Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212828 
Year of Publication: 
2015
Series/Report no.: 
BOFIT Discussion Papers No. 18/2015
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
​The paper investigates the relationship between economic concentration and level of financial development to illuminate the linkage of real economy structure and financial markets. Using data from 81 Russian regions for the period 2005–2011, empirical evidence is offered to show that poor diversification weakens credit. Geographical variables are used as instruments of concentration in accounting for endogeneity. This work supports previous findings at the national level that policymakers seeking to promote economic development should place stronger emphasis on output diversification.
JEL: 
E51
O11
R11
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-048-4
Document Type: 
Working Paper

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