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1、外文翻译原文PrivatizationMatters:BankEfficiencyinTransitionCountriesMaterialsource:WilliamDavidsonInstitute,Author:JohnP.BoninUniversityofMichiganIftekharHasanPaulWachtel1.IntroductionAconstructiBankingsectorsinthetransitioneconomiesofCentralandSoutheasternEuropewererestructureddrama
2、ticallythe1990s.Beginningwithafinancialorganizationthat,inmostcases,wasdesignedtosupportthecentralplanningapparatus,newgovernmentsmovedtocreatemoderncommercialbankingsectorsimmediately.Thefirstrudimentarystepwastodivestcommercialandretailactivitiesfromtheportfoliosofnationalban
3、ksandtosetupnewjoint-stockbankswithuniversallicensesthatwerefullystate-ownedinitially.Bankprivatizationwasanessentialpartofthefinancialreformagendasinthesecountries.Althoughmuchdescriptiveworkexistsonthesefinancialsectorreformsandbankprivatizations,e.g.,Bonin,Mizsei,Székely,and
4、Wachtel(1998),nosystematicempiricalworkwaspossibleuntilsufficienttimehadelapsedtomaketheconstructionofameaningfuldatasetpossible.Thebasicissuetoinvestigateiswhetherornotprivatizationimprovesbankperformance.Althoughthetheoreticalliteratureindicatesthatprivatefirmsshouldoutperfor
5、mgovernment-ownedfirms,empiricalevidenceisneededtoconfirmthistheoreticalhypothesisforbanksintransitioncountries.Theempiricalliteratureprovidesevidenceoftheinfluenceofownershipontheperformanceofindividualbanksandontheeffectivenessofthebankingsector.Inacross-countrystudy,LaPorta,
6、Lopez-De-Silanes,andShleifer(2002)findthattheperformanceofgovernment-ownedbanksisinferiortothatofprivatebanks.Claessens,Demirgüc-KuntandHuizinga(2001)investigateperformancedifferencesbetweendomesticandforeignbanksineightycountries,bothdevelopedanddeveloping,overaneight-yearperi
7、odfrom1988to1995.Theseauthorsfindthatforeignbankentrywasfollowedbyareductioninboththeprofitabilityandtheoverheadexpensesofdomesticbanksandthatforeignbanksindevelopingcountriesperformbetterthandodomesticbanks.ForLatinAmericancountries,Crystal,Dages,andGoldberg(2001)arguethatfore
8、ignbankentryisassociatedwithimprovedproductionoffinanc
