Tax Avoidance and the Allocation of Credit

This paper models the credit-seeking behavior of a firm when applying for a bank loan increases the probability of being monitored by the fiscal authorities. Using Russia as an example of an economy with poorly enforced tax payment, I find that if the probability of paying taxes increases as a result of applying for a bank loan, profit maximizing firms will be less likely to borrow at a given rate of interest. In addition, firms with less risky projects will be more likely to drop out of the borrower pool. Finally, the more profitable a firm has been in the past, as measured by the return to its existing investments, the less likely it will be to borrow from a bank to finance a new investment project. In an economy where alternative forms of external capital are few, this disincentive to borrow has significant consequences for the overall level and quality of investment in the economyhttp://deepblue.lib.umich.edu/bitstream/2027.42/39539/3/wp150.pd

Banks in Transition--Investment Opportunities in Central Europe and Russia

http://deepblue.lib.umich.edu/bitstream/2027.42/39407/3/wp16.pd

Romanian Financial System Reform

Taking steps to reduce financial system fragility is important for sustained economic growth. This paper focuses on two questions: What are the key problems of the Romanian financial system? What specific action steps are needed to address these problems and achieve the desired financial reform? We conclude that the current financial system suffers from inadequate restructuring of and weak corporate governance in both enterprises and banks, a lack of appropriate credit culture, poor credit skills, legal and regulatory ambiguities, weak banking supervision, and missing markets and institutions. Major recommendations for reform include (1) implementing effective bank privatization, and removing impediments to foreign ownership; (2) improving the net worth positions and corporate governance structures of industrial firms; (3) focusing initial reform efforts on the banking sector, with subsequent development of capital markets; (4) setting up institutions to facilitate the creation of markets for insurance, mortgages, and other financial markets.http://deepblue.lib.umich.edu/bitstream/2027.42/39490/3/wp100.pd

Bank Privatization in Post-Communist Russia: The Case of Zhilsotsbank

http://deepblue.lib.umich.edu/bitstream/2027.42/39397/3/wp5.pd

Transactional Structures of Bank Privatization in Central Europe and Russia

In pursuing bank privatization, governments in Central Europe and Russia faced a common set of policy issues including how to break up the monobank system, deal with troubled loans, transfer equity to the private sector, and attract capital to the banks. For each bank undergoing privatization, the government's approach to such issues determines its transactional structure. We develop this conceptual framework and assess the findings from three studies of major commercial banks undergoing privatization. The varied transactional structures used in these privatizations appear to have had significant effects on each bank's microstructure, and to influence bank strategy and post-privatization performance.

Romanian Financial System Reform

Taking steps to reduce financial system fragility is important for sustained economic growth. This paper focuses on two questions: What are the key problems of the Romanian financial system? What specific action steps are needed to address these problems and achieve the desired financial reform? We conclude that the current financial system suffers from inadequate restructuring of and weak corporate governance in both enterprises and banks, a lack of appropriate credit culture, poor credit skills, legal and regulatory ambiguities, weak banking supervision, and missing markets and institutions. Major recommendations for reform include (1) implementing effective bank privatization, and removing impediments to foreign ownership; (2) improving the net worth positions and corporate governance structures of industrial firms; (3) focusing initial reform efforts on the banking sector, with subsequent development of capital markets; (4) setting up institutions to facilitate the creation of markets for insurance, mortgages, and other financial markets.

Identifying Feasible Interventions to Prevent Long-Term Health Consequences of Psychotropic Medications Prescribed to Children at the Baird School

Introduction: •Many children with behavioral needs struggle in traditional classroom settings. Children receive help through specialized educational institutions, pharmacotherapy, and psychiatric counseling. •While substantial information exists about drug indications and side effects, there is little literature documenting the barriers caregivers face in addressing side effects •Our group conducted a literature review to identify the side effects and associated comorbidities of the six most frequently prescribed psychotropic drugs at the Baird School. •We designed a survey to assess the caregivers’ resources and barriers to minimizing these side effects, and then offered a collection of feasible recommendations.https://scholarworks.uvm.edu/comphp_gallery/1049/thumbnail.jp

Gerschenkron revisited: The new corporate Russia

© 2015, Journal of Economic Issues / Association for Evolutionary Economics. Our analysis is based on firm-specific data compiled from the Russian Trading System stock exchange and SKRIN (CKP-H in Russian) database. We seek to identify the factors behind Russias dramatically improved corporate sector performance from the beginning of the 2000s to December 2007. We argue that improved long-term corporate performance was a consequence of several policy initiatives associated with the state-dominated banking sector, which enabled statesubsidized investment funds to be channeled from a structurally reengineered energy sector to targeted investment projects located in other industries. We claim that Russias industrial strategy closely conforms to Alexander Gerschenkrons catch-up theory