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We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that information sharing is associated with improved availability and lower cost of credit to firms. This correlation is stronger for opaque firms than transparent ones and stronger in countries with weak legal environments than in those with strong legal environments. In cross-sectional estimates, we control for variation in country-level aggregate variables that may affect credit, by examining the differential impact of information sharing across firm types. In panel estimates, we also control for the presence of unobserved heterogeneity at the firm level, as well as for changes in macroeconomic variables and the legal environment.
The Soviet Union is remembered as a lab for socioeconomic changes on larges scales and environmental catastrophes: the Chernobyl disaster, the Aral Sea tragedy, and ecocide. However, little is known about the groundbreaking concepts and theories of Russian and early Soviet science which laid the foundation for systemic ecological thinking, environmental consciousness for nature conservation, and corresponding initiatives of the revolutionary years after 1917. The isolation of Eastern Europe that came as a result of Stalinism and the Cold War led to Soviet science developing its own scientific approaches and terminology during the 20th century. This does not only include ideological constructions and practices such as the pseudo-scientific Lysenkoism which outlawed genetics and led to disastrous effects on agriculture, the people, and the scientific community. Soviet science has also managed to continue and unfold the new concepts and interdisciplinary dynamics of the ecological turn on the threshold of the 20th century, a development which, at that time, was only sporadically noted in the West. In the context of its thematic focus on Eastern European ecological terminology, this issue discusses a selection of these concepts.