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State financial institutions : mandates, governance, and beyond

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  • Rudolph, Heinz P.
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    Abstract

    There is no doubt that on average the performance of state financial institutions around the world has been below the lowest expectations. Lack of governance, management skills, regulation, and transparency, and misguided incentives have contributed to discredit these institutions for supporting the development of local financial markets. However, the pro-active role that some state financial institutions have played in the recent crisis in allocating credit to sectors cyclically not attractive for commercial banks has brought back the question of whether some state ownership in the banking system would be preferable. This paper analyzes the experience of four state financial institutions that have performed relatively well in the past: Canada's Business Development Bank, Chile's BancoEstado, South Africa's Development Bank of Southern Africa, and Finland's Finnvera plc. The author finds that these institutions have different checks and balances to mitigate eventual mismanagement of resources. The author also finds that little progress has been made in measuring the policy performance of these institutions.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5141.

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    Date of creation: 01 Nov 2009
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    Handle: RePEc:wbk:wbrwps:5141

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    Keywords: Banks&Banking Reform; Debt Markets; Access to Finance; Corporate Law; Bankruptcy and Resolution of Financial Distress;

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    Cited by:
    1. Thorsten Beck & Samuel Munzele Maimbo & Issa Faye & Thouraya Triki, 2011. "Financing Africa : Through the Crisis and Beyond," World Bank Publications, The World Bank, number 2355.
    2. World Bank, 2010. "Scaling-Up SME Access to Financial Services," World Bank Other Operational Studies 12515, The World Bank.
    3. Hainz, Christa & Hakenes, Hendrik, 2012. "The politician and his banker — How to efficiently grant state aid," Journal of Public Economics, Elsevier, vol. 96(1), pages 218-225.
    4. Heinz P. Rudolph, 2010. "State Financial Institutions : Can They Be Relied on to Kick-Start Lending?," World Bank Other Operational Studies 10216, The World Bank.
    5. Pietro Calice, 2013. "Working Paper 174 - African Development Finance Institutions: Unlocking the Potential," Working Paper Series 470, African Development Bank.

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