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Institutional Models of Real Sector Financing


  • Kirdina, S.

    (Institute of Economics, Russian Academy of Sciences, Moscow)


The author considers basic institutional models that define the macroeconomic policies for the real sector financing under economic growth. The hypothesis is tested that two institutional models in real sector financing could be singled out, so called "state as the main investor" and "state as the regulator". To prove this hypothesis, data about the dynamics of real sector financing in Russia and in the USA are used. X- and Y-economies concept (Kirdina, 2012) is used to explain the differences. Concerning this, some particularities of investment characteristics in the national statistics due to institutional differences of two countries are also discussed.

Suggested Citation

  • Kirdina, S., 2013. "Institutional Models of Real Sector Financing," Journal of the New Economic Association, New Economic Association, vol. 18(2), pages 129-155.
  • Handle: RePEc:nea:journl:y:2013:i:18:p:129-155

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    References listed on IDEAS

    1. Svetlana Kirdina & Andrei Vernikov, 2013. "Evolution of the Banking System in the Russian Context: An Institutional View," Journal of Economic Issues, Taylor & Francis Journals, vol. 47(2), pages 475-484.
    2. Svetlana Kirdina, 2012. "From Marxian School Of Economic Thought To System Paradigm In Economic Studies: The Institutional Matrices Theory," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 53-71.
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    More about this item


    institutional models; real sector financing; X- and Y-economies; Russia; the USA; China;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P43 - Economic Systems - - Other Economic Systems - - - Finance; Public Finance
    • P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies


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