转型国家民营银行的发展研究外文翻译.docx
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转型国家民营银行的发展研究外文翻译.docx
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转型国家民营银行的发展研究外文翻译
中文3716字
大学
毕业设计(论文)外文翻译
题目:
转型国家的银行民营化效率
学院:
经济与管理学院
专业:
金融学
班级:
姓名:
指导教师:
201*年6月
PrivatizationMatters:
BankEfficiencyin
TransitionCountries
Author:
Bonin,J.P.,Hasan,I.,&Wachtel,P.c
1.Introduction
AconstructBankingsectorsinthetransitioneconomiesofCentralandSoutheasternEuropewererestructureddramaticallythe1990s.Beginningwithafinancialorganizationthat,inmostcases,wasdesignedtosupportthecentralplanningapparatus,newgovernmentsmovedtocreatemoderncommercialbankingsectorsimmediately.Thefirstrudimentarystepwastodivestcommercialandretailactivitiesfromtheportfoliosofnationalbanksandtosetupnewjoint-stockbankswithuniversallicensesthatwerefullystate-ownedinitially.Bankprivatizationwasanessentialpartofthefinancialreformagendasinthesecountries.Althoughmuchdescriptiveworkexistsonthesefinancialsectorreformsandbankprivatizations,e.g.,Bonin,Mizsei,Székely,andWachtel(1998),nosystematicempiricalworkwaspossibleuntilsufficienttimehadelapsedtomaketheconstructionofameaningfuldatasetpossible.Thebasicissuetoinvestigateiswhetherornotprivatizationimprovesbankperformance.Althoughthetheoreticalliteratureindicatesthatprivatefirmsshouldoutperformgovernment-ownedfirms,empiricalevidenceisneededtoconfirmthistheoreticalhypothesisforbanksintransitioncountries.
Theempiricalliteratureprovidesevidenceoftheinfluenceofownershipontheperformanceofindividualbanksandontheeffectivenessofthebankingsector.Inacross-countrystudy,LaPorta,Lopez-De-Silanes,andShleifer(2002)findthattheperformanceofgovernment-ownedbanksisinferiortothatofprivatebanks.Claessens,Demirgüc-KuntandHuizinga(2001)investigateperformancedifferencesbetweendomesticandforeignbanksineightycountries,bothdevelopedanddeveloping,overaneight-yearperiodfrom1988to1995.Theseauthorsfindthatforeignbankentrywasfollowedbyareductioninboththeprofitabilityandtheoverheadexpensesofdomesticbanksandthatforeignbanksindevelopingcountriesperformbetterthandodomesticbanks.ForLatinAmericancountries,Crystal,Dages,andGoldberg(2001)arguethatforeignbankentryisassociatedwithimprovedproductionoffinancialservicesandmorebankingcompetition;inaddition,theyclaimthatitfacilitatestheearlywavesofprivatizationofgovernment-owneddomesticbanks.Hence,thisempiricalliteratureprovidesevidencethatownershipmatters;inparticular,governmentownershipofbanksislessefficientthanprivateownershipandforeignbankentryhasasalutaryeffectonbankingsectors.
Muchoftheempiricalliteratureonbankingintransitioncountriesaddressestheimpactofforeignbankentryonbankingefficiency.HasanandMarton(2003),Drakos(2003),andFriesandTaci(2003)demonstratethattheentryofmoreefficientforeignbankscreatesanenvironmentthatforcestheentirebankingsystemtobecomemoreefficient,bothdirectlyandindirectly,intransitioncountries.Buch(2000)comparesinterestratespreadsinthethreefast-tracktransitioncountries,Hungary,PolandandtheCzechRepublic,from1995to1999.Shefindsevidenceconfirmingthehypothesisthatforeignbankscreateamorecompetitivemarketenvironmentintransitioneconomies,butonlyaftertheyhaveattainedsufficientaggregatemarketshare.Afewstudiesexaminetheeffectsofownershiponindividualbankefficiency.ForPoland,NikielandOpiela(2002)findthatforeignbanksservicingforeignandbusinesscustomersaremorecost-efficientbutlessprofit-efficientthanotherbanksinPoland.Bonin,Hasan,andWachtel(2003)examinetheperformanceofbanksineleventransitioncountriesandshowthatmajorityforeignownershipisassociatedwithimprovedbankefficiency.However,theseauthorscannotinvestigateprivatizationdirectlybecausetheirdatadonotdistinguishamongdifferenttypesofforeignbankownership.
Studiesfocusingspecificallyontheeffectsofbankprivatizationarelessnumerous.Verbrugge,MegginsonandOwens(2000)documentmarginalperformanceimprovementsandincreasesinequityamongprivatizedbanksinOECDcountries.ForArgentina,ClarkandCull(1999,2000)studytheprivatizationprocessandshowthatthesuccessoftheprovincialbankprivatizationdependedontheeffectivenessofthebuyers.Theseauthorsfindevidencethatcreditallocationandefficiencyarehigherinprivatizedbanks.ThetransformationoftheArgentinebankingsystemoccurredmainlythroughdomesticmergersandacquisitionssothatforeignbanksplayedonlyarelativelyminorrole.Inthetransitioncountries,theprevalenceofforeignstrategicownersinformerlystate-ownedbutsubsequentlyprivatizedbanksmakesitcrucialtodistinguishthesebanksfromforeignGreenfieldbankswhenanalyzingbankprivatization.
