Personally, I think it only breeds resentment. I feel it is a primative response/coping mechanism. It is a loss of control in the spanker.
My dad & I were recently discussing this, & while he at first said spanking worked, he had to admit it only made him angry as a child. It made him feel angry & powerless. And it also made him hate teachers. His dad spanked, he rarely did spank, & the teachers were maniacal back when he was in school. The lesson he learned? It was appropriate for larger human beings to hit smaller ones. It was ok for someone strong to hit someone weaker. Not cool!
When I was in school, they used wooden paddles & pulled kids by the hair, etc. It also made me have a hatred of teachers, school, & authority in general. I had the meanest teacher ever in third grade, she pulled my hair & hit me. Up until that time, I liked school. It was there in third grade I started the countdown. 9 more years, 8 more years, etc.