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clustered at the firm level and reported in parentheses. *** p<0.01, ** p<0.05, * p<0.1. iLarge is a reference category. iiLess than

savings and pension reserves, respectively, with returns of some NPFs exceeding 8% p.a. More details are available in the material Non-governmental Pension Funds’ Returns.

5–8.5% p.a. in 2023 and 6.0–7.0% p.a. in 2024. Bank of Russia key rate, % p.a. The Bank

1. OFZ zero coupon yield curves 12 11 10 07.10.2022 % p.a. 9 30.09.2022 31.08.2022 8 29.07.2022

The Bank of Russia keeps the key rate at 7.50% p.a. On 28 October 2022, the Bank of Russia Board of Directors decided

The Bank of Russia keeps the key rate at 7.50% p.a. On 28 October 2022, the Bank of Russia Board of Directors decided

and government P= ———, where authorities) and by maturity. These indicators do not include V _ funds in legal entities’ settlement accounts and individual P– weighted average

by developers at extraordinary low interest rates (as low as 0.01% p.a.) may involve risks for both borrowers and banks, and the financial

p.a. 9.3 8.2 8.5 7.4 household loans % p.a. 15.2 15.1 13.9 12.6 corporate loans % p.

response and selection equations); p_c – the p-value for the null hypothesis testing of rho being equal to zero (when p_c exceeds a chosen