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Bank Ownership Around the World
Data and Research

Research on Bank Ownership

Ugo's Papers

Other Authors' (and probably better) papers on:

Please let me know if there are papers that I should add to the lists

Bank Ownership Data

Country-level data on bank ownership covering 181 countries over 1995-2020

Download the data 

When using this dataset, please cite:
Panizza, Ugo. 2023. Bank Ownership Around the World, IHEID Working paper 07-2023. Available here


Ugo’s papers


Di Filippo, M. and U. Panizza. 2023. “Access to Credit and Bank Ownership: Evidence from Firm-Level Data” World Bank Policy Research Working Paper N.10384.


Fernandez-Arias, E., R. Hausmann, and U. Panizza. 2020. “Smart Development Banks.” Journal of Industry, Competition and Trade


Levy-Yeyati, E., A. Micco, and U. Panizza. 2007. A Reappraisal of State-Owned Banks. Economia 7(2), 209-259.


Micco, A., and U. Panizza. 2006. Bank ownership and lending behavior. Economics Letters 93(2), 248-254.


Micco, A., U. Panizza, and M. Yanez. 2007. “Bank ownership and performance. Does politics matter?” Journal of Banking & Finance, 31(1): 219-241.


Panizza, U. 2023 “State-owned commercial banks,” Journal of Economic Policy Reform, 26:1, 44-66


Panizza, U. 2023 Bank Ownership Around the World, IHEID Working paper


Bank ownership in general


Allen, F., Jackowicz, K., Kowalewski, O., & Kozłowski, L. 2017. Bank lending, crises, and changing ownership structure in Central and Eastern European countries. Journal of Corporate Finance 42, 494-515.


Altunbas, Y., Evans, L., & Molyneux, P. 2001. Bank ownership and efficiency. Journal of Money, Credit and Banking 33(4), 926-954.


Barth, J. R., Caprio Jr, G., & Levine, R. 2001. Banking systems around the globe: Do regulation and ownership affect performance and stability? In Prudential supervision: What works and what doesn'tpp. 31-96. University of Chicago Press.


Barth, J. R., Caprio, G., & Levine, R. 2004. Bank regulation and supervision: what works best? Journal of Financial intermediation 13(2), 205-248.


Beck, T., Cull, R., & Jerome, A. 2005. Bank privatization and performance: Empirical evidence from Nigeria. Journal of Banking & Finance 29(8), 2355-2379.


Beck, T., Demirgüç-Kunt, A., & Martinez Pería, M. S. 2011. Bank financing for SMEs: Evidence across countries and bank ownership types. Journal of Financial Services Research 39(1-2), 35-54.


Berger, A. N., Clarke, G. R., Cull, R., Klapper, L., & Udell, G. F. 2005. Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership. Journal of Banking & Finance 29(8), 2179-2221.


Berger, A. N., Hasan, I., & Zhou, M. 2009. Bank ownership and efficiency in China: What will happen in the world’s largest nation? Journal of Banking & Finance 33(1), 113-130.


Berger, A. N., Klapper, L. F., Martinez Peria, M. S., & Zaidi, R. 2008. Bank ownership type and banking relationships. Journal of Financial Intermediation 17(1), 37-62.


Bhattacharyya, A., Lovell, C. K., & Sahay, P. 1997. The impact of liberalization on the productive efficiency of Indian commercial banks. European Journal of operational research 98(2), 332-345.


Bonin, J. P., Hasan, I., & Wachtel, P. 2005b. Bank performance, efficiency and ownership in transition countries. Journal of banking & finance 29(1), 31-53.


Brei, M., & Schclarek, A. 2015. A theoretical model of bank lending: Does ownership matter in times of crisis? Journal of Banking & Finance 50, 298-307.


Cole, S. 2009b. Financial development, bank ownership, and growth: Or, does quantity imply quality? The Review of Economics and Statistics 91(1), 33-51.


