Access to Credit and Economic Growth in Russian Regions

Olga Gennadyevna Vasilyeva () and Julia Anatolyevna Kovshun ()
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Olga Gennadyevna Vasilyeva: Economic Research Institute FEB RAS; Amur State University
Julia Anatolyevna Kovshun: Far East State Agricultural University

Spatial Economics=Prostranstvennaya Ekonomika, 2015, issue 2, 31-46

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.

Keywords: financial; development; ?; regional; financial; system; ?; external; funding; ?; regions; of; Russia (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:far:spaeco:y:2015:i:2:p:31-46

DOI: 10.14530/se.2015.2.031-046

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