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Paul Wachtel - One of the best experts on this subject based on the ideXlab platform.
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Banking in Transition Countries
SSRN Electronic Journal, 2014Co-Authors: John P. Bonin, Iftekhar Hasan, Paul WachtelAbstract:Modern banking institutions were virtually non-existent in the planned economies of central Europe and the former Soviet Union. In the early Transition period, banking sectors began to develop during several years of macroeconomic decline and turbulence accompanied by repeated bank crises. However, governments in many Transition Countries learned from these tumultuous experiences and eventually dealt successfully with the accumulated bad loans and lack of strong bank regulation. In addition, rapid progress in bank privatization and consolidation took place in the late 1990s and early 2000s, usually with the participation of foreign banks. By the mid 2000s the banking sectors in many Transition Countries were dominated by foreign owners and were able to provide a wide range of services. Credit growth resumed, sometimes too rapidly, particularly in the form of lending to households. The global financial crisis put Transition banking to test. Countries that had expanded credit rapidly were vulnerable to the macroeconomic shock and there was considerable concern that foreign owners would reduce their funding to Transition country subsidiaries. However, the banking sectors turned out to be resilient, a strong indication of the rapid progress in institutional development and regulatory capabilities in the Transition Countries.
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Banking in Transition Countries
Oxford Handbooks Online, 2012Co-Authors: John P. Bonin, Iftekhar Hasan, Paul WachtelAbstract:Modern banking institutions were virtually non-existent in the planned economies of cen-tral Europe and the former Soviet Union. In the early Transition period, banking sectors be-gan to develop during several years of macroeconomic decline and turbulence accompa-nied by repeated bank crises. However, governments in many Transition Countries learned from these tumultuous experiences and eventually dealt successfully with the accumulated bad loans and lack of strong bank regulation. In addition, rapid progress in bank privatiza-tion and consolidation took place in the late 1990s and early 2000s, usually with the par-ticipation of foreign banks. By the mid 2000s the banking sectors in many Transition coun-tries were dominated by foreign owners and were able to provide a wide range of services. Credit growth resumed, sometimes too rapidly, particularly in the form of lending to households. The global financial crisis put Transition banking to test. Countries that had expanded credit rapidly were vulnerable to the macroeconomic shock and there was con-siderable concern that foreign owners would reduce their funding to Transition country sub-sidiaries. However, the banking sectors turned out to be resilient, a strong indication of the rapid progress in institutional development and regulatory capabilities in the Transition Countries. Keywords: Transition banking, bank privatization, foreign banks, bank regulation, credit growth JEL codes: G21, P27, O57
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privatization matters bank efficiency in Transition Countries
Journal of Banking and Finance, 2005Co-Authors: John P. Bonin, Iftekhar Hasan, Paul WachtelAbstract:Abstract To investigate the impact of bank privatization in Transition Countries, we take the largest banks in six relatively advanced Countries, namely, Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania. Income and balance sheet characteristics and efficiency measures computed from stochastic frontiers are compared across four bank ownership types. Our empirical results support the hypotheses that foreign-owned banks are most efficient and government-owned banks are least efficient. In addition, the importance of attracting a strategic foreign owner in the privatization process is confirmed. However, counter to the conjecture that foreign banks cherry pick the most profitable opportunities, we find that domestic banks have a local advantage in pursuing fee-for-service business. Finally, we show that both the method and the timing of privatization matter to performance; specifically, voucher privatization does not lead to increased efficiency and early-privatized banks are more efficient than later-privatized banks, even though we find no evidence of a selection effect.
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bank performance efficiency and ownership in Transition Countries
Journal of Banking and Finance, 2005Co-Authors: John P. Bonin, Iftekhar Hasan, Paul WachtelAbstract:Abstract Using data from 1996 to 2000, we investigate the effects of ownership, especially by a strategic foreign owner, on bank efficiency for eleven Transition Countries in an unbalanced panel consisting of 225 banks and 856 observations. Applying stochastic frontier estimation procedures, we compute profit and cost efficiency taking account of both time and country effects directly. In second-stage regressions, we use the efficiency measures along with return on assets to investigate the influence of ownership type. With respect to the impact of ownership, we conclude that privatization by itself is not sufficient to increase bank efficiency as government-owned banks are not appreciably less efficient than domestic private banks. We find that foreign-owned banks are more cost-efficient than other banks and that they also provide better service, in particular if they have a strategic foreign owner. The remaining government-owned banks are less efficient in providing services, which is consistent with the hypothesis that the better banks were privatized first in Transition Countries.
