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Banking System Control, Capital Allocation, and Economy Performance

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  • Randall Morck
  • M. Deniz Yavuz
  • Bernard Yeung

Abstract

We observe less efficient capital allocation in countries whose banking systems are more thoroughly controlled by tycoons or families. The magnitude of this effect is similar to that of state control over banking. Unlike state control, tycoon or family control also correlates with slower economic and productivity growth, greater financial instability, and worse income inequality. These findings are consistent with theories that elite-capture of a country's financial system can embed "crony capitalism".

Suggested Citation

  • Randall Morck & M. Deniz Yavuz & Bernard Yeung, 2009. "Banking System Control, Capital Allocation, and Economy Performance," NBER Working Papers 15575, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:15575 Note: CF
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    JEL classification:

    • G0 - Financial Economics - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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