Coleman, N., & Feler, L. 2015. Bank ownership, lending, and local economic performance during the 2008–2009 financial crisis. Journal of Monetary Economics 71, 50-66.


Cull, R., & Martinez Peria, M. S. 2013. Bank ownership and lending patterns during the 2008–2009 financial crisis: evidence from Latin America and Eastern Europe. Journal of Banking & Finance 37(12), 4861-4878.


Cull, R., M.S Martínez Pería and J. Verrier. 2018. “Bank Ownership: Trends and Implications” WB Research Working Paper 8297


Farazi, S., Feyen, E., & Rocha, R. 2013. Bank ownership and performance in the Middle East and North Africa Region. Review of Middle East Economics and Finance 9(2), 159-196.


Foos, D. 2009. Lending conditions, macroeconomic fluctuations, and the impact of bank ownership. University of Mannheim, Department of Banking and Finance, manuscript.


Fungáčová, Z., Herrala, R., & Weill, L. 2013. The influence of bank ownership on credit supply: Evidence from the recent financial crisis. Emerging markets review 15, 136-147.


Haber, S. 2005. Mexico’s experiment with bank privatization and liberalization 1991-2003. Journal of Banking and Finance 29, 2325-2353.


Klapper, L., Martinez Peria, M. S., & Zia, B. 2014. Banking in developing nations of Asia: changes in ownership structure and lending over the financial crisis. Oxford Handbook of Banking, 2nd Edition. Oxford, Oxford University Press.


Mian, A. 2003. Foreign, private domestic, and government banks: New evidence from emerging markets. Journal of Banking and Finance 27(7), 1219-1410.


Perotti, E., & Vorage, M. 2010. Bank ownership and financial stability. Tinbergen Institute Discussion Paper. TI 2010-022/2.


Rodrik, D. 2012. “Why We Learn Nothing from Regressing Economic Growth on Policies” Seoul Journal of Economics. 25. 137-151.


Sapienza, P. 2004. The effects of government ownership on bank lending. Journal of financial economics 72(2), 357-384.


Williams, J., & Nguyen, N. 2005. Financial liberalization, crisis, and restructuring: A comparative study of bank performance and bank governance in Southeast Asia. Journal of Banking & Finance 29(8), 2119-2154.

Foreign banks


Adams‐Kane, J., J. A. Caballero, and J. J. Lim. 2017 “Foreign bank behavior during financial crises.” Journal of Money, Credit and Banking 49. 2-3: 351-392.


Aiyar, S. 2012. From financial crisis to great recession: The role of globalized banks. The American Economic Review 102(3), 225-230.


Anginer, D., Cerutti, E., & Pería, M. S. M. 2017. Foreign bank subsidiaries' default risk during the global crisis: what factors help insulate affiliates from their parents? Journal of Financial Intermediation 29, 19-30, 2017.


Arena, M., Reinhart C., & Vazquez F. 2007. The lending channel in Emerging economics: Are foreign banks different? IMF Working Paper, 07/48.


Barajas, A., Steiner, R., & Salazar, N. 2000. The impact of liberalization and foreign investment in Colombia's financial sector. Journal of development economics 63(1), 157-196.


Bayraktar, N., & Wang, Y. 2004. Foreign bank entry, performance of domestic banks, and sequence of financial liberalization. World Bank Policy Research Working Paper, 3416.


Beck, T., & Brown, M. 2015. Foreign bank ownership and household credit. Journal of Financial Intermediation 24(4), 466-486.


Beck, T., Ioannidou, v.,& Schafer, L.Forthcoming. Foreigners vs. natives: Bank lending technologies and loan pricing. Management Science.


Beck, T., & Martinez Peria, M. S. 2010. Foreign bank participation and outreach: Evidence from Mexico. Journal of Financial Intermediation 19(1), 52-73.


Berger, A. N., DeYoung, R., Genay, H., & Udell, G. F. 2000. Globalization of financial institutions: Evidence from cross-border banking performance. Brookings-Wharton papers on financial services 2000(1), 23-120.


