| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18139 |
| 来源ID | Working Paper 18139 |
| Does Finance Cause Growth? Evidence from the Origins of Banking in Russia | |
| Daniel Berkowitz; Mark Hoekstra; Koen Schoors | |
| 发表日期 | 2012-06-15 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper examines the effect of banking on economic growth in modern Russia. To overcome simultaneity and selection, we exploit regional banking variation induced by the creation of "specialized banks" (spetsbanks) in the last years of the Soviet Union (1988-1991). Consistent with the qualitative work of Joel Hellman [1993] and Juliet Johnson [2000], we show that these reforms generated an ideal natural experiment in that the concentration of spetsbanks is jointly uncorrelated with 15 predictors of future growth, including pre-banking income, education, anti-market sentiment, institutional quality, and government interference in the economy. Results indicate that while the presence of one additional spetsbank per million inhabitants increased total within-state lending to private firms and individuals by 14 to 26 percent in the early 2000s, it had no effect on investment or per capita income. In contrast, we find that spetsbanks increased employment. Additional results indicate that spetsbanks increased growth in regions in which they were less connected to government and were generally more similar to non-spetsbanks, as well as in regions that were better at protecting property rights. Our results thus indicate that bank origins, political connections, and property rights are important determinants of effective finance. |
| 主题 | Development and Growth ; Development ; Growth and Productivity ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w18139 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575815 |
| 推荐引用方式 GB/T 7714 | Daniel Berkowitz,Mark Hoekstra,Koen Schoors. Does Finance Cause Growth? Evidence from the Origins of Banking in Russia. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18139.pdf（254KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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