Долгосрочное банковское кредитование: какие банки им занимаются и почему?

Vernikov, Andrei and Mamonov, Mikhail (2017): Долгосрочное банковское кредитование: какие банки им занимаются и почему? Published in: EKO No. 9 (1 September 2016): pp. 135-150.

Abstract

We study the determinants of longer-term bank lending to the real economy in Russia. Our empirical results confirm the «development view» of state-controlled banks who display the highest propensity to lend long-term. We control for such variables as cost of funding and the market power in the corporate loan market. The share of long-term loans in bank assets would benefit from a lower average cost of funds and a diversification of funding sources, as well as larger average size of banks, higher capital adequacy and a less risky lending policy.

• Item Type: MPRA Paper
• English Title: Which banks and why lend long-term in Russia?
• Language: Russian
• Keywords: Russia, bank lending, state-controlled banks
• Subjects: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E50 - General; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance; P - Economic Systems > P2 - Socialist Systems and Transitional Economies

References

Верников А.В. Доля государственного участия в банковской системе России // Деньги и кредит. 2009. № 11. С.4-14.

Шумпетер Й.А. Теория экономического развития. М.: Прогресс, 1982.

Яковенко Д. Держите свои кредиты при себе // «Эксперт». 2016. №15 (983). C.16-19.

Bae K.-H., Goyal V. (2009). Creditor rights, enforcement, and bank loans, Journal of Finance 64(2): 823–860.

Berkowitz D., Hoekstra M. Schoors K. (2014). Bank privatization, finance, and growth. Journal of Development Economics 110, 93-106.

Bertay A.C., Demirgüç-Kunt A., Huizinga H. (2015). Bank ownership and credit over the busi-ness cycle: Is lending by state banks less procyclical? Journal of Banking and Finance 50: 326-339.

Bezemer D. (2014). Schumpeter might be right again: the functional differentiation of credit, Journal of Evolutionary Economics 24(5): 935-950.

Caprio G., Demirgüç-Kunt A. (1998). The role of long-term finance: Theory and evidence, World Bank Research Observer 13(2): 171-189.

Carvalho D. (2014). The real effects of government-owned banks: Evidence from an emerging market, Journal of Finance 69(2): 577–609.

Chernykh L., Theodossiou A. (2011). Determinants of bank long-term lending behavior: Evi-dence from Russia, Multinational Finance Journal 15(3/4): 193-216.

Coleman N., Feler L. (2015). Bank ownership, lending, and local economic performance during the 2008–2009 financial crisis, Journal of Monetary Economics 71(4): 50–66

Dinç S. (2005). Politicians and banks: Political influences on government-owned banks in emerging countries. Journal of Financial Economics 77: 453-479.

Fidrmuc J., Fungáčová Z., Weill L. (2015). Does bank liquidity creation contribute to economic growth? Evidence from Russia, Open Economies Review 26(3): 479-496.

Fungáčová Z., Weill L. (2012). Bank liquidity creation in Russia, Eurasian Geography and Economics, 53(2): 286-300.

Fungáčová Z., Herrala R., Weill L. (2013). Bank ownership and credit supply during the finan-cial crisis, Emerging Markets Review 15: 136-147.

King R., Levine R. (1993). Finance and growth: Schumpeter might be right. Quarterly Journal of Economics 108(3): 717-737.

La Porta R., López-de-Silanes F., Shleifer A. (2002). Government ownership of banks, Journal of Finance 57(1): 265–301.

Park H., Ruiz C., Tressel T. (2015). Determinants of long-term versus short-term bank credit in EU countries, Policy Research Working Paper WPS7436. World Bank.

Qian Y., Strahan P. (2007). How laws and institutions shape financial contracts: The case of bank loans, Journal of Finance 62(6): 2803–2834.

Sapienza P. (2004). The effects of government ownership on bank lending. Journal of Finan-cial Economics 72: 357-384.

Schoors K. (2003). The fate of Russia's former state banks: Chronicle of a restructuring post-poned and a crisis foretold, Europe-Asia Studies 55(1): 75-100.

Vanteeva N., Hickson C. (2015). Gerschenkron revisited: The new corporate Russia, Journal of Economic Issues 49(4), 978-1007.

Vernikov A. (2015). A guide to Russian bank data: Breaking down the sample of banks. SSRN Working Paper Series No 2600738. Available at: http://ssrn.com/abstract=2600738.