Bonin, J. & Louie, D.Forthcoming. Did foreign banks stay committed to emerging Europe during recent financial crises? Journal of Comparative Economics.

Brown, M. and R. De Haas, (2012), Foreign currency lending in Emerging Europe: Bank-level evidence, Economic Policy, 27(69), 59-98.


Bruno, V. and R. Hauswald. 2014. “The Real Effect of Foreign Banks.” Review of Finance, 18: 1683-1716


Buch, C. and L. Goldberg. 2020. “Global Banking: Toward an Assessment of Benefits and Costs.” Annual Review of Financial Economics, 12(1): 141-175


Cetorelli, N., & Goldberg, L. S. 2012a. Follow the money: Quantifying domestic effects of foreign bank shocks in the great recession. The American Economic Review 102(3), 213-218.


Cetorelli, N., & Goldberg, L. S. 2012b. Liquidity management of US global banks: Internal capital markets in the great recession. Journal of International Economics 88(2), 299-311.


Cetorelli, N., & Goldberg, L. S. 2012c. Banking globalization and monetary transmission. The Journal of Finance 67(5), 1811-1843.


Chang, C., Hasan, I., & Hunter, W. C. 1998. Efficiency of multinational banks: an empirical investigation. Applied Financial Economics 8(6), 689-696.


Chantapong, S. 2005. Comparative study of domestic and foreign bank performance in Thailand: The regression analysis. Economic Change and Restructuring 38(1), 63-83.


Choi, M. J., Gutierrez, E., & Martinez Peria, M. S. 2016. Dissecting foreign bank lending behavior during the 2008-2009 crisis. Financial Markets, Institutions & Instruments 25(5), 361-398


Claessens, S., Demirgüç-Kunt, A., & Huizinga, H. 2001. How does foreign entry affect domestic banking markets? Journal of Banking & Finance 25(5), 891-911.


Claessens, S., & Lee, J. K. 2003. Foreign banks in low-income countries: Recent developments and impacts. Globalization and National Financial Systems, 109.


Claessens, S., & Van Horen, N. 2012. Being a foreigner among domestic banks: Asset or liability? Journal of Banking & Finance 36(5), 1276-1290.


Claessens, S., & Van Horen, N. 2014. Foreign banks: Trends and impact. Journal of Money, Credit and Banking 46(s1), 295-326.


Claessens, S., & Van Horen, N. 2015. The impact of the global financial crisis on banking globalization. IMF Economic Review 63(4), 868-918.


Claeys, S., & Hainz, C. 2014. Modes of foreign bank entry and effects on lending rates: Theory and evidence. Journal of Comparative Economics 42(1), 160-177.


Clarke, G. R., Cull, R., & Martinez Peria, M. S. 2006. Foreign bank participation and access to credit across firms in developing countries. Journal of Comparative Economics 34(4), 774-795.


Clarke, G., Cull, R., Martinez Peria, M. S., & Sánchez, S. M. 2005b. Bank lending to small businesses in Latin America: does bank origin matter? Journal of Money, Credit and Banking 37(1), 83-118.


Clarke, G., M.S. Martínez Pería and S.M Sanchez. 2003. “Foreign bank entry: Experience, implications for developing economies, and agenda for further research.” World Bank Research Observer, 181): 25–59.


Crystal, J.S., Dages, G., & Goldberg, L. 2001. Does Foreign Ownership Contribute to Sounder Banks? The Latin American Experience. R.E. Litan, P. Masson, M. PomerleanoEds.), Open Doors: Foreign Participation in Emerging Financial Systems, Brookings Press, Washington.


Crystal, J. S., Dages, B. G., & Goldberg, L. S. 2002. Has foreign bank entry led to sounder banks in Latin America? Current Issues in Economics and Finance 8(1), 1-6.


