Evidence of Sustained Russian Corporate Growth despite International Liquidity and Trade Shocks

Abstract

ABSTRACT This paper employs an institutional perspective as part of our approach to measure long-run performance of Russia’s largest firms. Our dataset is based on financial information on Russia’s fifty largest and most prominent firms, from 1998 to 2016. Our results indicate that such firms benefited from long-term government lending, particularly in the aftermath of financial and terms-of-trade crises. While recognizing the important role played by Russia’s Stabilization Fund, we argue that Russia efficaciously adapted its institutional framework to ensure that Stabilization funds maintained industrial and economic stability.