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Trade credit and financial crises in Kazakhstan


  • Zarina Adilkhanova

    (NAC Analytica, Nazarbayev University)

  • Aruzhan Nurlankul

    (Department of Economics and Finance, EIEF and LUISS)

  • Aizat Token

    (Department of Economics, Nazarbayev University)

  • Berk Yavuzoglu

    (Department of Economics, Nazarbayev University)


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.

Suggested Citation

  • Zarina Adilkhanova & Aruzhan Nurlankul & Aizat Token & Berk Yavuzoglu, 2020. "Trade credit and financial crises in Kazakhstan," NAC Analytica Working Paper 15, NAC Analytica, Nazarbayev University, revised Jan 2021.
  • Handle: RePEc:ajx:wpaper:15

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    More about this item


    Trade Credit; Delinquency; Financial Crisis; Large Enterprises; SMEs;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G01 - Financial Economics - - General - - - Financial Crises
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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