Bank Privatization in Argentina A Model of Political Constraints and Differential Outcomes George R.G. Clarke and Robert Cull * Development Research Group, The World Bank. Robert Cull Room MC3-449 The World Bank 1818 H Street NW Washington, DC 20433 rcull@worldbank.org Phone: (202) 473-6365 Fax: (202) 522-1155 * Respectively, Economist, Development Research Group – Competition and Regulation, World Bank and Economist, Development Research Group – Finance, World Bank. We would like to thank Stefan Alber, Lee Alston, Paul Levy, Jo Ann Paulson, and seminar participants at the Annual Meetings of the Public Choice Society and Social Science History Institute at Stanford University for helpful comments and suggestions. For providing data and many helpful discussions we are indebted to Javier Bolzico, Andrew Powell, Gabriel Caracciolo, Maria Hernandez, Andrea Molinari, Laura D’Amato, Juan Barale, Horacio Fernandez, and Jorge Lombardi of the Central Bank of Argentina; Rogelio Frigerio, Alejandro Caldarelli, and Enrique Scala of the Fondo Fiduciario; and Raul Benitez and David Rosenblatt of the World Bank. All remaining errors are ours. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors and do not necessarily represent the view of the World Bank, its Executive Directors, or the countries they represent.