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

Listed author(s):
  • Clarke, George R G
  • Cull, Robert

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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File URL: http://dx.doi.org/10.1086/324653
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Article provided by University of Chicago Press in its journal Journal of Law & Economics.

Volume (Year): 45 (2002)
Issue (Month): 1 (April)
Pages: 165-197

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Handle: RePEc:ucp:jlawec:v:45:y:2002:i:1:p:165-97
Contact details of provider: Web page: http://www.journals.uchicago.edu/JLE/

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  1. Randall S. Kroszner & Philip E. Strahan, 1999. "What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions," The Quarterly Journal of Economics, Oxford University Press, vol. 114(4), pages 1437-1467.
  2. Williamson, Oliver E, 1999. "Public and Private Bureaucracies: A Transaction Cost Economics Perspective," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(1), pages 306-342, April.
  3. Irwin, Douglas A & Kroszner, Randall S, 1999. "Interests, Institutions, and Ideology in Securing Policy Change: The Republican Conversion to Trade Liberalization after Smoot-Hawley," Journal of Law and Economics, University of Chicago Press, vol. 42(2), pages 643-673, October.
  4. Kornai, Janos, 1993. "The Evolution of Financial Discipline under the Postsocialist System," Kyklos, Wiley Blackwell, vol. 46(3), pages 315-336.
  5. repec:hrv:faseco:30727606 is not listed on IDEAS
  6. Rivers, Douglas & Vuong, Quang H., 1988. "Limited information estimators and exogeneity tests for simultaneous probit models," Journal of Econometrics, Elsevier, vol. 39(3), pages 347-366, November.
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