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Alternative Financial Regimes and Development Banks in Greece 1963-2002: What Have We Learned?

Author

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  • Konstantinos I. Loizos

    (National and Kapodistrian University of Athens, Department of Economics)

Abstract

The recent global financial crisis spurred a renewed interest in development banking because of the countercyclical role many of these banks assumed during the crisis. However, there is no agreement in the literature concerning the nature and efficiency of development banks. This paper focuses on their role as agents of institutional change and the concomitant need for their internal transformation as institutional development goes on. The question posed is how development banks� internal transformation from the traditional development banking model to a modern investment banking model is affected by the political decision on the prevailing financial regime. The paper addresses this question by examining the relationship between development banks and alternative financial regimes in Greece during the period 1963-2002. Useful insights concerning the role of government policy in development banking are drawn.

Suggested Citation

  • Konstantinos I. Loizos, 2017. "Alternative Financial Regimes and Development Banks in Greece 1963-2002: What Have We Learned?," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 34-50, March.
    • Handle: RePEc:nwe:eajour:y:2017:i:1:p:34-50
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    References listed on IDEAS

    as
    1. Gutierrez, Eva & Rudolph, Heinz P. & Homa, Theodore & Beneit, Enrique Blanco, 2011. "Development banks : role and mechanisms to increase their efficiency," Policy Research Working Paper Series 5729, The World Bank.
    2. Levy Yeyati, Eduardo & Micco, Alejandro & Panizza, Ugo, 2004. "Should the Government Be in the Banking Business?: The Role of State-Owned and Development Banks," IDB Publications (Working Papers) 1543, Inter-American Development Bank.
    3. Rondo E. Cameron, 1953. "The Credit Mobilier and the Economic Development of Europe," Journal of Political Economy, University of Chicago Press, vol. 61(6), pages 461-461.
    4. Mary M. Shirley, 2008. "Institutions and Development," Books, Edward Elgar Publishing, number 12524.
    5. Mary M. Shirley, 2008. "Institutions and Development," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 24, pages 611-638, Springer.
    6. repec:idb:brikps:publication-detail,7101.html?id=6006 is not listed on IDEAS
    7. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Development Banks; Financial Regimes; Institutional Change; Greek Economy;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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