Summary statistics are shown in Table 1. Figures are taken from the last years of the Soviet Union when there was no market-based banking and during 1995–1996 in Russia when banks were not a significant source of external finance for private firms and households. In addition, we show statistics separately for regions with more and fewer than 1.4 spetsbanks per million, which is the median number of spetsbanks across the regions. This was done to enable evaluation of the identifying assumption that these groups should otherwise trend similarly over time.