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The Limits of Lending : Banks and Technology Adoption Across Russia

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  • Bircan, Cagatay
  • de Haas, R.

    (Tilburg University, Center For Economic Research)

Abstract

We exploit historically-determined variation in local credit markets to identify the impact of bank lending on firm innovation across Russia. We find that deeper credit markets increase firms' use of bank credit, their adoption of new products and technologies, and productivity growth. This relationship is more pronounced in industries further from the technological frontier; more exposed to import competition; and that export more. These impacts are also stronger for firms near historical R&D centers or railways, and in regions with supportive institutions. Consistent with these results, credit markets contribute to economic growth in such regions.
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Suggested Citation

  • Bircan, Cagatay & de Haas, R., 2015. "The Limits of Lending : Banks and Technology Adoption Across Russia," Discussion Paper 2015-011, Tilburg University, Center for Economic Research.
  • Handle: RePEc:tiu:tiucen:d7a436de-83f6-4551-aaf9-06ec05d63b2b
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    Cited by:

    1. Chiacchio, Francesco & Gradeva, Katerina & Lopez-Garcia, Paloma, 2018. "The post-crisis TFP growth slowdown in CEE countries: exploring the role of Global Value Chains," Working Paper Series 2143, European Central Bank.
    2. Bartz, Wiebke & Mohnen, Pierre & Schweiger, Helena, 2016. "The role of innovation and management practices in determining firm productivity in developing economies," MERIT Working Papers 2016-034, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

    More about this item

    Keywords

    Credit Constraints; firn innovation; technological change;

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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