Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/93960 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
SFB/TR 15 Discussion Paper No. 79
Verlag: 
Sonderforschungsbereich/Transregio 15 - Governance and the Efficiency of Economic Systems (GESY), München
Zusammenfassung: 
This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government borrowing. In a lemons credit market low credit risk firms switched from bank to nonbank finance, including trade credits and barter trade, generating an externality on banks' interest rates. The collapse of the treasury bills market in the financial crisis triggered a change in banks' lending behavior, providing initial conditions for banking development.
Schlagwörter: 
banking development
institutional trap
financial crisis
JEL: 
G3
G21
P34
O16
D82
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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