State Bank Transformation in Brazil : Choices and Consequences
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World Bank, Washington, DC
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The authors analyze the different options-liquidation, federalization, privatization, and restructuring-that the Brazilian state government had for the transformation of state banks under the Programa de Incentivo á Redução do Setor Público Estadual na Atividade Bancária (PROES) in the late 1990s. Specifically, they explore the factors behind the states' choices and the effects of the transformation process on bank performance and efficiency. The authors find that states that were more dependent on federal transfers, whose banks were already under federal intervention and that established development agencies were more likely to relinquish control over their banks and transformation processes. They also find that privatized banks had improved performance, while restructured banks did not.
Palabras clave
ADMINISTRATIVE COSTS, AGRICULTURAL CREDIT, BALANCE SHEET, BANK PERFORMANCE, BANK PRIVATIZATION, BANK SUPERVISION, BANKING SECTOR, BANKING SYSTEM, CENTRAL BANK, DATA SHORTAGES, DEBT, DEBT RELIEF, DEBT RESTRUCTURING, DECREE, DEFICITS, DEPOSITORS, DEPOSITS, DICTATORSHIP, ECONOMIC CONDITIONS, ECONOMIC GROWTH, ECONOMICS, EMPLOYMENT, FEDERAL GOVERNMENT, FINANCIAL INDICATORS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIATION, FINANCIAL RESTRUCTURING, FINANCIAL SECTOR, FINANCIAL SYSTEM, FINANCING CONSTRAINTS, FISCAL, FISCAL COSTS, FISCAL DEFICITS, FISCAL RESOURCES, FOREIGN BANKS, FOREIGN PARTICIPATION, GOVERNMENT BANKS, GOVERNMENT OWNERSHIP, INFLATION, INSTITUTIONAL FRAMEWORK, INTEREST RATES, JUDICIAL LIQUIDATION, LEGISLATION, LIQUIDATION, LIQUIDITY, MEASURES OF PROFITABILITY, MORAL HAZARD, NATIONS, NONPERFORMING LOANS, OVERHEAD COSTS, PENALTIES, POLITICIANS, PREDICTIONS, PRICE INFLATION, PRIVATE BANKING, PRIVATE BANKS, PRIVATIZATION, PRODUCTIVITY, PROVINCIAL BANKS, PUBLIC SECTOR, RETURN ON ASSETS, RETURN ON EQUITY, SAVINGS, SECURITIES, SENATE, SHAREHOLDERS, SOURCE OF BANK EARNINGS, STATE AUTHORITIES, STATE BANKS, STATE BONDS, STATE GOVERNMENT, STATE OWNERSHIP, STATE SECTOR