The Limits of Lending? Banks and Technology Adoption across Russia
利用俄罗斯各地信贷市场的历史差异，研究发现更深的信贷市场促进了企业使用银行贷款、采纳新技术和提高生产率，尤其对远离技术前沿、面临进口竞争和出口较多的行业影响更大。
Abstract 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. Authors have furnished a data set, which is available on the Oxford University Press Web site next to the link to the final published paper online.