The Limits of Lending? Banks and Technology Adoption across Russia

• 成果类型: Article
• 署名作者: Bircan, Cagatay; De Haas, Ralph
• 署名单位: European Bank of Reconstructon & Development; European Bank of Reconstructon & Development; Centre for Economic Policy Research - UK; Tilburg University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhz060
• 发表日期: 2020
• 页码: 536
• 关键词: financial development; Trade credit; INNOVATION; INVESTMENT; distance; product; determinants; constraints; COMPETITION; governance

摘要

We exploit historically determined variation in local credit markets to identify the impact of bank lending on innovation across Russian firms. We find that deeper credit markets increase firms' use of bank credit, their adoption of new products and technologies, and their productivity growth. This relationship is more pronounced in industries farther from the technological frontier, more exposed to import competition, and that export more. These impacts are also stronger for firms near historical R&D centers or railways and in regions with supportive institutions. Consistent with these results, credit markets contribute to economic growth in such regions.