De Haas, R., Y. Korniyenko, A. Pivovarsky, and T. Tsankova. 2015. “Taming the Herd? Foreign Banks, the Vienna Initiative and Crisis Transmission.” Journal of Financial Intermediation 243): 325–55.


De Haas, R. and I. Van Lelyveld (2014), Multinational banks and the global financial crisis: Weathering the perfect storm?, Journal of Money, Credit, and Banking, 46(1), 333-364.

De Haas, R. and N. Van Horen (2013), Running for the exit? International bank lending during a financial crisis, Review of Financial Studies, 26(1), 244-285

De Haas, R. and N. Van Horen (2012), International shock transmission after the Lehman Brothers collapse. Evidence from syndicated lending, American Economic Review Papers & Proceedings, 102(3), 231-237.

De Haas, R. and I.P.P. van Lelyveld (2010), Internal capital markets and lending by multinational bank subsidiaries, Journal of Financial Intermediation, 19, 1-25.

De Haas, R., D. Ferreira and A. Taci (2010), What determines the composition of banks’ loan portfolios? Evidence from transition countries, Journal of Banking and Finance, 34, 388-398.

De Haas, R. and I.P.P. van Lelyveld (2006), Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis, Journal of Banking and Finance, 30, 1927-1952.


Delis, M. D., S. Kokas, and S. Ongena, 2016. “Foreign ownership and market power in banking: Evidence from a world sample.” Journal of Money, Credit and Banking 48: 449-483.


Detragiache, E., T. Tressel, and P. Gupta, P. 2008. “Foreign banks in poor countries: theory and evidence.” The Journal of Finance 63(5): 2123-2160


Galindo, A, A. Micco, and A. Powell. 2005 "Loyal lenders or fickle financiers: Foreign banks in Latin America." Inter-American Development Bank


Giannetti, M., & Ongena, S. 2012. Lending by example: Direct and indirect effects of foreign banks in emerging markets. Journal of International Economics 86(1), 167-180.


Gilje, E. P., Loutskina, E., & Strahan, P. E. 2016. Exporting liquidity: Branch banking and financial integration. The Journal of Finance 71(3), 1159-1184.


Goldberg, L. S. 2004. Financial-sector foreign direct investment and host countries: New and old lessons. FRB of New York Staff Report,183.


Gormley, T. A. 2010. The impact of foreign bank entry in emerging markets: Evidence from India. Journal of Financial Intermediation 19(1), 26-51.


Green, C., Murinde, V., & Nikolov, I. 2004a. Are foreign banks in Central and Eastern Europe more efficient than domestic banks? Financial Markets in Central and Eastern Europe: Stability and Efficiency, 206.


Green, C. J., Murinde, V., & Nikolov, I. 2004b. The efficiency of foreign and domestic banks in Central and Eastern Europe: evidence on economies of scale and scope. Journal of Emerging Market Finance 3(2), 175-205.


Hale, G., Kapan, T., & Minoiu, C. 2016. Crisis transmission in the global banking network. IMF Working Paper, 16/91.


Havrylchyk, O. 2006. Efficiency of the Polish banking industry: Foreign versus domestic banks. Journal of Banking & Finance 30(7), 1975-1996.


Havrylchyk, O. & Jurzyk, P. E. 2011. Profitability of foreign and domestic banks in Central and

Eastern Europe: Does the mode of entry matter? Economics of Transition 192011), 443-472.


Imai, M., & Takarabe, S. 2011. Bank integration and transmission of financial shocks: Evidence from Japan. American Economic Journal: Macroeconomics 3(1), 155-183.


Jeon, B. N., Olivero, M. P., & Wu, J. 2011. Do foreign banks increase competition? Evidence from emerging Asian and Latin American banking markets. Journal of Banking & Finance 35(4), 856-875.


Jeon, B. N., Olivero, M. P., & Wu, J. 2013. Multinational banking and the international transmission of financial shocks: Evidence from foreign bank subsidiaries. Journal of Banking & Finance 37(3), 952-972.


