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Article

Государственное присутствие в банковской системе: эмпирическое изучение макроэкономических эффектов

Деньги и кредит. 2010. № 12. С. 24-31.
Глушкова Е. А.

This article provides empirical analysis of the macroeconomic effects of state presence in the financial sector. We develop a set of criteria and execute statistical estimates of the phenomenon based on BRIC country-level data. We assume that at macro-level negative effects of state presence are not indisputable but considerably depend on the country's stage of economic development. According to our estimates government control over banking industry might stimulate financial intermediation only if economic development is low. In terms of other economic development indicators we conclude that for low-income countries state presence might impede investment activity and productivity growth but as the economy develops these effects flicker out or even reverse.