Berkowitz, Daniel; Hoekstra, Mark; Schoors, Koen - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012
This paper examines the effect of banking on economic growth in modern Russia. To overcome simultaneity and selection …, we exploit regional banking variation induced by the creation of “specialized banks” (spetsbanks) in the last years of … uncorrelated with 15 predictors of future growth, including pre-banking income, education, anti-market sentiment, institutional …