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Public ownership of banks and economic growth The impact of country heterogeneity

机译:银行的公有制与经济增长国家异质性的影响

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In an influential article, La Porta et al. (2002) argue that public ownership of banks is associated with lower GDP growth. We show that this relationship does not hold for all countries, but depends on a country's initial conditions, in particular its financial development and political institutions. Public ownership is harmful only if a country has low financial development and low institutional quality. The negative impact of public ownership on growth fades quickly as the financial and political system develops. In highly developed countries, we find no or even positive effects. Policy conclusions for individual countries are likely to be misleading if such heterogeneity is ignored.
机译:在有影响力的文章中,La Porta等人。 (2002)认为银行的公有制与较低的GDP增长有关。我们表明,这种关系并不适用于所有国家,而是取决于一国的初始条件,特别是其金融发展和政治体制。公有制只有在一个国家的金融发展水平低和机构质量低下时才是有害的。随着金融和政治体系的发展,公有制对增长的负面影响迅速消失。在高度发达国家,我们没有发现甚至没有积极的影响。如果忽略这种异质性,则针对各个国家的政策结论可能会产生误导。

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