2018年-世界发展银行全球_Bank_Ownership___Trends_and_Implications_48页_963kb

Bank Ownership: Trends and Implications

Core Content

This working paper explores the trends and implications of government and foreign bank ownership in the global banking sector, focusing on their impact on bank performance, competition, financial stability, and access to finance. The study analyzes data from 91 countries, highlighting the shifts in ownership structures over time and the varying effects observed across regions and countries.

Main Views on Bank Ownership

Foreign Bank Ownership

• Positive Impacts:

  • Foreign-owned banks tend to be more efficient than domestic banks in developing countries.
  • They promote competition in host banking sectors.
  • They help stabilize credit during idiosyncratic shocks.
  • They bring capital, technical skills, and product innovation, especially to developing countries.
  • Their presence is associated with higher interest margins, profitability, and lower overhead costs in developing countries.
  • They contribute to more resilient credit growth during domestic crises.

• Negative Impacts:

  • They can transmit external shocks from their home countries or other regions.
  • In some cases, they may limit access to finance for domestic firms and consumers by focusing on low-risk, transparent segments.
  • The effect on competition is mixed, with some studies showing a negative relationship between foreign bank presence and domestic bank performance, while others suggest threshold effects where higher market share leads to stronger competitive effects.

Government Bank Ownership

• Positive Impacts:

  • In some cases, government-owned banks can play a strategic role in financing industries that the private sector avoids.
  • In high-income countries, government-owned banks may have profit and cost advantages, as seen in Germany.
  • During the Global Financial Crisis (GFC), some governments increased their ownership in the banking sector to stabilize it.

• Negative Impacts:

  • They are often associated with high agency costs, leading to operational inefficiencies and low intermediation quality.
  • They may distort resource allocation and reduce competition by serving political interests rather than market efficiency.
  • In developing countries, government-owned banks tend to underperform in terms of profitability and efficiency, with higher non-performing loans (NPLs) and lower cost efficiency.
  • Privatization is generally associated with improvements in profitability and efficiency, even when foreign banks are the acquirers.

Key Findings

Trends in Bank Ownership

• Foreign Bank Ownership:

  • Increased significantly in both developed and developing countries from the 1990s to 2008.
  • In developing countries, the median share of assets held by foreign banks rose from **8% (16%) in 1995 to 35% (40%) in 1999 and 52% (50%) in 2008.
  • In high-income countries, the median share increased from **5% (15%) in 1995 to 12% (28%) by 2000 and 27% (43%) in 2008.
  • The GFC led to a decline in foreign bank ownership, especially in high-income countries.
  • South-South investments remained resilient and even increased during the GFC.

• Government Bank Ownership:

  • Declined across all regions, particularly in developing countries, from 40% (40%) in 1995 to 8% (17%) in 2008.
  • In Eastern Europe and Central Asia, the share increased by 5 percentage points between 2008 and 2010, the highest in any region.
  • In South Asia, government-owned banks still dominate, with 72% in 1995 and 39% in 2010.
  • Re-nationalization or recapitalization of banks occurred in many countries during the GFC.

Regional Patterns

• Latin America:

  • Foreign banks gained significant market shares in the 1990s.
  • Foreign bank share reached ~40% (1999–2010), while government bank share was ~13%.
  • Limited retrenchment during the GFC due to local funding and subsidiary independence.

• Eastern Europe and Central Asia:

  • Experienced the fastest increase in foreign bank presence in the 1990s and early 2000s.
  • Median foreign bank share rose from 5% in 1995 to 60% in 2008.
  • Sharp decline during the GFC, with government banks filling the gap.

• Sub-Saharan Africa:

  • Foreign bank presence increased significantly from 34% in 1995 to 66% in 2008, and reached 73% in 2010.
  • High share of foreign banks is attributed to Pan-African banks and reduced foreign presence after the GFC.

• South Asia:

  • Lowest share of foreign-owned banks and highest share of government-owned banks.
  • Foreign bank share increased from 1% in 1995 to 15% in 2008.
  • Government bank share fell from 72% to 39% during the same period.

• East Asia and Pacific:

  • Foreign bank share increased from 8% in 1995 to ~30% before the GFC.
  • Government bank share dropped from 23% to 13%.
  • Global banks did not reduce operations in the region as much as in others during the GFC.

Implications for Financial Stability and Access to Finance

• Financial Stability:

  • Foreign banks can stabilize credit during domestic crises.
  • However, they may also transmit external shocks from their home countries or other regions.
  • During the GFC, foreign bank presence helped maintain credit resilience in some regions.

• Access to Finance:

  • Foreign-owned banks may exclude many domestic firms and consumers by focusing on low-risk segments.
  • This can lead to unequal access to finance, especially in developing countries.

Conclusion

• The paper concludes that foreign bank ownership is generally associated with greater efficiency and competition in developing countries, but may also transmit shocks and limit access to finance.
• Government bank ownership is often inefficient and politically influenced, leading to resource misallocation and low performance in developing countries.
• Privatization and cross-border investments have played a key role in shaping ownership trends.
• The impact of ownership structure on financial stability and access to finance is region and context-dependent.

References to Key Studies

• Demirguc-Kunt and Huizinga (1999): Foreign ownership is associated with higher profitability and efficiency in developing countries.
• Claessens and Van Horen (2012): Foreign banks are more profitable in high-income countries, and their efficiency depends on regulatory and institutional alignment.
• Micco et al. (2007): Government-owned banks underperform in developing countries in terms of profitability and efficiency.
• Berger et al. (2005): Privatization leads to significant performance improvements.
• Delis et al. (2016): Foreign bank presence has a positive spillover effect on overall market power, but no direct impact on individual bank market power.
• Levy-Yeyati and Micco (2007): The effect of foreign bank presence on competition is more significant when banks are more efficient and the host sector is less concentrated.