Aleksandr Kazakov

Aleksandr Kazakov
Current Position

since 9/20

Economist in the Department of Financial Markets

Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

Research Interests

  • subsidy programmes
  • banking

Aleksandr Kazakov is part of the DPE-Programme since 2020. His research focuses on bank stability, the effectiveness of subsidy programmes as well as the banking system and productivity.

Aleksandr Kazakov received his bachelor's degree from St Petersburg University and his master's degree from Friedrich Schiller University Jena .

Your contact

Aleksandr Kazakov
Aleksandr Kazakov
- Department Financial Markets
Send Message +49 345 7753-807

Working Papers


Firm Subsidies, Financial Intermediation, and Bank Stability

Aleksandr Kazakov Michael Koetter Mirko Titze Lena Tonzer

in: IWH Discussion Papers, No. 24, 2022


We use granular project-level information for the largest regional economic development program in German history to study whether government subsidies to firms affect the quantity and quality of bank lending. We combine the universe of recipient firms under the Improvement of Regional Economic Structures program (GRW) with their local banks during 1998-2019. The modalities of GRW subsidies to firms are determined at the EU level. Therefore, we use it to identify bank outcomes. Banks with relationships to more subsidized firms exhibit higher lending volumes without any significant differences in bank stability. Subsidized firms, in turn, borrow more indicating that banks facilitate regional economic development policies.

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