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|Title:||Banking system control, capital allocation, and economy performance|
Deniz Yavuz, M.
|Citation:||Morck, R., Deniz Yavuz, M., Yeung, B. (2011). Banking system control, capital allocation, and economy performance. Journal of Financial Economics 100 (2) : 264-283. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jfineco.2010.12.004|
|Abstract:||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.". © 2010 Elsevier B.V.|
|Source Title:||Journal of Financial Economics|
|Appears in Collections:||Staff Publications|
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