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Financing Late Industrialization: Evidence from the State Bank of the Russian Empire

Author

Listed:
  • Marvin Suesse

    (Department of Economics, Trinity College Dublin)

  • Theocharis Grigoriadis

    (School of Business and Economics, Free University of Berlin)

Abstract

Gerschenkron (1962) argued that public institutions such as the State Bank of the Russian Empire spurred the country's industrialization. We test this assertion by exploiting plant-level variation in access to State Bank branches using a unique geocoded factory data set. Employing an identification strategy based on geographical distances between banks and factories, our results show improved access to public banking encouraged faster growth in factory-level revenue, mechanization, and labor productivity. In line with theories of late industrialization, we also find evidence that public credit mattered more in regions where commercial banks were fewer and markets were smaller.

Suggested Citation

  • Marvin Suesse & Theocharis Grigoriadis, 2025. "Financing Late Industrialization: Evidence from the State Bank of the Russian Empire," Trinity Economics Papers tep0225, Trinity College Dublin, Department of Economics.
    • Handle: RePEc:tcd:tcduee:tep0225
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    File URL: https://www.tcd.ie/Economics/TEP/2025/TEP0225.pdf
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    More about this item

    Keywords

    industrialization; economic geography; banking; industrial policy;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • P41 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform

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