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Has Banks’ Financial Intermediation Improved in Russia?

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  • Fungachova, Z.

    (Institute for Economies in Transition (BOFIT), Bank of Finland, Helsinki, Finland)

  • Solanko, L.

    (Institute for Economies in Transition (BOFIT), Bank of Finland, Helsinki, Finland)

Abstract

The aim of this paper is to analyze the increasing importance of banks in the Russian economy over the period following the financial crisis of 1998. We use several measures to assess the role of banks in domestic financial intermediation in Russia. The traditional macro-level view is complemented by the analysis of sectoral financial flows as well as by insights from micro-level studies. All of these confirm that banks are becoming increasingly important in financial intermediation. We find that the scope and efficiency of intermediation by Russian banks has improved over time, but the level of banks’ financial intermediation still lags behind other countries with similar levels of income. Possible explanations for this include the dual nature of Russian financial system.

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Bibliographic Info

Article provided by New Economic Association in its journal Journal of the New Economic Association.

Volume (Year): (2010)
Issue (Month): 8 ()
Pages: 101-116

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Handle: RePEc:nea:journl:y:2010:i:8:p:101-116

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Keywords: Russia; banks; financial intermediation; financial system;

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References

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  1. Ho, Thomas S. Y. & Saunders, Anthony, 1981. "The Determinants of Bank Interest Margins: Theory and Empirical Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 16(04), pages 581-600, November.
  2. Pekka Sutela, 2009. "Russian Finance: Drag or Booster for Future Growth?," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  3. Claeys, Sophie & Vander Vennet, Rudi, 2008. "Determinants of bank interest margins in Central and Eastern Europe: A comparison with the West," Economic Systems, Elsevier, vol. 32(2), pages 197-216, June.
  4. Beck, Thorsten & Levine, Ross, 2004. "Stock markets, banks, and growth: Panel evidence," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 423-442, March.
  5. Evžen Koèenda & Jan Hanousek & Peter Ondko, 2007. "The Banking Sector in New EU Member Countries: A Sectoral Financial Flows Analysis (in English)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 57(5-6), pages 200-224, August.
  6. A. Karas & K. Schoors & G. Lanine, 2008. "Liquidity matters: Evidence from the Russian interbank market," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 08/520, Ghent University, Faculty of Economics and Business Administration.
  7. Ross Levine & Sara Zervos, . "Stock markets, banks and economic growth ," CERF Discussion Paper Series 95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
  8. Peresetsky, Anatoly, 2010. "Bank cost efficiency in Kazakhstan and Russia," BOFIT Discussion Papers 1/2010, Bank of Finland, Institute for Economies in Transition.
  9. Beck , Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2009. "Financial institutions and markets across countries and over time - data and analysis," Policy Research Working Paper Series 4943, The World Bank.
  10. Alexei Karas & William Pyle & Koen Schoors, 2010. "How do Russian depositors discipline their banks? Evidence of a backward bending deposit supply function," Oxford Economic Papers, Oxford University Press, vol. 62(1), pages 36-61, January.
  11. Zuzana Fungacova & Christophe J. Godlewski & Laurent Weill, 2009. "Asymmetric Information and Loan Spreads in Russia: Evidence from Syndicated Loans," Working Papers of LaRGE Research Center 2009-01, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  12. A. Karas & K. Schoors & L. Weill, 2008. "Are private banks more efficient than public banks? Evidence from Russia," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 08/519, Ghent University, Faculty of Economics and Business Administration.
  13. Vernikov, Andrei, 2009. "Russian banking: The state makes a comeback?," BOFIT Discussion Papers 24/2009, Bank of Finland, Institute for Economies in Transition.
  14. Fungáčová, Zuzana & Poghosyan, Tigran, 2011. "Determinants of bank interest margins in Russia: Does bank ownership matter?," Economic Systems, Elsevier, vol. 35(4), pages 481-495.
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Cited by:
  1. Deryugina, Elena B. & Ponomarenko, Alexey A., 2011. "Identifying structural shocks behind loan supply fluctuations in Russia," BOFIT Discussion Papers 20/2011, Bank of Finland, Institute for Economies in Transition.

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