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Russian Financial Transition: The Development of Institutions and Markets for Growth

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  • David M. Kemme

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Abstract

A well-developed financial intermediation industry increases domestic savings, efficiently allocates investment resources to the most productive uses in the economy and increases the rate of economic growth. In the Soviet economy the banking system served as a means of collecting household savings and a means of distributing centrally determined capital grants to enterprises. Banks then audited enterprise financial activities to ensure compliance to the financial plan. After a decade the transition from the Soviet banking system to a market oriented banking system is incomplete and fraught with uncertainty. While the number of financial institutions has increased dramatically, the state sector still dominates financial sector activity, the legal and regulatory framework is incomplete, information necessary for risk management is of poor quality and policy makers and regulators have been slow to act to improve intermediation services. While significant progress has been made, the commonly recognized characteristics of a sound financial system are not yet met.

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File URL: http://www.wdi.umich.edu/files/Publications/WorkingPapers/wp455.pdf
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Bibliographic Info

Paper provided by William Davidson Institute at the University of Michigan in its series William Davidson Institute Working Papers Series with number 455.

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Length: 40 pages
Date of creation: 17 Oct 2000
Date of revision:
Handle: RePEc:wdi:papers:2002-455

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Keywords: Russia; Finance; Institutions; Markets; Economic Development;

References

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  1. Pagano, Marco, 1993. "Financial markets and growth: An overview," European Economic Review, Elsevier, vol. 37(2-3), pages 613-622, April.
  2. Tomás J. T. Baliño & Jakob Horder & David S. Hoelscher, 1997. "Evolution of Monetary Policy Instruments in Russia," IMF Working Papers 97/180, International Monetary Fund.
  3. Greenwood, J. & Jovanovic, B., 1990. "Financial Development, Growth, And The Distribution Of Income," University of Western Ontario, The Centre for the Study of International Economic Relations Working Papers 9002, University of Western Ontario, The Centre for the Study of International Economic Relations.
  4. Schoors, Koen, 1999. "The Credit Squeeze During Russia's Early Transition: A Bank-Based View," CEPR Discussion Papers 2229, C.E.P.R. Discussion Papers.
  5. Demirguc-Kunt, Asli & Levine, Ross & DEC, 1994. "The financial system and public enterprise reform : concepts and cases," Policy Research Working Paper Series 1319, The World Bank.
  6. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2004. "Growth Volatility and Financial Liberalization," NBER Working Papers 10560, National Bureau of Economic Research, Inc.
  7. Mike Wright & Trevor Buck & Igor Filatotchev, 1998. "Bank and investment fund monitoring of privatized firms in Russia," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(2), pages 361-387, November.
  8. Beck, Thorsten & Levine, Ross & Loayza, Norman, 1999. "Finance and the sources of growth," Policy Research Working Paper Series 2057, The World Bank.
  9. Hermes, N., 1992. "Financial Development of Economic Growth: A Survey of the Literature," Papers 504, Groningen State, Institute of Economic Research-.
  10. Andrew M. Warner, 1998. "The emerging Russian banking system," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 6(2), pages 333-347, November.
  11. Thierry D. Buchs, 1999. "Financial crisis in the Russian Federation: Are the Russians learning to tango?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 7(3), pages 687-715, November.
  12. Claudia M. Buch, 2000. "Capital Market Integration in Euroland: The Role of Banks," German Economic Review, Verein für Socialpolitik, vol. 1(4), pages 443-464, November.
  13. Townsend, Robert M, 1983. "Financial Structure and Economic Activity," American Economic Review, American Economic Association, vol. 73(5), pages 895-911, December.
  14. Tara Vishwanath & Daniel Kaufmann, 2003. "Towards Transparency in Finance and Governance," Finance 0308009, EconWPA.
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