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Trade credit and financial crises in Kazakhstan

Zarina Adilkhanova (), Aruzhan Nurlankul (), Aizat Token () and Berk Yavuzoglu ()
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Aruzhan Nurlankul: Department of Economics and Finance, EIEF and LUISS
Aizat Token: Department of Economics, Nazarbayev University

No 15, NAC Analytica Working Paper from NAC Analytica, Nazarbayev University

Abstract: This paper studies the trade credit and delinquency behavior in Kazakhstan paying attention to the effects of two recent crises using a unique dataset of large firms and SMEs from the year 2009 to 2016. Our estimates suggest that the relationship between trade credit and bank loans is mainly substitutional except that it was complementary for large firms following the year 2014-5 crisis. This new piece of evidence might provide more insight into the mixed findings in the literature. We also discern that trade credit demand is more prevalent among capital-intensive firms. Kazakhstani firms pass a sizeable portion of their delinquent receivable to their trade credit suppliers. The transmission of trade credit delinquency, additionally, is amplified during the year 2014-5 economic crisis but the year 2009 global financial crisis.

Keywords: Trade Credit; Delinquency; Financial Crisis; Large Enterprises; SMEs (search for similar items in EconPapers)
JEL-codes: D22 G01 G20 G32 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2020-03, Revised 2021-01
New Economics Papers: this item is included in nep-cfn, nep-cis, nep-cwa and nep-fdg
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