- Consulting Editors
- Modernization and the Russian Economy: Three Hundred Years of Catching Up
- Command Economy and its Legacy
- Russia’s Economic Transformation
- Transformational Recession
- Growth Trends in Russia After 1998
- Institutional Performance
- Corporate Governance in Russia
- The Russian Tax System
- The Unofficial Economy in Russia
- Russian Corruption
- Russia’s Dependence on Resources
- The Russian Oil Sector
- The Russian Natural Gas Sector
- The Russian Electricity Market: Variants of Development
- The Economics of Mineral Resources
- The Challenge of Reforming Environmental Regulation in Russia
- Economics of the Military-Industrial Complex
- Science, High-Tech Industries, and Innovation
- Blame the Switchman? Russian Railways Restructuring After Ten Years
- Russian Agriculture and Transition
- Russian Banking as an Active Volcano
- Financial and Credit Markets
- Russian Trade and Foreign Direct Investment Policy at the Crossroads
- Economic Geography of Russia
- Russian Fiscal Federalism: Impact of Political and Fiscal (De)centralization
- Regional Challenges: the Case of Siberia
- Labor Market Adjustment: is Russia Different?
- Higher Education Reform and Access to College in Russia
- Russia’s Health Care System: Difficult Path of Reform
- Poverty and Inequality in Russia
- Recent Demographic Developments in the Russian Federation
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.
Koen Schoors is a Professor of Economics at Ghent University in Belgium, and Research Fellow at the Bank of Finland Institute for Economies in Transition (BOFIT). His research focuses on banking and finance and institutional economics, with special attention to the countries of the former Soviet Union.
Ksenia Yudaeva is the Chief Economist and Director at the Center for Macroeconomics Research in Sberbank- Russia. Her research interests include Russian macroeconomics, financial sector and international trade.
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