Kraft, E., Hofler, R., & Payne, J. 2006. Privatization, foreign bank entry and bank efficiency in Croatia: a Fourier-flexible function stochastic cost frontier analysis. Applied Economics, 38(17), 2075-2088.


Lehner, M., & Schnitzer, M. 2008. Entry of foreign banks and their impact on host countries. Journal of Comparative Economics 36(3), 430-452.


Levine, Ross. "Foreign Banks, Financial Development, and Economic Growth." in International Financial Markets: Harmonization versus Competition, ed., Claude E. Barfield, Washington, D.C.: The AEI Press, 1996.


Levy-Yeyati, E., & Micco, A. 2007. Concentration and foreign penetration in Latin American banking sectors: Impact on competition and risk. Journal of Banking & Finance, 31(6), 1633-1647.


Majnoni, G., & Shankar, R. and Varhegyi E. 2003. The dynamics of foreign bank ownership: Evidence from Hungary. World Bank Publications.


Martinez-Peria, M.S, A. Powell, and I. Vladovka-Hollar. 2005. “Banking on foreigners: The behavior of international bank claims on Latin America, 1985–2000.” IMF Staff Papers, 523), 430–461.


Morais, B., J.L Peydró, J. Roldán-Peña, and C. Ortega. 2019. “The International Bank Lending Channel of Monetary Policy and QE: Credit Supply, Reach for Yield and Real Effects.” The Journal of Finance, 74(1): 55-90.


Mulyaningsih, T., Daly, A., & Miranti, R. 2015. Foreign participation and banking competition: Evidence from the Indonesian banking industry. Journal of Financial Stability 19, 70-82.


Peek, J., & Rosengren, E. S. 1997. The international transmission of financial shocks: The case of Japan. American Economic Review 87(4), 495-505.


Peek, J., & Rosengren, E. S. 2000a. Implications of the globalization of the banking sector: The Latin American experience. In Conference Series-Federal Reserve Bank of Boston, Vol. 44, pp. 145-170.


Peek, J., Rosengren, E. S., & Kasirye, F. 1999. The poor performance of foreign bank subsidiaries: were the problems acquired or created? Journal of Banking & Finance 23(2), 579-604.


Popov, A., & Udell, G. F. 2012. Cross-border banking, credit access, and the financial crisis. Journal of International Economics 87(1), 147-161.


Schnabl, P. 2012. The international transmission of bank liquidity shocks: Evidence from an emerging market. The Journal of Finance 67(3), 897-932.


Schnabel, I and C. Seckinger. 2019) “Foreign banks, financial crises and economic growth in Europe.” Journal of International Money and Finance, 95: 70-94.


Sensarma, R. 2006. Are foreign banks always the best? Comparison of state-owned, private and foreign banks in India. Economic Modelling 23(4), 717-735.


Van Tassel, E., & Vishwasrao, S. 2007. Asymmetric information and the mode of entry in foreign credit markets. Journal of Banking & Finance 31(12), 3742-3760.


Wu, H. L., Chen, C. H., & Lin, M. H. 2007. The effect of foreign bank entry on the operational performance of commercial banks in the Chinese transitional economy. Post-Communist Economies 19(3), 343-357.


Wu, J., A.C Luca, and B.N Jeon. 2011. “Foreign bank penetration and the lending channel in emerging economies: Evidence from bank-level panel data.” Journal of International Money and Finance, 306), 1128–1156.


State-owned banks and privatization


Altavilla, C., M. Pagano, & S. Simonelli. 2017. Bank Exposures and Sovereign Stress Transmission, Review of Finance. 21: 2103–2139.

Bertay, A. C., Demirgüç-Kunt, A., & Huizinga, H. 2015. Bank ownership and credit over the business cycle: Is lending by state banks less procyclical? Journal of Banking & Finance 50, 326-339.


