【正文】
總之,在1997年,在匈牙利的中央計劃經(jīng)濟(jì)中,它是第一個國家,希望通過銀行私有化來擺脫危機(jī)的。在1990年代前半期間,由于宏觀經(jīng)濟(jì)的不穩(wěn)定和金融部門的危機(jī),在保加利亞和羅馬尼亞開展私有化銀行是不可行的。從20世紀(jì)50年代,商業(yè)銀行在克羅地亞以及其他共和國不是國有企業(yè),但是依據(jù)南斯拉夫自我管理系統(tǒng),他們是集體所有的。第5節(jié)則簡要綜述政策的影響。她發(fā)現(xiàn)證據(jù)證實(shí)了一個假設(shè),只有在外資銀行取得足夠的總的市場份額時,他們在經(jīng)濟(jì)轉(zhuǎn)型期才能建立一個更具競爭力的市場環(huán)境,此外還有一些研究探討所有權(quán)對個別銀行效率的影響。第一個基本步驟是從國有銀行投資組合中剝離商業(yè)和零售業(yè)務(wù),同時新的股份制銀行與通用許可證可以完全國有。 in addition, they claim that it facilitates the early waves of privatization ofgovernmentowned domestic banks. Hence, this empirical literature provides evidence that ownership matters。這些研究者發(fā)現(xiàn),外資銀行的進(jìn)入是由雙方的盈利能力、國內(nèi)銀行管理費(fèi)用的減少,以及發(fā)展中國家的外國銀行相對國內(nèi)銀行來說更好的表現(xiàn)決定的。在轉(zhuǎn)型期國家,在分析銀行民營化時,原有流行的海外戰(zhàn)略業(yè)是銀行民營化區(qū)別于外國新建銀行的關(guān)鍵。在轉(zhuǎn)型期經(jīng)濟(jì)體(跨國企業(yè)),銀行業(yè)改革的第一步是制造商業(yè)銀行與舊中央銀行的活動兩級制。在1992年,捷克共和國最大的四家銀行中的三家參加了第一輪銀行民營化。雖然捷克政府較晚的認(rèn)識到吸引外國戰(zhàn)略投資者的重要性,到2001年中期將各大銀行出售給外國所有人。 Finance,29(8), 21552178. 9 。經(jīng)過一些初步的銀行私有化,是為了抵御外國的競爭,波蘭政府開始提出銀行合并的倡議。即使在政治變革,匈牙利政府也一直在接受外國銀行開展業(yè)務(wù)活動,在1985年,它允許有3家外國銀行在該國工作。建設(shè)銀行資助長期資本項目和基礎(chǔ)設(shè)施的發(fā)展。這些作者發(fā)現(xiàn)的數(shù)據(jù)表明,信貸的分配和效率在民營化銀行中更高。從1988年至1995年的8年期間,Claessens,Demirg252。kely, and Wachtel (1998), no systematic empirical work was possible until sufficient time had elapsed to make the construction of a meaningful dataset possible. The basic issue to investigate is whether or not privatization improves bank performance. Although the theoretical literature indicates that private firms should outperform governmentowned firms, empirical evidence is needed to confirm this theoretical hypothesis for banks in transition countries.The empirical literature provides evidence of the influence of ownership on the performance of individual banks and on the effectiveness of the banking sector. In a crosscountry study, La Porta, LopezDeSilanes, and Shleifer (2002) find that the performance of governmentowned banks is inferior to that of private banks. Claessens, Demirg252。kely,和Wachtel (1998)。Bonin,Hasan和Wachte(2003)通過研究11個轉(zhuǎn)型國家的銀行發(fā)現(xiàn),多數(shù)外國所有權(quán)與銀行效率提高有關(guān)。儲戶和借款人之間的中介是金融業(yè)發(fā)展所必須的,國有銀行基本上通過定向制度為國有企業(yè)為投資需求和必要的周轉(zhuǎn)資金,以滿足產(chǎn)量計劃的預(yù)算撥款。工程預(yù)計于1991年6月接任,南斯拉夫,克羅地亞政府凍結(jié)銀行的外匯存款。在1995年,克羅地亞只有一個小的外資銀行,幾乎沒有任何外國資產(chǎn)。最初,捷克共和國憑證私有化三大銀行的方案,盡管起步較晚,但是,2001年中期,外國投資者獲得了捷克所有大銀行的控制權(quán)。在2000年,外國投資者持有不到一半的銀行資產(chǎn),直到2003年,三家銀行中最大的兩家仍然是國有銀行。然而,到1994年底,其中只有兩家銀行已經(jīng)民營化,另外兩家在1997年之前有望民營化。因此,在20世紀(jì)90年代初,大型國有銀行職能結(jié)構(gòu)分割,弱小的國內(nèi)私人銀行擴(kuò)散是跨國企業(yè)銀行部門的主要特點(diǎn)。第4節(jié)我們簡要的分析隨機(jī)產(chǎn)生的利潤估計,使用國家和年份影響匯集數(shù)據(jù)集產(chǎn)生直接成本效益的措施方法。Hasan和Marton(2003年),Drakos(2003),F(xiàn)ries和Taci(2003)表明,在轉(zhuǎn)型國家中,外資銀行的進(jìn)入更有效地為轉(zhuǎn)型創(chuàng)造了一種環(huán)境,迫使整個銀行系統(tǒng)直接和間接的變得更加高效。保羅沃赫特爾1. 引言上世紀(jì)90年代,中歐和東南歐轉(zhuǎn)型經(jīng)濟(jì)體國家對銀行部門進(jìn)行了大幅調(diào)整。 by mid1997, eight of the top ten banks were majority foreignowned. After a few initial bank privatizations, the Polish government became sidetracked by a bank consolidation initiative that was intended to fend off foreign petition. Nonetheless, a bination of mergers and privatizations involving foreign partners left foreigner investors holding more than 75% of Polish banking assets by 2000. t was late to recognize the importance of attracting strategic foreign investors for its large voucherprivatized banks, all major banks were sold to foreign owners by mid2001. instituting a currency board and stabilizing the macroeconomic environment, the Bulgarian government privatized its first bank to a consortium of investors in the end of 2000, eight of the ten largest banks in Bulgaria were foreign owned. Romania is a laggard in bank privatization pared to the other former CPEs. holdings in Croatia, foreigner investors had acquired about 84% of banking assets by 2000 and, by 2002, all of the ten largest banks in the country were majority foreign owned. In summary, Hungary was the first country to shed the legacies of the CPE by privatizing all but one of its major banks by mid1997. In Poland, after some delay in the privatization timetable, only the zloty savings bank and the umbrella agricultural bank remain statecontrolled. Initially, the Czech Republic placed three big banks in the voucher