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Bank privatization and productivity : evidence for Brazil

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  • Nakane, Marcio I.
  • Weintraub, Daniela B.
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    Abstract

    Over the past decade, the Brazilian banking industry has undergone major and deep transformations with several privatizations of state-owned banks, mergers and acquisitions, closing down of troubled banks, entry by foreign banks, and so on. The purpose of this paper is to evaluate the impacts of these changes in banking on total factor productivity. The authors first obtain measures of bank level productivity by employing the techniques due to Levinsohn and Petrin (2003). They then relate such measures to a set of bank characteristics. Their main results indicate that state-owned banks are less productive than their private peers, and that privatization has increased productivity.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3666.

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    Date of creation: 01 Jul 2005
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    Handle: RePEc:wbk:wbrwps:3666

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    1. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series, The World Bank 1678, The World Bank.
    2. G. Steven Olley & Ariel Pakes, 1992. "The Dynamics of Productivity in the Telecommunications Equipment Industry," NBER Working Papers 3977, National Bureau of Economic Research, Inc.
    3. Levinsohn, J. & Petrin, A., 1999. "When Industries Become More Productive, Do Firms?: Investigating Productivity Dynamics," Working Papers, Research Seminar in International Economics, University of Michigan 445, Research Seminar in International Economics, University of Michigan.
    4. Allen N. Berger & David B. Humphrey, 1990. "Measurement and efficiency issues in commercial banking," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 151, Board of Governors of the Federal Reserve System (U.S.).
    5. repec:fth:michin:445 is not listed on IDEAS
    6. 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," Journal of Banking & Finance, Elsevier, Elsevier, vol. 29(8-9), pages 2179-2221, August.
    7. Janet Currie & Duncan Thomas, 1995. "Medicaid e assistência médica infantil," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 49(2), pages 225-264, April.
    8. Allen N. Berger & Timothy H. Hannan, 1998. "The Efficiency Cost Of Market Power In The Banking Industry: A Test Of The "Quiet Life" And Related Hypotheses," The Review of Economics and Statistics, MIT Press, vol. 80(3), pages 454-465, August.
    9. Baer, Werner & Nazmi, Nader, 2000. "Privatization and restructuring of banks in Brazil," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 40(1), pages 3-24.
    10. Adriana Schor, 2004. "Heterogeneous Productivity Response to Tariff Reduction: Evidence from Brazilian Manufacturing Firms," NBER Working Papers 10544, National Bureau of Economic Research, Inc.
    11. Beck, Thorsten & Crivelli, Juan Miguel & Summerhill, William, 2005. "State bank transformation in Brazil - choices and consequences," Journal of Banking & Finance, Elsevier, Elsevier, vol. 29(8-9), pages 2223-2257, August.
    12. Bonin, John P. & Hasan, Iftekhar & Wachtel, Paul, 2005. "Privatization matters: Bank efficiency in transition countries," Journal of Banking & Finance, Elsevier, Elsevier, vol. 29(8-9), pages 2155-2178, August.
    13. Beck, Thorsten & Cull, Robert & Jerome, Afeikhena, 2005. "Bank privatization and performance - emprical evidence from Nigeria," Policy Research Working Paper Series, The World Bank 3511, The World Bank.
    14. Haynes, Michelle & Thompson, Steve, 1999. "The productivity effects of bank mergers: Evidence from the UK building societies," Journal of Banking & Finance, Elsevier, Elsevier, vol. 23(5), pages 825-846, May.
    15. Boehmer, Ekkehart & Nash, Robert C. & Netter, Jeffry M., 2005. "Bank privatization in developing and developed countries: Cross-sectional evidence on the impact of economic and political factors," Journal of Banking & Finance, Elsevier, Elsevier, vol. 29(8-9), pages 1981-2013, August.
    16. Schor, Adriana, 2004. "Heterogeneous productivity response to tariff reduction. Evidence from Brazilian manufacturing firms," Journal of Development Economics, Elsevier, Elsevier, vol. 75(2), pages 373-396, December.
    17. Dennis J. Fixler & Kimberly D. Zieschang, 1992. "User Costs, Shadow Prices, and the Real Output of Banks," NBER Chapters, National Bureau of Economic Research, Inc, in: Output Measurement in the Service Sectors, pages 219-243 National Bureau of Economic Research, Inc.
    18. NessJr., Walter L., 2000. "Reducing government bank presence in the Brazilian financial system Why and how," The Quarterly Review of Economics and Finance, Elsevier, Elsevier, vol. 40(1), pages 71-84.
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    1. Same old dance
      by Oscar Abello in CIPE development blog on 2008-08-04 13:50:55
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