M., Rapaczinski, A., 1997. Private ownership and corporate performance: Some lessons from transition economies. Policy Research Working Paper #1830, World Bank, Washington, DC.
46. R. Frydman C. Gray M. Hessel A. Rapaczinski When does privatization work. The impact of private ownership on corporate performance in the transition economies Quarterly Journal of Economics 114 1999 1153-1191
47. Frydman, R., Hessel, M.P., Rapaczinski, A., 1998. Why ownership matters. Politicization and entrepreneurship in the restructuring of enterprises in Central Europe. C.V Starr Center for Applied Economics Research Report #98-14, New York University, New York.
48. E. Furubotn S. Pejovich Property rights and economic theory: A survey of recent literature Journal of Economic Literature 10 1972 1153-1191
49. Galal, A., 1991. Public enterprise reform. World Bank Discussion Paper #119, Washington, DC.
50. B.C. Greenwald J.E. Stiglitz Externalities in economies with imperfect information and incomplete markets Quarterly Journal of Economics 101 1986 229-264
51. J.A. Hanson The transformation of state-owned banks in: G. Caprio J. Fiechter R. Litan M. Pomerleano (Eds.) The Future of State-Owned Financial Institutions 2004 Brookings Institution Press Washington, DC 13-49
52. O.D. Hart The market mechanism as an incentive scheme Bell Journal of Economics 14 1983 366-382
53. O. Havrylyshyn O. McGettigan Privatization in transition countries Post Soviet Affairs 16 2000 257-286
54. M.C. Jensen W.H. Meckling Theory of the firm: Managerial behavior, agency costs, and ownership structure Journal of Financial Economics 3 1976 305-360
55. L.P. Jones Public enterprises for whom. Perverse distributional consequences of public operational decisions Economic Development and Cultural Change 33 1985 333-347
56. Kane, E.J., 1999. The limits of stockholder privatization. Deakin University Working Paper #99-08, Melbourne, Australia.
57. J.A. Kay D.J. Thompson Privatisation: A policy in search of a rationale Economic Journal 96 1986 18-32
58. S. Kikeri J. Nellis M. Shirley Privatization: The lessons of experience 1992 World Bank Washington, DC
59. R. La Porta F. Lopez-de-Silanes A. Shleifer Government ownership of banks Journal of Finance 57 2002 265-301
60. R. La Porta F. Lopez-de-Silanes G. Zamarripa Related lending Quarterly Journal of Economics 118 2003 231-268
61. W. Li L.C. Xu The impact of privatization and competition in the telecommunications sector around the world Journal of Law and Economics 47 2004 395-430
62. J.Y. Lin F. Cai Z. Li Competition, policy burdens, and state-owned enterprises American Economic Review Papers and Proceedings 88 1998 422-427
63. W.L. Megginson J.M. Netter From state to market: A survey of empirical studies on privatization Journal of Economic Literature 39 2001 321-389
64. R. Millward The comparative performance of public and private ownership in: L.E. Roll (Eds.) The mixed economy 1982 Macmillan New York 58-93
65. R. Millward D.M. Parker Public and private enterprise: Comparative behavior and relative efficiency in: R. Millward D. Parker L. Rosenthal M.T. Summer N. Topham (Eds.) Public sector economics 1983 Longman London, UK 199-274
66. J. Nellis Time to rethink privatization in transition economies in: D. Parker (Eds.) Privatization and corporate performance 2000 Elgar Cheltenham, UK 613-642
67. Nikitin, G., Weiss, A., 1998. Performance of Czech companies by ownership structure. Discussion Paper #85, Boston University, Boston, MA.
68. W.A. Niskanen Bureaucracy and representative Government 1971 Aldine Atherton, Chicago
69. W.A. Niskanen Bureaucrats and politicians Journal of Law and Economics 18 1975 617-643
70. I. Otchere J. Chan The intra-industry effects of bank privatization: A clinical analysis of the privatization of the Commonwealth Bank of Australia Journal of Banking and Finance 27 2003 949-975
71. D.E. Sappington J.G. Sidak Incentives for anticompetitive behavior by public enterprises Review of Industrial Organization 22 2003 183-206
72. D.E. Sappington J.E. Stiglitz Privatization, information and incentives Journal of Policy Analysis and Management 12 1987 1-24
73. K.M. Schmidt The costs and benefits of privatization: An incomplete contracts approach Journal of Law, Economics and Organization 12 1996 1-24
74. C. Shapiro R.D. Willig Economic rationales for privatization in industrial and developing countries in: E. Suleiman J. Waterbury (Eds.) The political economy of public sector reform 1990 Westview Press Boulder, CO 22-54
75. E. Sheshinski L.F. Lopez-Calva Privatization and its benefits: Theory and evidence CESinfo Economic Studies 49 2003 429-459
76. M.M. Shirley J. Nellis Public Enterprise Reform: The Lessons of Experience 1991 World Bank Washington, DC
77. M.M. Shirley L.C. Xu Information, incentives, and commitment: An empirical analysis of contracts between government and state enterprises Journal of Law, Economics and Organization 42 1998 358-378
78. Shirley, M.M., Walsh, P., 2000. Public versus private ownership: The current state of the debate. World Bank Policy Research Working Paper Series #2420, Washington, DC.
79. Shleifer, A., La Porta, R., Lopez-de-Silanes, F., Vishny, R.W., 1999. Investor protection: Origins, consequences, and reform. NBER Working Paper #7428, National Bureau of Economic Research.
80. A. Shleifer R.W. Vishny Politicians and firms Quarterly Journal of Economics 109 1994 995-1025
81. A. Shleifer R.W. Vishny A survey of corporate governance in: W.W. Bratton (Eds.) Corporate law, international library of essays in law and legal theory 2000 Aldershot UK 349-395
82. J.E. Stiglitz Some theoretical aspects of privatization: Applications to Eastern Europe in: M. Baldassarri L. Pagnetto E.S. Phelps (Eds.) Privatization processes in Eastern Europe 1993 St. Martin's Press New York 179-204
83. Stiglitz, J.E., 2000a. Quis custodiet ipsos custodes? Les defaillances du gouvernement d'entreprise dans la transition. (Corporate governance failures in the transition.). Revue d'Economie du Developpement 0, pp. 33-70.
84. J.E. Stiglitz Whither reform in: B. Pleskovic J.E. Stiglitz (Eds.) Annual World Bank Conference on Development Economics, 1999 2000 World Bank Washington, DC 27-56
85. J. Vickers G. Yarrow Privatization: An economic analysis 1989 MIT University Press Cambridge, MA
86. J. Vickers G. Yarrow Economic perspectives on privatization Journal of Economic Perspectives 5 1991 111-132
87. A. Vining A. Boardman Ownership vs. competition: Efficiency in public enterprise Public Choice 73 1992 205-239
88. R.D. Willig Corporate governance and the product market structure. Working Paper 1985 Princeton University Princeton, NJ
89. J. Willner Social objectives, market rule and public policy in: P. Devine Y. Katsoulacas R. Sugden (Eds.) Competitiveness, subsidiarity and industrial policy 1996 Routledge New York 12-41
90. World Bank, 1995. Bureaucrats in Business. Oxford University Press, Oxford, UK.
91. G. Yarrow Privatization in theory and practice Economic Policy 2 1986 323-377