Bonaccordi di Patti, E., & Hardy, D. C. 2005. Financial sector liberalization, bank privatization, and efficiency: Evidence from Pakistan. Journal of Banking & Finance 29(8), 2381-2406.


Bonin, J. P., Hasan, I., & Wachtel, P. 2005a. Privatization matters: Bank efficiency in transition countries. Journal of Banking & Finance 29(8), 2155-2178.


Borsuk, M., O. Kowalewski and P. Pisany. 2022. “State -owned banks and International shock transmission”


Boubakri, N., Cosset, J. C., Fischer, K., & Guedhami, O. 2005. Privatization and bank performance in developing countries. Journal of Banking & Finance 29(8), 2015-2041.


Brei, M., & Schclarek, A. 2013. Public bank lending in times of crisis. Journal of Financial Stability 9(4), 820-830.


Carvalho, D. 2014. The real effects of government‐owned banks: Evidence from an emerging market. The Journal of Finance 69(2), 577-609.


Chakravarty, S. P., & Williams, J. M. 2006. How significant is the alleged unfair advantage enjoyed by state-owned banks in Germany? Cambridge Journal of Economics 30(2), 219-226.


Chen, Y. S., Chen, Y., Hasan, I., & Lin, C. Y. 2016. Is there a bright side of government banks? Evidence from the global financial crisis. Journal of Financial Stability 26(5), 128-143.

Chiaruttini, M.S. 2022. “Great Expectations: Public Banking in Southern Italy Between Promises and Failures”


Clarke, G. R., Cull, R., & Shirley, M. M. 2005a. Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking & Finance 29(8), 1905-1930.


Cole, S. 2009a. Fixing market failures or fixing elections? Agricultural credit in India. American Economic Journal: Applied Economics 1(1), 219-250.


Cornett, M. M., Guo, L., Khaksari, S., & Tehranian, H. 2010. The impact of state ownership on performance differences in privately-owned versus state-owned banks: An international comparison. Journal of Financial Intermediation 19(1), 74-94.


Cull, R., Li, W., Sun, B., & L.C. Xu. 2015. Government connections and financial constraints: Evidence from a large sample of Chinese firms. Journal of Corporate Finance 32, 271-294.


Duprey, T. 2015. Do publicly owned banks lend against the wind? International Journal of Central Banking 11(2), 65-112.


Epstein R.A. 2014. Assets or liabilities? The politics of bank ownership. Review of International Political Economy 21(4), 765-789.


Gerschenkron, A. 1962. Economic backwardness in historical perspective: a book of essaysNo. HC335 G386. Cambridge, MA: Belknap Press of Harvard University Press.

Grigoriadis, T.  and M Suesse. 2022. “Financing Late Industrialisation: Evidence from the Russian State Bank State -owned Banks and Development Banking in the Aftermath of the Second World War”

Grünbacher, A. 2022. “Politics of pragmatism: The Kreditanstalt für Wiederaufbau as a bridge between the state and private banks and businesses during West Germany’s reconstruction period, 1948 -1961”


Khwaja, A. I., & Mian, A. 2005. Do lenders favor politically connected firms? Rent provision in an emerging financial market. The Quarterly Journal of Economics, 1371-1411.


La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. 2002. Government ownership of banks. The Journal of Finance 57(1), 265-301.


Megginson, W. L. 2005. The economics of bank privatization. Journal of Banking & Finance 29(8), 1931-1980.


Önder, Z. and S. Özyıldırım. 2013. “Role of Bank Credit on Local Growth: Do Politics and Crisis Matter?” Journal of Financial Stability 91), 13–25.


Otchere, I. 2005. Do privatized banks in middle-and low-income countries perform better than rival banks? An intra-industry analysis of bank privatization. Journal of Banking & Finance 29(8), 2067-2093.


Otchere, I., & Chan, J. 2003. Intra-industry effects of bank privatization: A clinical analysis of the privatization of the Commonwealth Bank of Australia. Journal of Banking & Finance 27(5), 949-975.

