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date: 15 May 2021

Abstract and Keywords

Russia’s banking system had a difficult start. The domination of state-owned banks, the presence of pocket banks and financial industrial groups, the preference for speculation over lending, the domination of insider lending, and the lack of depositor trust can be understood as rational reactions to adverse initial conditions. After two crises, in 1998 and 2008, institutions have improved, bank supervision has been tightened, deposit insurance has helped create a more level playing field, and competition has been strengthened through some consolidation and the entry of foreign banks. Despite its recent rapid expansion, Russia’s banking systemstill has considerable room for financial deepening so that it could contribute more to long-term economic growth. That will require reducing the state involvement in the banking sector and further improving the institutions in the banking sector proper and in the broader socioeconomic environment.

Keywords: banking development, institutions, government ownership

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