BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 18/2015:
Economic concentration and finance: Evidence from Russian regions
Christian Hattendorff ()
Abstract: The paper investigates the relationship between economic
concentration and level of financial development to illuminate the linkage
of real economy structure and financial markets. Using data from 81 Russian
regions for the period 2005–2011, empirical evidence is offered to show
that poor diversification weakens credit. Geographical variables are used
as instruments of concentration in accounting for endogeneity. This work
supports previous findings at the national level that policymakers seeking
to promote economic development should place stronger emphasis on output
diversification.
Keywords: economic concentration; diversification; financial development; Russia; (follow links to similar papers)
JEL-Codes: E51; O11; R11; (follow links to similar papers)
23 pages, May 18, 2015
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