o_19heefouak9i9v4do11ac41pi7a.pdf

KONSTANTINOS I. LOIZOS
negative with few exceptions, during the 1970s and 1980s. The pattern of loan
growth is the same as that of ETEBA, as shown in Table 15.
Table 15: Investment Bank’s loans and securities,
and GDP growth: summary statistics
GDP growth rates (%)
Investment Bank loans
growth rate (%)
Investment Bank security
holdings growth rate (%)
1965-74 1975-86 1987-2001 1965-74 1977-86 1987-91 1965-74 1977-86 1987-97
Mean 7.71 2.73 2.55 40.37 -5.00 -12.29 734.18 -7.10 -4.96
Median 8.95 4.15 3.30 32.29 -5.78 -9.00 13.32 -12.74 -5.35
Std. Dev. 6.57 4.67 2.71 29.84 2.78 8.03 2288.89 17.75 24.16
Min. -9.70 -3.90 -2.80 10.87 -8.57 -22.14 -19.82 -15.91 -31.77
Max. 13.20 9.60 7.20 113.84 -1.33 -4.58 7248.27 42.79 44.83
Figure 12c presents the same data for ETBA. As we can see, ETBA maintains
positive rates of growth in long-term financing not only during the late 1960s and
early 1970s but also for most of the years from 1978 to 1991, which indicates its
persistent endeavours to revive the economy during adverse times. On the other
hand, security holdings’ rate of change fluctuates for the whole period of operation
between positive and negative values. However, the much greater variance during
the 1990s indicates the effect of financial markets deregulation and the increasing
importance of securities management during this period.
Figure 12c: ETBA rates of change in loans
and investments in securities, and GDP
Source: ETBA Annual Reports and author’s calculations
~ 254 ~