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 … uncorrelated with 15 predictors of future growth, including pre-banking income, education, anti-market sentiment, institutional …. Additional results indicate that spetsbanks increased growth in regions in which they were less connected to government and were …