In the section Articles
Title of the article Access to Credit and Economic Growth in Russian Regions
Pages 31-46
Author 1 Olga Gennadyevna Vasilyeva
Candidate Economics, Senior Researcher, Assistant Professor
Economic Research Institute FEB RAS; Amur State University
153 Tikhookeanskaya Street, Khabarovsk, Russia, 680042; 21 Ignatyevskoe shosse, Blagoveshchensk, 675027
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Author 2 Julia Anatolyevna Kovshun
Candidate Economics, Assistant Professor
Far East State Agricultural University
86 Politekhnicheskaya Street, Blagoveshchensk, Russia, 675005
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Abstract Is a well developed financial system a necessary condition for economic growth at the subnational level in terms of reducing technological and institutional barriers to capital movements and growing financial markets integration? Or is it sufficient for economic agents to have access to financial services provided by residents of other regions and countries? The authors attempt to answer these questions, using the approach of R. Rajan and L. Zingales and data on manufacturing industries of the Russian regions in 2004-2012. The results suggest that the development level of local financial intermediaries had no statistically significant impact on growth of manufacturing industries in the regions of Russia. The study can be interesting for a general discussion of the relationship between the degree of financial system development and economic dynamics; the role of financial sector in transition economies and emerging markets, i.e. countries, which are characterized by high information asymmetry, weak institutions of property rights protection and high risks, including political ones.
Code 330.35+336.7
DOI 10.14530/se.2015.2.031-046
Keywords financial development ♦ regional financial system ♦ external funding ♦ regions of Russia
Download SE.2015.2.031-046.Vasilyeva.pdf
For citation Vasilyeva O.G., Kovshun J.A. Access to Credit and Economic Growth in Russian Regions. Prostranstvennaya Ekonomika = Spatial Economics, 2015, no. 2, pp. 31-46. DOI: 10.14530/se.2015.2.031-046. (In Russian).
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