Recent Trends in Bank Privatization

Bertay, Ata Can ; Calice, Pietro ; Diaz Kalan, Federico Alfonso ; Masetti, Oliver

World Bank, Washington, DC

关键词: PRIVATIZATION;    STATE-OWNED BANKS;    FINANCIAL DEVELOPMENT;    PUBLIC ECONOMICS;    DECENTRALIZATION;   

DOI  :  10.1596/1813-9450-9318
RP-ID  :  WPS9318

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper revisits trends in bankprivatization and analyzes their economic impact over thepast 25 years. Building on a novel data set of privatizationevents for 70 developed and developing countries, it showsthat bank privatization became more frequent since theGlobal Financial Crisis, especially in emerging markets suchas China and India, but also smaller in that the fraction ofa bank's ownership relinquished during privatizationevents declined. The majority of privatizations happened viapublic sales in domestic capital markets. The banks thatwere chosen to be privatized tended to underperform theirpeers and had weaker asset quality pre-privatization, butthe empirical evidence on banks' post-privatizationperformance is mixed. The paper finds that privatized banksturn toward more traditional banking models and increasecredit extension with no apparent negative distributionalimplications. However, the analysis does not revealsignificant differences in bank profitabilitypost-privatization, although differences exist betweendeveloped and developing countries. Notably, banks that havebeen recapitalized prior to privatization performsignificantly better afterward privatization.