Please use this identifier to cite or link to this item: https://doi.org/10.21256/zhaw-23101
Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Contracting in a void : the role of the banking sector in developing property rights in Russia
Authors: Hartwell, Christopher A.
Korovkin, Vladimir
et. al: No
DOI: 10.1016/j.qref.2021.08.007
10.21256/zhaw-23101
Published in: The Quarterly Review of Economics and Finance
Volume(Issue): 82
Page(s): 113
Pages to: 127
Issue Date: 2021
Publisher / Ed. Institution: Elsevier
ISSN: 1062-9769
1878-4259
Language: English
Subjects: Banking; Cointegration; Institutional quality; Property right
Subject (DDC): 332.1: Banks
Abstract: Despite a history of autocratic and uneven governance, resulting in erratic development of key economic institutions, the financial sector in Russia has been a consistent bright spot in the country’s history. In particular, the banking sector thrived during the Tsarist era and, despite a long hiatus during communism, is now a developed and modern system similar to that in advanced economies. This paper examines the history of financial sector development in Russia, with an emphasis on the role of the banking sector in substituting for other institutional failings within the economy. In particular, we assert that bank deposits in Russia served as ersatz property rights in a low-quality institutional environment, representing an alternative institutional framework to the country’s consistently repressive governance. Using time-series techniques on banking data in Russia during its transition period, our econometric results show that deposits in the banking sector did in fact correlate strongly with declines in property rights, even after controlling for a host of plausible other explanations. We conclude that the persistence of bank deposits as the preferred financial instrument of consumers is because they provide incipient property rights when the Russian government refused (or was unable) to.
URI: https://digitalcollection.zhaw.ch/handle/11475/23101
Fulltext version: Published version
License (according to publishing contract): CC BY-NC-ND 4.0: Attribution - Non commercial - No derivatives 4.0 International
Departement: School of Management and Law
Organisational Unit: International Management Institute (IMI)
Appears in collections:Publikationen School of Management and Law

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Hartwell, C. A., & Korovkin, V. (2021). Contracting in a void : the role of the banking sector in developing property rights in Russia. The Quarterly Review of Economics and Finance, 82, 113–127. https://doi.org/10.1016/j.qref.2021.08.007
Hartwell, C.A. and Korovkin, V. (2021) ‘Contracting in a void : the role of the banking sector in developing property rights in Russia’, The Quarterly Review of Economics and Finance, 82, pp. 113–127. Available at: https://doi.org/10.1016/j.qref.2021.08.007.
C. A. Hartwell and V. Korovkin, “Contracting in a void : the role of the banking sector in developing property rights in Russia,” The Quarterly Review of Economics and Finance, vol. 82, pp. 113–127, 2021, doi: 10.1016/j.qref.2021.08.007.
HARTWELL, Christopher A. und Vladimir KOROVKIN, 2021. Contracting in a void : the role of the banking sector in developing property rights in Russia. The Quarterly Review of Economics and Finance. 2021. Bd. 82, S. 113–127. DOI 10.1016/j.qref.2021.08.007
Hartwell, Christopher A., and Vladimir Korovkin. 2021. “Contracting in a Void : The Role of the Banking Sector in Developing Property Rights in Russia.” The Quarterly Review of Economics and Finance 82: 113–27. https://doi.org/10.1016/j.qref.2021.08.007.
Hartwell, Christopher A., and Vladimir Korovkin. “Contracting in a Void : The Role of the Banking Sector in Developing Property Rights in Russia.” The Quarterly Review of Economics and Finance, vol. 82, 2021, pp. 113–27, https://doi.org/10.1016/j.qref.2021.08.007.


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