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This paper investigates variation in entrepreneurship across cities of Commonwealth of Independent States during 1995-2008, utilizing a unique dataset and employing the System Generalised Method of Moments technique. The authors' findings suggest that banking reform facilitates entrepreneurship, whereas the size of the state discourages it. Their results confirm a U-shaped relationship between per capita income and entrepreneurship. They also find that cities with higher concentration of universities are likely to have higher entrepreneurial entry that provides some evidence for the importance of agglomeration economies in terms of higher concentration of knowledge which may lead to intensified exchange of ideas driving knowledge-based entrepreneurship in the region.
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