Pasotti, I. 2022. “The role of the Istituto Mobiliare Italiano at the service of the Italian government's economic policy. Research suggestions from the Intesa Sanpaolo Group Historical Archives”

Sayar, Z. 2022. “The State -owned Banks in Turkey after the Second World War: Crowding Out or Supplementary Role?”

Schwan, M. and M. Cassell. 2022. “Sparkassen revisited. The resiliency of German savings banks between globalization and crises”


Stiglitz, J. E. 1993. The role of the state in financial markets. The World Bank Economic Review 7(suppl 1), 19-52.


Ture, E. 2021. “Revisiting the Stabilization Role of Public Banks: Public Debt Matters,” IMF WP 21/7

National Development Banks


Attridge. S. Y. and M. Mbate. 2020 “Financial Performance and Corporate Governance: Evidence from National Development Banks in Africa.” Working Paper of the International Research Initiative on PDBs and DFIs Working Groups


Attridge, S., J Xu, and K. Gallagher. 2020. “Piloting and Scaling Up Clean Energy Transitions: The Role of Development Financial Institutions.” Working Paper of the International Research Initiative on PDBs and DFIs Working Groups


Bo Hu, Alfredo Schclarek, Jiajun Xu, Jianye Yan, 2022. “Long-term finance provision: National development banks vs commercial banks,” World Development 158


Bruck, Nicholas. 1998. “The Role of Development Banks in the Twenty-first Century.” Journal of Emerging Markets 3: 39-67.


Cameron, Rondo E. 1953. “The Crédit Mobilier and the Economic Development of Europe.” Journal of Political Economy 61, no. 6: 461-88.


Cherbonnier, F. 2020. “Carbon Policies and Climate Financial Regulation.”  Working Paper of the International Research Initiative on PDBs and DFIs Working Groups


de Aghion, Beatriz. 1999. “Development Banking.” Journal of Development Economics 58, no. 1: 83-100.


de Luna-Martínez, José, and Carlos Leonardo Vicente. 2012 “Global Survey of Development Banks.” World Bank Financial and Private Sector Development Financial Systems Practice Policy Research Working Paper 5969. Washington, D.C.: World Bank.


de Luna-Martinez, José, Carlos Leonardo Vicente, Ashraf bin Arshad, Radu Tatucu, and Jiyoung Song. 2018. 2017 Survey of National Development Banks (English). Washington, D.C.: World Bank


Diamond, W. 1957. Development banks, The Johns Hopkins University Press, Baltimore, MD.


Doctor, M 2015. “Assessing the changing roles of the Brazilian Development Bank” Bulletin of Latin American Research, 34 (2) (2015), pp. 197-213


Fernández-Arias, E, and J. Xu. 2020.“Effective Development Banking: Loans or Guarantees?” Working Paper of the International Research Initiative on PDBs and DFIs Working Groups

Gong, Di, Jiajun Xu, and Jianye Yan. 2023. “National Development Banks and Loan Contract Terms: Evidence from Syndicated Loans.” Journal of International Money and Finance, 130: 102763


Gordon, David L.1983. “Development Finance Companies, State and Privately Owned: A Review.” Staff working paper: no. SWP 578. Washington, D.C.: NSE Development Financing Research Report N .1 0172 World Bank


Griffin-Jones, S. J.A. Ocampo. 2018. The future of national development banks, Oxford University Press (2018)


Griffith-Jones, S. Spiegel, J. Xu, M. Carreras, N. Naqvi. 2022. “Matching Risks with Instruments in Development Banks.” Review of Political Economy, 34 (2), pp. 197-223


Gottschalk, R. L.B. Castro, J. Xu. 2022. “Should national development banks be subject to Basel III?” Review of Political Economy, 34 (2), pp. 249-267


Gutierrez, Eva, Heinz P. Rudolph, Theodore Homa, and Enrique Blanco Beneit. 2011. Development Banks: Role and Mechanisms to Increase Their Efficiency. Washington, D.C.: World, Bank.


