Replication Data for: An old, novel idea: Introducing G-Pub, an original dataset of public bank formation

Article Abstract: Amidst growing financial internationalization, public banks are a reemerging mode of financial governance that can serve as a policy tool for counter-cyclical crisis financing, proactive investment (e.g., green finance), or protectionist lending. Yet no systematic studies examine what leads governments to form public banks in the first place, in part due to a lack of data. This paper introduces an original dataset, conceptual framework, and descriptive empirical insights to serve as the basis for future research. I discuss contending definitions of public banks to advance the more targeted conceptualization of ‘government-initiated public banks’ (G-Pubs), or banks that are formed by governments and remain under government control through ownership and/or management. The dataset includes 1,355 banks and spans 195 countries for the period 1401-2020. Using these data, I test prevailing assumptions suggesting G-Pubs are more likely to form in less developed or more autocratic countries. I show that for the period 1970-2020, G-Pub formation is instead associated with developed democracies. Descriptive analysis prior to the 1970s further supports a more complex view. These findings underscore the need for a renewed research agenda on public banking that considers both domestic and international political economic dynamics, including international diffusion, financial integration, and crisis mechanisms.

论文摘要：在金融国际化进程不断推进的背景下，公共银行作为一种再度兴起的金融治理模式，可充当逆周期危机融资、前瞻性投资（如绿色金融（Green Finance））或保护主义信贷的政策工具。然而目前尚无系统性研究探讨究竟是何种因素推动各国政府设立公共银行，这一研究空白在一定程度上缘于数据匮乏。本文构建了一套原创性数据集、概念框架与描述性实证分析结论，旨在为后续相关研究提供基础支撑。本文梳理了公共银行的多种竞争性定义，以期更精准地界定"政府发起型公共银行（G-Pubs）"——即由政府发起设立，并通过所有权或管理权始终处于政府管控之下的银行。该数据集涵盖1355家银行，覆盖195个国家，时间跨度为1401年至2020年。本文利用该数据集对主流假设进行了检验，该假设认为政府发起型公共银行更易在欠发达或威权国家中设立。但研究结果显示，在1970年至2020年期间，政府发起型公共银行的设立反而与发达民主国家存在显著关联。1970年代之前的描述性分析则进一步佐证了更为复杂的研究视角。上述研究结果凸显了更新公共银行研究议程的必要性，新议程需同时考量国内外政治经济动态，包括国际扩散、金融一体化与危机发生机制。