Download or read book Bank Privatization in Argentina written by Robert Cull and published by . This book was released on 2016 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In describing outcomes, t ...
Download or read book Bank Privatization in Argentina A Model of Political Constraints and Differential Outcomes written by Robert Cull and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: July 2001 In describing outcomes, the literature on privatization has paid little attention to politicians' incentives, perhaps because it lacked the kinds of evidence needed to do so. Evidence from the privatization of provincial Argentine banks in the 1990s indicates that transaction contract features vary systematically with proxies for politicians' incentives. Will variation in transaction features have implications for post-privatization performance? Based on results from country case studies, many researchers have claimed that political constraints affect bank privatization transactions, which in turn affect the post-privatization performance of the banking sector. But no study has either econometrically tested how political constraints affect bank privatization transactions or theoretically modeled the privatization transaction. Clarke and Cull present a simple theoretical framework that models the inherent tradeoffs faced by governments and potential buyers in privatization transactions involving banks. The potential buyer is concerned about the probability that the bank will remain solvent, about the profits it will earn after privatization, and about the price paid for the assets and liabilities. The government is concerned about the price received for the assets, about layoffs, and about service coverage after privatization. The evidence from bank privatization transactions in Argentina in the 1990s supports several of their theoretical predictions. In particular, provinces with high fiscal deficits were willing to accept layoffs and to guarantee a larger part of the privatized bank's portfolio in return for a higher price. The tequila crisis (Mexico's economic crisis in 1994-95) meant that politicians could protect fewer jobs and had to assume a greater share of their public banks' assets. Evidence of better performance at banks privatized after Mexico's crisis suggests that, by tying politicians' hands, the crisis may have brought unforeseen benefits. This conjecture awaits further empirical validation, but Clarke and Cull hope that by explicitly incorporating the incentives politicians face, analysis can begin to address the question of why some privatizations succeed more than others. This paper--a joint product of Regulation and Competition Policy and Finance, Development Research Group--is part of a larger effort in the group to understand the causes and consequences of bank privatization. The authors may be contacted at [email protected] or [email protected].
Download or read book Bank Privatization in Argentina written by George R. G. Clarke and published by . This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In describing outcomes, the literature on privatization has paid little attention to politicians' incentives, perhaps because it lacked the kinds of evidence needed to do so. Evidence from the privatization of provincial Argentine banks in the 1990s indicates that transaction contract features vary systematically with proxies for politicians' incentives. Will variation in transaction features have implications for post-privatization performance?
Download or read book The Political Economy of Privatization written by George R. G. Clarke and published by World Bank Publications. This book was released on 1998 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political incentives appear to affect the likelihood of privatization. Provinces in Argentina whose governors belonged to a fiscally conservative party were more likely to privatize, and fiscal and economic crises increased the likelihood of privatization. Clarke and Cull study the political economy of bank privatization in Argentina. The results of their study strongly support the hypothesis that political incentives affect the likelihood of privatization. They find that: * Provinces whose governors belonged to the fiscally conservative Partido Justicialista were more likely to privatize. * Fiscal and economic crises increased the likelihood of privatization. * Poorly performing banks were more likely to be privatized. They tested the hypotheses for a specific industry in a specific country, making it possible to control for enterprise performance and institutional characteristics. It seems reasonable to expect that similar results might hold in other industries and countries. This paper-a product of the Development Research Group-is part of a larger effort in the group to investigate the determinants of structural change in development countries' banking sectors. The authors may be contacted at [email protected] or [email protected].
Download or read book bank privatization in sub saharan africa written by George R.G. Clarke and published by World Bank Publications. This book was released on 2007 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Previous empirical analyses have found that bank privatizations are more successful when the government fully relinquishes control, when the bank is privatized to a strategic investor, and when foreign-owned banks are allowed to participate in the bidding. The privatization of Uganda Commercial Bank (UCB) to the South African bank Stanbic met all these criteria, suggesting that it is a likely candidate for success. But other features suggest reasons for caution: UCB dominated the Ugandan banking sector prior to privatization and the institutional environment in Uganda was less favorable than in many of the middle-income countries looked at in earlier empirical studies. Despite these concerns, the privatization appears to have been relatively successful. The portfolio of the privatized bank, which was cleaned prior to sale, remains relatively strong and profitability and credit growth are now on par with other Ugandan banks. Though market segmentation remains a concern since Stanbic faces little or no direct competition in many remote areas, some early results suggest that access to credit has improved for some hard-to-serve groups.
