The Limits of Lending? Banks and Technology Adoption across Russia

Ralph De Haas and Çağatay Bircan

No 13663, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We exploit historically-determined variation in local credit markets to identify the impact of bank lending on firm innovation across Russia. We find that deeper credit markets increase firms' use of bank credit, their adoption of new products and technologies, and productivity growth. This relationship is more pronounced in industries further from the technological frontier; more exposed to import competition; and that export more. These impacts are also stronger for firms near historical R&D centers or railways, and in regions with supportive institutions. Consistent with these results, credit markets contribute to economic growth in such regions.

Keywords: Firm innovation; Technological change; Institutions; Russia; Credit constraints (search for similar items in EconPapers)
JEL-codes: D22 F63 G21 O12 O31 (search for similar items in EconPapers)
Date: 2019-04
New Economics Papers: this item is included in nep-ban, nep-bec, nep-cis, nep-cse, nep-eff, nep-ent, nep-fdg, nep-ict, nep-ino, nep-pay and nep-sbm
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Citations: View citations in EconPapers (7)

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Related works:
Journal Article: The Limits of Lending? Banks and Technology Adoption across Russia (2020)
Working Paper: The Limits of Lending: Banks and Technology Adoption across Russia (2015)
Working Paper: The Limits of Lending: Banks and Technology Adoption Across Russia (2015)
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