Are public banks a better alternative to private banks? Do they
provide sufficient finance for development? Do they serve as
stability anchors in financial markets? This is an invaluable
comparison of public banks from countries at different economic
development levels. The contributors highlight both the benefits of
public banks and their governance failures, overcoming the sterile
debate of private versus public. Empirically analyzing three
countries with significant public banks - Brazil, Germany and India
- contributors support the Keynesian argument that public banks can
contribute to employment by stabilizing the business cycle and by
providing finance on a long-term basis. Taking cues from critical
interpretative policy analysis, it is argued that neither changes
in the incentive structure of management, nor institutional fora
for public deliberations will prevent irresponsible behavior.
Management's perception of the mission of public banks has to
change, as well as its understanding of their role in society.
Public Banks in the Age of Financialization will give insight to
advanced students of finance, comparative politics and public
management. Policy experts and public bank managers will also
benefit from the in-depth case studies that provoke discussion on
both the positives and negatives of public banks.
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