Download or read book Political and Economic Determinants of the Likelihood of Privatizing Argentine Public Banks written by Robert Cull and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the political economy of bank privatization in Argentina following institutional changes related to the implementation of the Convertibility plan and the Tequila Crisis. The empirical results strongly support the hypothesis that political incentives affect the likelihood of privatization. We find: (i) poorly performing banks were more likely to be privatized; (ii) overstaffing tended to reduce the probability of privatization; (iii) large banks were less likely to be privatized; and (iv) higher provincial unemployment and higher shares of public employees reduced the probability of privatization. Although the hypotheses were tested for a specific industry in a specific country, making it possible to control for enterprise performance and institutional characteristics, it seems reasonable that similar results might hold in other industries and countries.
Download or read book The Financial Economics of Privatization written by William L. Megginson and published by Oxford University Press. This book was released on 2005-01-13 with total page 533 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.
Download or read book Privatization in Latin America written by Alberto Chong and published by World Bank Publications. This book was released on 2005-03-15 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization is under attack. Beginning in the 1980s, thousands of failing state-owned enterprises worldwide have been turned over to the private sector. But public opinion has turned against privatization. A large political backlash has been brewing for some time, infused by accusations of corruption, abuse of market power, and neglect of the poor. What is the real record of privatization and are the criticisms justified? 'Privatization in Latin America' evaluates the empirical evidence on privatization in a region that has witnessed an extensive decline in the state's share of production over the past 20 years. The book is a compilation of recent studies that provide a comprehensive analysis of the record of and accusations against privatization, with important recommendations for the future. Seven countries are investigated: Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Peru. This book will be vital to anyone interested in the privatization debate but especially to those involved in civil service reform, corporate governance, economic policy, finance, and anticorruption efforts. 'Privatization is important but controversial. While economists typically favor it, others are skeptical. This book provides strong scientific evidence that privatization has been beneficial for many Latin American countries, although some privatizations failed and some groups in society lost out. As usual, the devil is in the details: how privatization is carried out and what reforms accompany it are crucial to its success. The book is definitely an invaluable contribution to the privatization debate.' --Oliver Hart, Andrew E. Furer Professor of Economics, Harvard University
Download or read book The Future of State Owned Financial Institutions written by Gerard Caprio and published by Rowman & Littlefield. This book was released on 2010-12-01 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research suggests that if the majority of a country's financial institutions are owned by the state, that country will experience slower financial development, less efficient financial systems, less private sector credit, and slower GDP growth. Yet more than 40 percent of the world's population live in countries in which public sector institutions dominate the banking system. In The Role of State-Owned Financial Institutions: Policy and Practice noted experts discuss the challenges presented by state-owned financial institutions and offer cross-disciplinary solutions for policymakers and banking regulators. The issues include: methods for effectively managing, reforming, and privatizing state-owned banks; the fiscal costs and contingent liabilities of state-owned banks; macroeconomic implications and the impact of state-owned banking on access to credit in an economy; guidance for effective supervision of state-owned banks; managerial perspectives on improving products, human resources, and risk; management case studies of different methods of privatization, such as initial public offerings, employee stock ownership plans, and strategic investors Contributors include David Binns (Beyster Institute), Robert Cull (World Bank), Ron Gilbert (ESOP Services), James A. Hanson (World Bank), Richard Hemming (International Monetary Fund), Fred Huibers (ING Research), Arminio Fraga (formerly Central Bank of Brazil), Nicholas Lardy (Institute for International Economics), David Marston (International Monetary Fund), Moody's Global Investor Service, Herman Mulder (ABN-Amro), William Nichol (Deutsche Bank AG), Urjit Patel (Infrastructure Development Finance Company, India), and P. S. Srinivas (World Bank).