Himberg, H., J. Xu, and K. Gallagher. 2020. “Climate Change and Development Bank Project Cycles.” Working Paper of the International Research Initiative on PDBs and DFIs Working Groups


Hochstetler, K. 2014. “The Brazilian National Development Bank goes international: Innovations and limitations of BNDES’ internationalization” Global Policy, 5 (3) (2014), pp. 360-365


Jiang, Shenzhe, Junjie Xia, Jiajun Xu, and Jianye Yan. 2023. “A Theory of National Development Bank: Long-term Investment and the Agency Problem.” Economic Theory

Jin, Lin, Matthew Preble, and Aldo Sesia. 2011. “China Development Bank.” Harvard Business School Finance Case,: 212-001.


Jouanjean, Marie-Agnes, Isabella Massa, and Dirk Willem te Velde. 2015. “The Role of Development Finance Institutions in Promoting Jobs and Structural Transformation,” Development Finance Agenda (DEFA) 1, no. 1: 16-21.


Lazzarini, S.G. A. Musacchio, R. Bandeira-de-Mello, R. Marcon. 2015 “What do state-owned development banks do? Evidence from BNDES, 2002–09.” World Development, 66, pp. 237-253


Massa, Isabella, Maximiliano Mendez Parra, and Dirk Willem te Velde. 2016 The Macroeconomic Effects of Development Finance Institutions in Sub-Saharan Africa. London: Overseas Development Institute


Mazzucato, Mariana, and Caetano CR Penna. 2016. “Beyond Market Failures: The Market Creating and Shaping Roles of State Investment Banks.” Journal of Economic Policy Reform 19, no.4: 305-26.


Mazzucato, Mariana, and Caetano CR Penna. 2015. “The Rise of Mission-oriented State Investment Banks: The Cases of Germany’s KfW and Brazil's BNDES.” Innovation-Fueled, Sustainable, Inclusive Growth Working Paper. Science Policy Research Unit (SPRU). University of Sussex.


Mertens, Daniel, and Matthias Thiemann. 2018. “Market-based but State-led: The Role of Public Development Banks in Shaping Market-based Finance in the European Union.” Competition & Change 22, no.2: 184-204


Ocampo, J.A., and V. Ortega. 2020 “The Global Development Banks' Architecture.” Working Paper of the International Research Initiative on PDBs and DFIs Working Groups


OECD. 2019. “Development Finance Institutions and Private Sector Development.” Accessed April 19.


Roberts Jr, Paul E. 1971. “Development Banking: The Issue of Public and Private Development Banking.” Economic Development and Cultural Change 19, no. 3 (1971): 424-37.


Ru, H. 2018. “Government credit, a double-edged sword: Evidence from the China Development Bank,” The Journal of Finance, 73 (1), pp. 275-316


Schclarek, Alfredo, Jiajun Xu, and Jianye Yan. 2022. “The Maturity Lengthening Role of National Development Banks”. International Review of Finance. 1-28

Schclarek, Alfredo, and Jiajun Xu. 2022. “Exchange Rate and Balance of Payment Crisis Risks in the Global Development Finance Architecture”. Journal of International Financial Markets, Institutions and Money. 79

Schclarek, Alfredo, Jiajun Xu, Pedro Amuchastegui. 2022. “The Belt & Road Initiative and Panda Bond Financing: An Analysis of Monetary Mechanisms and Balance of Payment Risks.” Research in International Business and Finance. 61


UNCTAD, 2016. The Role of Development Banks in Promoting Growth and Sustainable Development in the South (New York and Geneva: United Nations, 2016), https://unctad. org/en/PublicationsLibrary/gdsecidc2016d1_en.pdf.

Jiajun Xu and Kevin Gallagher. 2022. “Transformation towards Renewable Energy Systems: Evaluating the Role of Development Financing Institutions.” Studies in Comparative International Development 57

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