转型国家民营银行的发展研究外文翻译.docx

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