State Bank Transformation In Brazil - Choices And Consequences

Beck, Thorsten; Crivelli, Juan Miguel; Summerhill, William R.

doi:10.1596/1813-9450-3619

Cited by 28 publications

(24 citation statements)

References 9 publications

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“…They also examine the dynamic effects of bank privatization and report better performance post‐privatization. The beneficial effects of privatization on bank performance are documented for both emerging and transition economies (Beck et al ., ; Bonin et al ., ; Haber, ; Nguyen and Williams, ), as well as for developed economies (Verbrugge et al ., )…”

Section: Ownershipmentioning

confidence: 99%

Corporate Governance of Banks: A Survey

Haan

Vlahu

2015

Journal of Economic Surveys

195

105

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This paper reviews the empirical literature on the corporate governance of banks. We start by highlighting the main differences between banks and nonfinancial firms and focus on three characteristics that make banks special: (i) regulation, (ii) the capital structure of banks, and (iii) the complexity and opacity of their business and structure. Next, we discuss the characteristics of corporate governance in banks and how they differ from the governance of nonfinancial firms. We then review the evidence on three governance mechanisms: (i) boards, (ii) ownership structures, and (iii) executive compensation. Our review suggests that some of the empirical regularities found in the literature on corporate governance of nonfinancial institutions, such as the positive (negative) association between board independence (size) and performance, do not hold for banks. Also, existing work provides no conclusive results regarding the relationship between different governance mechanisms and various measures for banks’ performance. We discuss potential explanations for these mixed results.

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Section: Ownershipmentioning

confidence: 99%

Corporate Governance of Banks: A Survey

Haan

Vlahu

2015

Journal of Economic Surveys

195

105

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“…These government banks include Banco do Brasil, Caixa Econômica Federal , or one of several federally owned regional banks created in the mid-1900s to stimulate regional economic development. Prior to 1997, Brazil also had an expansive system of bank branches owned by individual state governments (Beck et al, 2005). Almost all of these state banks were privatized during a consolidation of Brazil’s financial sector between 1997 and 2006.…”

Section: Brazil’s Banking Sector and The 2008–2009 Financial Crisismentioning

confidence: 99%

Bank ownership, lending, and local economic performance during the 2008–2009 financial crisis

Coleman

Feler

2015

Journal of Monetary Economics

150

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Although government banks are frequently associated with political capture and resource misallocation, they may be well-positioned during times of crisis to provide countercyclical support. Following the collapse of Lehman Brothers in September 2008, Brazil’s government banks substantially increased lending. Localities in Brazil with a high share of government banks received more loans and experienced better employment outcomes relative to localities with a low share of government banks. While increased government bank lending mitigated an economic downturn, we find that this lending was politically targeted, inefficiently allocated, and reduced productivity growth.

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“…Their tests include static, selection and dynamic effects of ownership in the same model in order to get a complete picture of bank performance. Beck et al . (2005) examine Brazilian banks.…”

Section: Single‐country and Single‐industry Studiesmentioning

confidence: 99%

Privatisation in Developing Countries

Megginson¹,

Sutter²

2006

Corporate Governance

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We survey empirical studies examining privatisation's effects in developing economies. Most of these studies find that privatisation yields improvements in the operating and financial performance of divested firms, and only a handful document outright performance declines after privatisation. Almost all studies that examine post-privatisation changes in output, efficiency, profitability, capital investment spending and leverage document significant increases in the first four measures and significant declines in leverage. The studies examined here are far less unanimous regarding the impact of privatisation on employment levels in privatised firms. Studies that explicitly address the sources of post-privatisation performance improvement using data from multiple non-transition economies tend to find stronger efficiency gains for firms in regulated industries, in firms that restructure operations after privatisation, and in countries providing greater amounts of shareholder protection. Copyright (c) 2006 The Authors; Journal compilation (c) 2006 Blackwell Publishing Ltd.

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State Bank Transformation In Brazil - Choices And Consequences

Cited by 28 publications

References 9 publications

Corporate Governance of Banks: A Survey

Corporate Governance of Banks: A Survey

Bank ownership, lending, and local economic performance during the 2008–2009 financial crisis

Privatisation in Developing Countries

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