BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 17/2004:
Liquidity provision in transition economy: the lessons from Russia
Anna Dorbec ()
Abstract: This paper provides micro and macroeconomic analysis of
the economic role of banks in the Russian economy. Using a large panel
containing Russian enterprises’ balance sheet and income statement data, we
evaluate the determinants of bank financing. Econometric model put out the
existence of liquidity providing activity of Russian banks. Even though the
overall liquidity provision system suffers from certain deficiencies, we
demonstrate its importance in the macroeconomic context, using time series
econometric analysis. Bank credit appears to be a significant factor in
explaining the non-payment dynamics and use of informal financing. Finally,
the uncertainty concept helps us to understand the reasons for a limitation
of Russian banks in their liquidity providing role.
Keywords: liquidity; finance; transition; Russia; uncertainty; banks; inter-enterprise credit; (follow links to similar papers)
JEL-Codes: D80; G21; (follow links to similar papers)
70 pages, November 1, 2004
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