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Public banks in mature financial sistems

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  • Jennifer Hermann

Abstract

The paper discusses two theoretical approaches to the role of public banks (PBs): the Shaw-McKinnon model and an alternative Keynesian view. In the former, the PBs still in operation in less developing countries would be near to become fully unnecessary, in view of the advance of their financial development in the last twenty years. In the Keynesian approach this hypothesis is unlikely. Financial markets are viewed as structurally inefficient and “incomplete” for the requirements of the process of economic development. Nevertheless, it is undeniable that economic and financial development will require a definition of new strategies for PBs. The paper is concluded with a brief discussion of this issue. JEL classification: O16; G28; H81.

Suggested Citation

  • Jennifer Hermann, 2011. "Public banks in mature financial sistems," Brazilian Journal of Political Economy, Center of Political Economy, vol. 31(3), pages 397-414.
    • Handle: RePEc:ekm:repojs:v:31:y:2011:i:3:p:397-414:id:412
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/412/402
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    More about this item

    Keywords

    economic development; financial development; governmental banks;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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