О развитии сектора ИКТ в российской экономике
Development of ICT sector and its role in the Russian economy is presented in this article. It is shown that the Russian ICT sector demonstrates an intense and sustainable growth with fast declining relative prices, thereby increasing productivity in the economy and restraining influence on inflation. Several development problems of the sector under review are examined. Governments' policy in terms of optimizing the impact of ICT on the economy and society is discussed.
Using data on foreign borrowing, I identify Russian banks that were affected by the sudden stop of external financing caused by the Lehman Brothers’ collapse. Applying the difference-in-difference method, I compare these «affected» banks to «unaffected» ones and find that the Russian Central Bank’s (CBR) anti-crisis financial assistance primarily went to the former group. Tracing the impact of the CBR’s liquidity infusions on banks’ portfolio allocation decisions, I find that banks used CBR funds not only to pay out foreign debt, but also to accumulate cash deposits in non-resident banks. I also find that affected banks increased their holdings of market securities significantly more than unaffected ones, which suggests that the CBR’s bailout policies impacted their risk-taking strategies. While there was no significant difference in corporate lending growth between the two groups after the sudden stop, lending to borrowers with weaker banking relationships (individuals and entrepreneurs) decreased more among affected banks.