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Book Chapter: Financial crisis, economic recovery, and banking development in Russia, Ukraine, and other FSU countries

TitleFinancial crisis, economic recovery, and banking development in Russia, Ukraine, and other FSU countries
Authors
KeywordsBanking development
Institutional trap
Financial crisis
Issue Date2004
PublisherInternational Monetory Fund
Citation
Financial crisis, economic recovery, and banking development in Russia, Ukraine, and other FSU countries. In IMF Working Paper, p. 3-35. USA: International Monetory Fund, 2004 How to Cite?
AbstractThis 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.
Persistent Identifierhttp://hdl.handle.net/10722/153479
SSRN

 

DC FieldValueLanguage
dc.contributor.authorHuang, H-
dc.contributor.authorMarin, D-
dc.contributor.authorXu, C-
dc.date.accessioned2012-08-06T06:26:42Z-
dc.date.available2012-08-06T06:26:42Z-
dc.date.issued2004-
dc.identifier.citationFinancial crisis, economic recovery, and banking development in Russia, Ukraine, and other FSU countries. In IMF Working Paper, p. 3-35. USA: International Monetory Fund, 2004-
dc.identifier.urihttp://hdl.handle.net/10722/153479-
dc.description.abstractThis 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.-
dc.languageeng-
dc.publisherInternational Monetory Fund-
dc.relation.ispartofIMF Working Paper-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectBanking development-
dc.subjectInstitutional trap-
dc.subjectFinancial crisis-
dc.titleFinancial crisis, economic recovery, and banking development in Russia, Ukraine, and other FSU countriesen_US
dc.typeBook_Chapteren_US
dc.identifier.emailXu, C: cgxu@hku.hk-
dc.description.naturepublished_or_final_version-
dc.identifier.spage3-
dc.identifier.epage35-
dc.publisher.placeUSA-
dc.identifier.ssrn878929-

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