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Enterprise adjustment and the role of bank credit in Russia: evidence from a 420 firms qualitative survey

Author

Listed:
  • Sophie Brana

    (Larefi - Université Montesquieu - Bordeaux 4)

  • Mathilde Maurel

    (ROSES - Réformes et Ouverture des Systèmes Economiques post-Socialistes - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Jérôme Sgard

    (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique)

Abstract

This paper is based on a 1996 industrial survey of 420 Russian firms' actual position, as opposed to their expectations and declared intentions. Factor analysis and ordered Probit techniques are used to test relationships between the various responses. The main conclusions are: 1) profit depends upon real productive performances, and, to a lesser extent, on financial discipline; 2) the demand for credit comes mainly from the worst-off firms or those already indebted; 3) the actual distribution of bank credit is allocated mostly to distressed firms, with poor performance and weak financial position.

Suggested Citation

  • Sophie Brana & Mathilde Maurel & Jérôme Sgard, 1999. "Enterprise adjustment and the role of bank credit in Russia: evidence from a 420 firms qualitative survey," Post-Print halshs-00468746, HAL.
    • Handle: RePEc:hal:journl:halshs-00468746
    DOI: 10.1057/ces.1999.18
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    Citations

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    Cited by:

    1. Alexei Karas & Koen Schoors & Laurent Weill, 2010. "Are private banks more efficient than public banks?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 18(1), pages 209-244, January.
    2. Berthelemy, Jean-claude & Soderling, Ludvig, 2001. "The Role of Capital Accumulation, Adjustment and Structural Change for Economic Take-Off: Empirical Evidence from African Growth Episodes," World Development, Elsevier, vol. 29(2), pages 323-343, February.
    3. Mathilde Maurel, 2001. "Investment, Efficiency, and Credit Rationing: Evidence from Hungarian Panel Data," William Davidson Institute Working Papers Series 403, William Davidson Institute at the University of Michigan.
    4. S. CLAEYS & G. LANINE & K. SCHOORs, 2005. "Bank Supervision Russian Style: Rules vs Enforcement and Tacit Objectives," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 05/307, Ghent University, Faculty of Economics and Business Administration.
    5. Dorbec, Anna, 2004. "Liquidity provision in transition economy: the lessons from Russia," BOFIT Discussion Papers 17/2004, Bank of Finland Institute for Emerging Economies (BOFIT).
    6. Bignebat, C. & Gouret, F., 2006. "Which Firms Have a Soft Loan ? Managers' Believes in a Cross-Country Survey in Transition Economies," Working Papers MoISA 200603, UMR MoISA : Montpellier Interdisciplinary center on Sustainable Agri-food systems (social and nutritional sciences): CIHEAM-IAMM, CIRAD, INRAE, L'Institut Agro, Montpellier SupAgro, IRD - Montpellier, France.
    7. Kornai, János & Maskin, Eric & Roland, Gérard, 2022. "A puha költségvetési korlát - II [The soft budget constraint II]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 94-132.
    8. Sophie Claeys, & Gleb Lanine & Koen Schoors, 2005. "Bank Supervision Russian style: Rules versus Enforcement and Tacit Objectives," William Davidson Institute Working Papers Series wp778, William Davidson Institute at the University of Michigan.
    9. J. Kornai & E. Maskin & G. Roland, 2004. "Understanding the Soft Budget Constraint," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 11.
    10. Brana, S. & Maurel, M., 1999. "Barter in Russia : Liquidity Shortage Versus Lack of Restructuring," Papiers d'Economie Mathématique et Applications 1999.98, Université Panthéon-Sorbonne (Paris 1).
    11. Sophie Claeys, & Gleb Lanine & Koen Schoors, 2005. "Bank Supervision Russian style: Rules versus Enforcement and Tacit Objectives," William Davidson Institute Working Papers Series wp778, William Davidson Institute at the University of Michigan.
    12. Ichiro Iwasaki, 2007. "Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 21(5), pages 849-902, December.

    More about this item

    Keywords

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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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