Part of this study had initially been completed at the Sberbank of Russia, and we are truly grateful to Konstantin Kozlov for helpful contributions to this research project. An early version of this paper was presented at the XII ESCB Emerging Markets Workshop in Saariselka (December 2014) hosted by the Bank of Finland Institute for Economies in Transition (BOFIT). We wish to thank the workshop participants and especially Heiner Mikosch for comments and suggestions. We also express particular gratitude to Michele Lenza for encouragement, as well as for providing valuable feedback and criticism. The views expressed in this paper are solely those of the authors and do not necessarily represent the official position of the Bank of Russia. All remaining errors are our responsibility.
All rights reserved. The views expressed in this paper are solely those of the authors and do not necessarily reflect the official position of the Bank of Russia. The Bank of Russia assumes no responsibility for the contents of the paper. Any reproduction of these materials is permitted only with the express consent of the authors.
Авторы выражают благодарность Е. Дерюгиной и К. Козлову за помощь в проведении исследования. Мнение авторов может не совпадать с официальной позицией Банка России.
This paper provides an analysis of the debt burden of Russian companies and raises the issue of debt-level heterogeneity across economic sectors. To identify the causes of this heterogeneity, it estimates a regression model that includes both fundamental exfully explain the variation in the debt levels of companies in different sectors. According between fundamental factors and companies' debt levels. An understanding of the formation process and structure of debt burden in individual industries is extremely important reserved. debt burden, capital structure, sector analysis, microdata of Russian companies, emerging
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.