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privatization matters bank efficiency in Transition Countries
2004Co-Authors: John P. Bonin, Iftekhar Hasan, Paul WachtelAbstract:To investigate the impact of bank privatization in Transition Countries, we take the largest banks in six relatively advanced Countries, namely, Bulgaria, the Czech Republic, Croatia, Hungary, Poland and Romania.Income and balance sheet characteristics are compared across four bank ownership types.Efficiency measures are computed from stochastic frontiers and used in ownership and privatization regressions having dummy variables for bank type.Our empirical results support the hypotheses that foreign-owned banks are most efficient and government-owned banks are least efficient. In addition, the importance of attracting a strategic foreign owner in the privatization process is confirmed.However, counter to the conjecture that foreign banks cream skim, we find that domestic banks have a local advantage in pursuing fee-for-service business. Finally, we show that both the method and the timing of privatization matter to efficiency; specifically, voucher privatization does not lead to increased efficiency and early-privatized banks are more efficient than later-privatized banks even though we find no evidence of a selection effect.JEL Classifications: P30, P34, and P52
Johan F M Swinnen - One of the best experts on this subject based on the ideXlab platform.
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Political Economy of Agricultural Distortions in Transition Countries of Asia and Europe - Political Economy of Agricultural Distortions in Transition Countries of Asia and Europe
2009Co-Authors: Scott Rozelle, Johan F M SwinnenAbstract:This paper analyzes the political and institutional factors which are behind the dramatic changes in distortions to agricultural incentives in the Transition Countries in East Asia, Central Asia, and the rest of the former Soviet Union, and in Central and Eastern Europe. The paper explains why these changes have occurred and why there are large differences among Transition Countries in the extent and the nature of the remaining distortions.
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rural urban poverty differences in Transition Countries
World Development, 2008Co-Authors: Karen Macours, Johan F M SwinnenAbstract:Summary This paper uses new poverty data based on household level surveys to analyze changes in rural poverty and rural–urban poverty differences in 23 Transition Countries of Central and Eastern Europe and the former Soviet Union. The paper presents a series of hypotheses to explain differences across Countries and changes over time.
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globalization privatization and vertical coordination in food value chains in developing and Transition Countries
Agricultural Economics, 2007Co-Authors: Johan F M Swinnen, Miet MaertensAbstract:Food and agricultural commodity value chains in developing and Transition Countries have undergone tremendous changes in the past decades. Companies and property rights have been privatized, markets liberalized, and economies integrated into global food systems. The liberalization and privatization initially caused the collapse of state-controlled vertical coordination. More recently, private vertical coordination systems have emerged and are growing rapidly as a response to consumer demand for food quality and safety on the one hand and the farms' production constraints caused by factor market imperfections. In this article we (1) demonstrate the importance of these changes, (2) discuss the implications for efficiency and equity, and (3) provide empirical evidence on the effects in several developing and Transition Countries.
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globalization privatization and vertical coordination in food value chains in developing and Transition Countries
2006Co-Authors: Johan F M Swinnen, Miet MaertensAbstract:Food and agricultural commodity value chains in developing and Transition Countries have undergone tremendous changes in the past decades. Companies and property rights have been privatized, markets liberalized, and economies integrated into global food systems. The liberalization and privatization initially caused the collapse of state controlled vertical integration. More recently, private vertical coordination systems have emerged and are growing rapidly as a response to consumer demand for food quality and safety on the one hand and the farms' production constraints caused by factor market imperfections. In this paper we (a) demonstrate the importance of these changes, (b) discuss the implications for efficiency and equity and (c) provide empirical evidence on the effects in several developing and Transition Countries.
Khurshid Djalilov - One of the best experts on this subject based on the ideXlab platform.
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Bank regulation and efficiency: Evidence from Transition Countries
International Review of Economics & Finance, 2019Co-Authors: Khurshid Djalilov, Jenifer PiesseAbstract:Abstract Given the nascent nature of banking sectors in Transition Countries and their unique institutional settings, this paper documents the effects of regulation on the efficiency of banks using system GMM and dynamic panel quantile regressions for 21 Transition Countries for the period 2002–2014. Within the system GMM estimation the paper finds bank activity restrictions to be the only regulation improving banking efficiency in these Countries. However, the dynamic panel quantile results show that the regulation has different effects at different quantiles. This study provides important policy implications related to banking regulation in Transition economies.
