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Banking System Control, Capital Allocation, and Economy Performance / Randall Morck, M. Deniz Yavuz, Bernard Yeung.
- Format:
- Book
- Author/Creator:
- Morck, Randall.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15575.
- NBER working paper series no. w15575
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- 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".
- Notes:
- Print version record
- December 2009.
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