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LT
Overall Overall
leverage leverage ranking
Region
Kyiv
0.073
0.39
15 Kyivska
Dnipropetrovska
0.043
0.41
16 Khmelnitska
Zaporizka
0.047
0.37
17 Crimea
Donetska
0.037
0.42
18 Lvivska
Mykolayivska
0.040
0.35
19 Vinnitska
Kharkivska
0.038
0.35
20 Ternopilska
Kirovohradska
0.037
0.33
21 Cherkaska
Luhanska
0.031
0.36
22 Odeska
Khersonska
0.036
0.34
23 Chernihivska
Chernivetska
0.043
0.29
24 Rivnenska
Ivano-Frankivska
0.032
0.33
25 Sevastopol
Poltavska
0.035
0.32
26 Zakarpatska
Volynska
0.032
0.33
27 Zhytomirska
Sumska
0.026
0.35
Mean

,-

# ! !

Region

' 0

.0 #

Overall
ranking
1
2
3
4
5
6
7
8
9
10
11
12
13
14

&

' #&

&

% !

# $#
$
$#

LT
Overall
leverage leverage
0.038
0.27
0.025
0.34
0.036
0.28
0.031
0.31
0.031
0.32
0.018
0.34
0.029
0.30
0.030
0.27
0.019
0.29
0.016
0.29
0.022
0.25
0.024
0.23
0.020
0.27
0.04
0.35

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Industry dummies
(26 industries)
R-squared
Adj R-squared
R-sq: within
between
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# of groups
obs per group (average)

"

0.0050

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-91.673

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R-squared
Adj R-squared
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B#

Total Debt Ratio

Finland
Sweden
South
Pakistan
France
Japan
Italy
India
Germany
Turkey
Netherland
Thailand
Austria
Spain
Belgium
New Zeland
U.S.
Switzerland
Canada
U.K.
Australia
Jourdan
Singapore
Hong Kong
Zimbabwe
Brazil
S. Africa
Malaysia
Mexico

Ukraine

0%

20%

40%

60%

80%

Source: Demiurguc-Kunt/Maksimovic (1999); own calculations

100%

&

! #

# 'D

120
100

bn UAH

80
60
40
20
0
on
1.1.98

on
1.1.99

on
1.1.00

Market Agents
Commercial Banks (CJSC)
Commercial Banks (OJSC)
Insurance Companies
Investment Companies and Funds
Enterprises (CJSC)
Enterprises (OJSC)
Total

on
1.1.01

#
1996
0.006
0.049
0.002
0.001
0.068
1.696
1.822

on
1.1.02

"#
1997
0.17
0.269
0.015
0.018
1.724
7.247
9.443

on
1.1.03

"#

1998
0.231
0.324
0.1
-0.03
6.254
4.960
11.839

on
1.1.04

3
1999
0.215
0.639
0.165
0.01
2.516
4.374
7.919

2000
0.333
0.755
0.192
-0.002
3.390
10.827
15.495

2001
0.498
0.436
0.385
0.003
6.602
13.999
21.923

2002
0.3435
0.8749
0.4365
0.0005
4.445
6.696
12.7957