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Social Corporate Responsibility in Transition Countries
2016Co-Authors: Jens Hölscher, Khurshid DjalilovAbstract:This article explores the determinants of corporate social responsibilities (CSR) in the banking sector of the Transition Countries of Central and Eastern Europe (CEE), as well as those of the former Soviet Union (FSU. Our panel fixed-logit results for 237 banks, covering the period 2000–2012,show that while financial performance is not associated with CSR, larger banks are more likely to engage in CSR. Additionally,a government’s effectiveness and its regulatory quality increase the likelihood that the banks will engage in social activities. A range of possible approaches that governments can take to encourage social activities in the banking sector of Transition Countries are provided. Overall, our results are consistent with the theory that the necessary conditions must be in place to support CSR, which seem to be absent in the Countries under investigation
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Regulations, market power and stability in the banking sector of Transition Countries
2016Co-Authors: Khurshid Djalilov, Jens HölscherAbstract:This study explores the channels through which the regulations impact on stability in the banking sector of the Transition Countries. We argue that the channels through which the different regulations affecting stability vary between EU-member and non-EU Transition Countries. Our study considers 370 banks from 20 Transition Countries for the period 2001–2013, where 11 are EU-member (Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia) and 9 are non-EU (Albania, Armenia, Azerbaijan, Belarus, Bosnia, Kazakhstan, Macedonia, Serbia, and Ukraine) states. Our results show that higher economic growth and less competitive conditions would lead to a more stable banking sector in early (EU-member) Transition Countries. Moreover, the stabilization effect of different regulations suchas capital requirement, activity restrictions and supervisors (mainly Central Banks and other government bodies) is higher to the banks with higher market power. For non-EU Transition Countries we find that higher inflation rates significantly impact on higher levels of risk taking. However, capital requirements have a stabilization effect and thus its higher level leads to more stable banking sectors in both groups of Countries. Overall, our results are consistent with the theory that the outcome of the regulations-reforms varies across Countries according to their institutional development and therefore the impact of banking regulation is different between EU-member (early) and non-EU member (late) Transition Countries.
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Determinants of bank profitability in Transition Countries: What matters most?
Research in International Business and Finance, 2016Co-Authors: Khurshid Djalilov, Jenifer PiesseAbstract:The aim of this paper is to investigate the determinants of bank profitability in the early Transition Countries of Central and Eastern Europe (CEE), and in the late Transition Countries of the former USSR. We apply a GMM technique for the period covering 2000–2013. The results show that profitability persists and the determinants of bank profitability vary across Transition Countries. Particularly, the banking sector of early Transition Countries is more competitive. However, the impact of credit risk on bank profitability is positive in early Transition Countries, but negative in late Transition Countries. Government spending and monetary freedom negatively influence bank profitability only in late Transition Countries. Moreover, better capitalised banks are more profitable in early Transition Countries implying that these banking sectors are more robust. A range of possible approaches that governments can take to further develop banking sectors are discussed.
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Comparative Analyses of the Banking Environment in Transition Countries
Ekonomski anali, 2016Co-Authors: Khurshid Djalilov, Jens HölscherAbstract:This paper investigates the dynamics of the banking environment in early and late Transition Countries for the period 2000-2012. We consider macroeconomic, governance, economic freedom, financial depth, industrial, bankspecific, and CSR variables to compare the banking environment in Transition Countries. Our analyses show the presence of differences in the banking environment of two groups of Transition Countries: however, this gap shrunk over the period 2000-2012. The late Transition Countries have lower scores in the variables ‘Investment’ and ‘Financial freedom’, implying that in the future the governments of these Countries may focus on improving the investment and financial climate.
Li L - One of the best experts on this subject based on the ideXlab platform.
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Review of Equity of Post-Transition Countries——Problem,Root Cause and Policy
Comparative Education Review, 2007Co-Authors: Li LAbstract:This paper first introduces the education equity of Post-Transition Countries,and analyzes its characteristics and reasons.Then it introduces the Post-Transition Countries policies which are effective to promoting education equity.It concludes with some inspiration for us.
Jenifer Piesse - One of the best experts on this subject based on the ideXlab platform.
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Bank regulation and efficiency: Evidence from Transition Countries
International Review of Economics & Finance, 2019Co-Authors: Khurshid Djalilov, Jenifer PiesseAbstract:Abstract Given the nascent nature of banking sectors in Transition Countries and their unique institutional settings, this paper documents the effects of regulation on the efficiency of banks using system GMM and dynamic panel quantile regressions for 21 Transition Countries for the period 2002–2014. Within the system GMM estimation the paper finds bank activity restrictions to be the only regulation improving banking efficiency in these Countries. However, the dynamic panel quantile results show that the regulation has different effects at different quantiles. This study provides important policy implications related to banking regulation in Transition economies.
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Determinants of bank profitability in Transition Countries: What matters most?
Research in International Business and Finance, 2016Co-Authors: Khurshid Djalilov, Jenifer PiesseAbstract:The aim of this paper is to investigate the determinants of bank profitability in the early Transition Countries of Central and Eastern Europe (CEE), and in the late Transition Countries of the former USSR. We apply a GMM technique for the period covering 2000–2013. The results show that profitability persists and the determinants of bank profitability vary across Transition Countries. Particularly, the banking sector of early Transition Countries is more competitive. However, the impact of credit risk on bank profitability is positive in early Transition Countries, but negative in late Transition Countries. Government spending and monetary freedom negatively influence bank profitability only in late Transition Countries. Moreover, better capitalised banks are more profitable in early Transition Countries implying that these banking sectors are more robust. A range of possible approaches that governments can take to further develop banking sectors are discussed.
