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1、WP/05/10State-OwnedBanks,Stability,Privatization,andGrowth:PracticalPolicyDecisionsinaWorldWithoutEmpiricalProofA.MichaelAndrews©2005InternationalMonetaryFundWP/05/10IMFWorkingPaperMonetaryandFinancialSystemsDepartmentState-OwnedBanks,Stability,Privat
2、ization,andGrowth:PracticalPolicyDecisionsinaWorldWithoutEmpiricalProof1PreparedbyA.MichaelAndrewsAuthorizedfordistributionbyDavidS.HoelscherJanuary2005AbstractThisWorkingPapershouldnotbereportedasrepresentingtheviewsoftheIMF.TheviewsexpressedinthisWo
3、rkingPaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheIMForIMFpolicy.WorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtofurtherdebate.Thispaperprovidesanoverviewofthepossiblelinkagesbetweenstate-ow
4、nedbanks,privatization,andbankingsectorcrises.Dataonprivatizationsinover65countriesisusedtogetherwithdatafromthebankingcrisisliteraturetoconsidertherelationshipbetweenstate-ownedbanksandfinancialsectorstability.Thepaperdrawsontheexistingliteraturetopr
5、ovideguidancetopolicymakersregardingbankprivatization.JELClassificationNumbers:G18,G21,G32,L32Keywords:State-ownedbanks,financialstability,bankingcrises,privatizationAuthor(s)E-MailAddress:mike@amandrews.ca1Principal,A.MichaelAndrewsandAssociatesLimit
6、ed.WorkonthispaperwaslargelycompletedwhiletheauthorwasaFinancialSectorAdvisorintheMonetaryandFinancialSystemsDepartment(MFD).HelpfulcommentsandsuggestionsaregratefullyacknowledgedfromSteenByskov,PeterHayward,DavidHoelscher,GianniDeNicolò,AlvaroPiris,T
7、homasRichardson,theparticipantsinaMFDseminarwhodiscussedanearlierversionofthepaper,andreviewersinIMFdepartmentsandofficesoftheexecutivedirectors.ThanksareextendedtoMarcQuintynforencouragementandsuggestions,andmostespeciallyforhiseffortsinshepherdingth
8、epaperthroughthereviewandclearanceprocess.Anyremainingerrorsaretheresponsibilityoftheauthor.-2-ContentPageI.Introduction...........................................................................................................................