Banking system control, capital allocation, and economy performance
By: Randall Morck, M. Deniz Yavuz, Bernard Yeung.
Contributors: Yavuz, M. Deniz.; Yeung, Bernard, 1953-; National Bureau of Economic Research.
Series: NBER working paper series -- working paper 15575; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15575.
Publisher: National Bureau of Economic Research
Published: 2009
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "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""--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 12/28/2009.

Includes bibliographical references.

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