Inthispaper,wefocusonsixrelativelyadvancedtransitioncountries,namely,Bulgaria,theCzechRepublic,Croatia,Hungary,PolandandRomania.Wechosenottoincludebanksinverysmalltransitioneconomies,e.g.,theBalticcountriesandSlovenia,andthoseinlessadvancedtransitioneconomiesthathaveonlyrecentlyrestructuredthebankingsystem,e.g.,theformerSovietUnion,AlbaniaandtheotherBalkanstates.Inthenextsection,wepresentabriefdescriptionoftheprivatizationexperiencesinthesesixcountriestoestablishthatthestrategiesandthetimingofprivatizationsaresufficientlydifferenttoallowustousetheseexperiencesasthebasisforanempiricalanalysisofprivatization.Section3describesourdatasetandpresentstheresultsoftestingfordifferencesinmeansacrossbanktypesforseveralmeasuresofbankperformanceandforseveralbankcharacteristics.Section4characterizesbrieflyourmethodologyofderivingprofitandcostefficiencymeasuresfromstochasticfrontierestimatesthatallowforcountryandyeareffectsdirectlyinapooleddataset.Inthissection,werelatethebankefficiencyscores,aswellasameasureoffinancialperformance,tothetypeofownershipandthemethodofprivatizationinsecond-stageregressions.Section5concludeswithabriefsummaryfocusingonpolicyimplications.
2.BankPrivatizationinSixTransitionEconomies
Pre-transitionbankingsectorsweredesignedtomeettheneedsofacentrallyplannedeconomy(CPE).Intermediationbetweensaversandborrowerswasinternalizedwithinthestatebankingapparatusbasicallythroughasystemofdirectedcreditstostate-ownedenterprisesforbothinvestmentneedsandbudgetallocationsfortheworkingcapitalnecessarytomeettheoutputplan.InmostCPEs,largespecialtybanksperformedspecificfunctions.Astatesavingsbank,withanextensivebranchnetwork,collectedvirtuallyallhouseholddeposits.Aforeigntradebankhandledalltransactionsinvolvingforeigncurrency.Anagriculturalbankprovidedshort-termfinancingtotheagriculturalsector.onbankfundedlong-termcapitalprojectsandinfrastructuredevelopment.Hence,bankingactivitieswerebothsubservienttotheplanandsegmentedalongfunctionallinesinCPEs.
Inthetransitioneconomies(TEs),thefirststepinbankingsectorreforminvolvedcreatingatwo-tiersystemwithcommercialbankingactivitiescarvedoutoftheoldcentralbank.Atthebeginningofthedecade,thenewbankingsectorsintheformerCPEsconsistedofthenewlycreatedcommercialbanksandthespecialtybanks,bothtypeshavinguniversalbankinglicenses,alongwithafewforeignGreenfieldbanksandoftenmanyrelativelyundercapitalizedRenovodomesticprivatebanksthatwerebornunderlaxentryrequirements.Specialtybankshadvirtualmonopoliesintheircoreactivities,e.g.,thesavingsbankwasoftentheonlyentitywithanextensiveenoughbranchnetworkthroughoutthecountrytocollectprimarydeposits.Typically,threeorfourlargebanksdominatedtheemergingbankingsectorinaTE.Boththenewlycreatedcommercialentitiesandthespecialtybankswerestate-ownedinitially.Hence,structuralsegmentation,aproliferationofweaksmalldomesticprivatebanks,andstate-ownershipofthelargebankswerethemajorfeaturesofbankingsectorsinTEsatthebeginningofthe1990s.
TheselegaciesaffectedthebankingsectorsinallofthecountriesinoursamplewiththeexceptionofCroatia,whichwaspartofYugoslavia.Fromthe1950s,commercialbanksinCroatiaaswellastheotherrepublicswerenotstate-ownedbutwereownedcollectivelyaccordingtotheYugoslaviansystemofself-management.Virtuallyallforeignexchangedepositscollectedbytherepublic-levelbankswereremittedtotheNationalBankofYugoslaviainBelgradeinexchangeforcreditsindinars.UponsuccessioninJune1991,theYugoslaviangovernmentfrozetheforeignexchangedepositsofCroatianbanks.Hence,Croatianbanksfacedacurrencymismatchbetweenassetsandliabilitiescreatinglargeholesintheirbalancesheetsaftersuccession.Attheendof1995,fourCroatianbankswereselectedforgovernmentrehabilitationbecauseofthepoorqualityoftheirloanportfolios.Involvementinthisprogramresultedinthesebanksbeingnationalizedsothatfourlargestate-ownedbankswerecreatedinCroatiainthemiddleofthe1990s.
ThethreemoreadvancedTEs,i.e.,CzechRepublic,Hungary,andPoland,embarkedonsignificantlydifferentbankprivatizationsprogramsduringthefirsthalfofthe1990s.Evenbeforethepoliticalchange,theHungariangovernmenthadbeenreceptivetoforeignbankactivityasitallowedthreeforeignbankstooperateinthecountryfrom1985.Bytheendof1994,theHungarianforeigntradebankhadbeenpurchasedbyaforeignownerandforeigninvestor
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