Several patterns emerge. First, spetsbanks that operate in regions with better institutions—namely, better protections of property rights—have a significantly more positive effect on growth. For example, columns 7–10 indicate that operating in a region where protections of property rights are classified as one standard deviation better (0.75 points) causes the marginal spetsbank per million population to increase growth by between 0.67 and 0.87 percentage points. This suggests that the institutional context of banking matters, and is consistent with the conclusions of others highlighting the importance of institutions for economic growth with respect to bank privatization (e.g., Andrianova et al., 2008) as well as more generally (e.g., Acemoglu et al., 2001).