Abstract:

The slowdown in lending to non-financial companies in Russia since the beginning of 2014 and its slow recovery from the second quarter of 2017 was a result of problems of banks with attraction of funding both in the domestic and foreign markets and also growth in overdue loans of companies, which led to an loan rates increase and stricter requirements for borrowers. Instead of looking for relevant factors at the macroeconomic level, this research sheds some light on industry specific determinants of bank lending dynamics by types of economic activity. Moreover, this research contributes to the identification of the role of monetary policy for availability of bank loans for industries taking into account their heterogeneity.