Trade credit and financial crises in Kazakhstan

Zarina Adilkhanova, Aruzhan Nurlankul, Aizat Token, Berk Yavuzoglu

Research output: Contribution to journalArticlepeer-review


This paper studies the trade credit and delinquency behavior in Kazakhstan paying attention to the effects of two recent crises using a unique dataset of large firms and SMEs from the year 2009 to 2016. Our estimates suggest that the relationship between trade and bank credit is mainly substitutional except that it was complementary for large firms following the year 2014–5 crisis. This new piece of evidence on the non-uniform relationship between trade and bank credit during crisis might provide more insight into the mixed findings in the literature. We also discern that trade credit demand is more prevalent among capital-intensive firms. Kazakhstani firms pass along a sizeable portion of their delinquent receivable to their trade credit suppliers. The transmission of trade credit delinquency, additionally, is amplified during the year 2014–5 economic crisis but the year 2009 global financial crisis.

Original languageEnglish
Article number101472
JournalJournal of Asian Economics
Publication statusPublished - Jun 2022


  • Delinquency
  • Financial crisis
  • Large enterprises
  • SMEs
  • Trade credit

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics


Dive into the research topics of 'Trade credit and financial crises in Kazakhstan'. Together they form a unique fingerprint.

Cite this