Download or read book Economia written by Andres Velasco and published by Brookings Institution Press. This book was released on 2004-06-01 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This semiannual journal from the Latin American and Caribbean Economic Association (LACEA) provides a forum for influential economists and policymakers to share high-quality research directly applied to policy issues within and among those countries. Contents include: The Economics of Latin American Art: Creativity Patterns and Rates of Return Sebastian Edwards (UCLA) Privatization in Latin America: What Does the Evidence Say? Alberto Chong (IADB) and Florencio Lopez-de-Silanes (Yale University) Multinationals and Linkages: An Empirical Investigation Laura Alfaro (Harvard Business School) and Andres Rodriguez-Clare (IADB) On the Consequences of Sudden Stops Pablo E. Guidotti (Universidad Torcuato di Tella, Argentina), Federico Sturzenegger (Universidad Torcuato di Tella, Argentina), and Agustin Villar (Bank for International Settlements) Effects of Foreign Exchange Intervention under Public Information: The Chilean Case Matias Tapia (Canco Central de Chile) and Andrea Tokman (Banco Central de Chile)
Download or read book Annual World Bank Conference on Development Economics Regional 2007 written by François Bourguignon and published by World Bank Publications. This book was released on 2007-01-01 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Development Finance (GDF), is the World Bank's annual review of recent trends in and prospects for financial flows to developing countries. It is an indispensable resource for governments, economists, investors, financial consultants, academics, bankers, and the entire development community. Vol I: Analysis and Outlook reviews recent trends in financial flows to developing countries. Also available as a two volume set, Vol II. Summary and Country Tables* includes comprehensive data for 138 countries, as well as summary data for regions and income groups.
Download or read book Inequality Convergence written by Martin Ravallion and published by World Bank Publications. This book was released on with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is income inequality tending to fall in countries with high inequality and to rise in those where inequality is low? Is there a process of convergence toward medium-level inequality?
Download or read book The World Bank Research Program 2001 written by World Bank and published by World Bank Publications. This book was released on 2001-01-01 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is a compilation of reports on research projects initiated, under way, or completed in fiscal year 2001 (July 1, 2000 through June 30, 2001). The abstracts cover 150 research projects from the World Bank and grouped under 11 major headings including poverty and social development, health and population, education, labor and employment, environment, infrastructure and urban development, and agriculture and rural development. The abstracts detail the questions addressed, the analytical methods used, the findings to date and their policy implications. Each abstract identifies the expected completion date of each project, the research team, and reports or publications produced.
Download or read book Thirst for Reform written by Luke Haggarty and published by World Bank Publications. This book was released on 2001 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the early 1990s Mexico City's Federal District (the D.F.) initiated a series of service contracts with four operators in the private sector, each to be implemented in three stages over ten years. The idea was to introduce competitive pressures and to find out if a "gradualist" aaproach would reduce social and political opposition to private sector involvement and would allow the government to address pricing problems and strengthen regulatory arrangements.
Download or read book Public Policy Toward Non governmental Organizations in Developing Countries written by William Jack and published by World Bank Publications. This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: If a developing country government is not good at providing public services such as health care, education, and social protection, would NGOs be better at doing so? What advantages do NGOs have over for-profit providers of publicly funded services? And considering the importance of donor funding, which is better for delivering such services, an international NGO or a grassroots NGO?
Download or read book The World Bank Research Program 2005 2007 written by and published by World Bank Publications. This book was released on 2008 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.
Download or read book Chile s Regional Arrangements and the Free Trade Agreement of the Americas written by Glenn W. Harrison and published by World Bank Publications. This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: July 2001 - Among Chile's bilateral regional agreements, only Chile's agreements with "Northern" partners provide enough market access to offset the costs to Chile of trade diversion. Because of preferential market access, however, "additive regionalism" is likely to provide Chile with far more gains than the static welfare gains from unilateral free trade. At least one partner country loses from each of the regional trade agreements considered in this study, and excluded countries always lose. The Free Trade Agreement of the Americas (FTAA) produces gains for almost all the member countries, but the European Union is a big loser. Countries of the Americas gain more in aggregate from global free trade than from the FTAA. Using a multisector, multicountry, computable general equilibrium model, Harrison, Rutherford, and Tarr examine Chile's strategy of negotiating bilateral free trade agreements with all of its significant trading partners (referring to this policy as additive regionalism). They also evaluate the Free Trade Agreement of the Americas (FTAA) and global free trade. Among Chile's bilateral regional agreements, only Chile's agreements with "Northern" partners provide enough market access to offset the costs to Chile of trade diversion. Because of preferential market access, however, additive regionalism is likely to provide Chile with many times as many gains as the static welfare gains from unilateral free trade. Harrison, Rutherford, and Tarr find that at least one partner country loses from each of the regional trade agreements they consider, and excluded countries as a group always lose. They estimate that the FTAA produces large welfare gains for the members, with the European Union being the big loser. Gains to the world from global free trade are estimated to be at least 36 times greater than gains from the FTAA. Even countries of the Americas in aggregate gain more from global free trade than from the FTAA. This paper--a product of Trade, Development Research Group--is part of a larger effort in the group to examine the impact of regional trade arrangements on development and poverty reduction. David Tarr may be contacted at [email protected].
