Please use this identifier to cite or link to this item: https://doi.org/10.1287/mnsc.2018.3111
Title: State-Run Banks, Money Growth, and the Real Economy
Authors: Morck, Randall 
Yavuz, M Deniz
Yeung, Bernard 
Keywords: Social Sciences
Science & Technology
Technology
Management
Operations Research & Management Science
Business & Economics
state run banks
monetary policy
loan growth
capital spending
monetary stimulus
banking
GOVERNMENT-OWNED BANKS
MONETARY-POLICY
OWNERSHIP
PERFORMANCE
GOVERNANCE
MARKETS
RATES
Issue Date: 1-Dec-2019
Publisher: INFORMS
Citation: Morck, Randall, Yavuz, M Deniz, Yeung, Bernard (2019-12-01). State-Run Banks, Money Growth, and the Real Economy. MANAGEMENT SCIENCE 65 (12) : 5914-5932. ScholarBank@NUS Repository. https://doi.org/10.1287/mnsc.2018.3111
Abstract: Within countries, individual state-run banks' lending correlates with prior money growth; similar private-sector banks' lending does not. Aggregate credit and investment growth correlate with prior money growth more where banking systems are more state-run. Size and liquidity differences between state-run and private-sector banks do not drive these results; further tests discount broad classes of alternative explanations. Tests exploiting heterogeneity in political pressure on state-run banks associated with privatizations and elections suggest a command-and-control pseudo-monetary policy channel: changes in money growth, perhaps reflecting political pressure on the central bank, change banks' lending constraints; political pressure actually changes state-run banks' lending.
Source Title: MANAGEMENT SCIENCE
URI: https://scholarbank.nus.edu.sg/handle/10635/192530
ISSN: 00251909
15265501
DOI: 10.1287/mnsc.2018.3111
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