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Political and Economic Determinants of the Likelihood of Privatizing Argentine Public Banks

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Author Info
Clarke, George R G
Cull, Robert

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Abstract

This paper discusses the political economy of bank privatization in Argentina following institutional changes related to the implementation of the Convertibility Plan and to the Tequila Crisis. The empirical results strongly support the hypothesis that political incentives affect the likelihood of privatization. We find (1) poorly performing banks were more likely to be privatized; (2) overstaffing tended to reduce the probability of privatization; (3) large banks were less likely to be privatized; and (4) higher levels of 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, which makes it possible to control for enterprise performance and institutional characteristics, it seems reasonable that similar results might hold in other industries and countries. Copyright 2002 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Law & Economics.

Volume (Year): 45 (2002)
Issue (Month): 1 (April)
Pages: 165-97
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Handle: RePEc:ucp:jlawec:v:45:y:2002:i:1:p:165-97

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  3. Micco, Alejandro & Panizza, Ugo & Yañez, Monica, 2006. "Bank Ownership and Performance Does Politics Matter?," P.O.L.I.S. department's Working Papers 62, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
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  4. Bernardo Bortolotti & Paolo Pinotti, 2008. "Delayed privatization," Temi di discussione (Economic working papers) 663, Bank of Italy, Economic Research Department. [Downloadable!]
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  5. Mehmet Ulubasoglu & K. Peren Arin, 2005. "Leviathan Resists: The Endogenous Relationship Between Privatisation and Firm Performance," Economics Series 2005_17, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
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  6. Eduardo Levy Yeyati & Alejandro Micco & Ugo Panizza, 2004. "¿Debe el gobierno participar en la actividad bancaria? El papel de la banca propiedad del Estado y de la banca de fomento," RES Working Papers 4380, Inter-American Development Bank, Research Department. [Downloadable!]
  7. Eduardo Levy Yeyati & Alejandro Micco & Ugo Panizza, 2004. "Should the Government Be in the Banking Business? The Role of State-Owned and Development Banks," RES Working Papers 4379, Inter-American Development Bank, Research Department. [Downloadable!]
  8. Adrian E. Tschoegl, 2004. "Financial Crises and the Presence of Foreign Banks," International Finance 0405016, EconWPA. [Downloadable!]
  9. Beck, Thorsten & Crivelli, Juan Miguel & Summerhill, William, 2005. "State bank transformation in Brazil - choices and consequences," Policy Research Working Paper Series 3619, The World Bank. [Downloadable!]
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  10. Clarke, George R. G. & Cull, Robert & Martinez Peria, Maria Soledad, 2001. "Does foreign bank penetration reduce access to credit in developing countries"evidence from asking borrowers," Policy Research Working Paper Series 2716, The World Bank. [Downloadable!]
  11. Witold J. Henisz & Bennet A. Zelner & Mauro F. Guillen, 2004. "International Coercion, Emulation and Policy Diffusion: Market-Oriented Infrastructure Reforms, 1977-1999," William Davidson Institute Working Papers Series 2004-713, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  12. Berger, Allen N. & Clarke, George R. G. & Cull, Robert & Klapper, Leora & Udell, Gregory F., 2005. "Corporate governance and bank performance : a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership," Policy Research Working Paper Series 3632, The World Bank. [Downloadable!]
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