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What kind of 'financial safety net' for Russia? Russian Banking reform in comparative context

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  • William Tompson

Abstract

This article examines three current banking reform initiatives in Russia: the introduction of deposit insurance, the reform of prudential regulation and the adoption of measures intended to enhance the transparency of Russian banks. Together, they constitute the core elements of Russia's emerging 'financial safety net'—the package of policies and institutions aimed at ensuring the stability of the system and facilitating timely, efficient action to address incipient crises. These reforms are assessed in light of both the lessons found in the comparative literature on financial sector design and the peculiarities of Russia's institutional environment. The analysis suggests that Russia's current reforms are likely to avoid many of the pitfalls identified by the literature but also that they are likely to have a less dramatic impact than the authorities hope. As ever, much will depend on implementation of the reforms over time, which is likely to be contested.

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  • William Tompson, 2004. "What kind of 'financial safety net' for Russia? Russian Banking reform in comparative context," Post-Communist Economies, Taylor & Francis Journals, vol. 16(2), pages 115-135.
  • Handle: RePEc:taf:pocoec:v:16:y:2004:i:2:p:115-135 DOI: 10.1080/1463137042000223840
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    References listed on IDEAS

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    1. Simeon Djankov & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2002. "The Regulation of Entry," The Quarterly Journal of Economics, Oxford University Press, pages 1-37.
    2. Cull, Robert & Senbet, Lemma W & Sorge, Marco, 2005. "Deposit Insurance and Financial Development," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(1), pages 43-82, February.
    3. William Tompson, 1998. "Russia's 'ministry of cash': Sberbank in transition," Post-Communist Economies, Taylor & Francis Journals, vol. 10(2), pages 133-155.
    4. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, pages 473-500.
    5. Douglas W. Diamond & Raghuram G. Rajan, 2000. "A Theory of Bank Capital," Journal of Finance, American Finance Association, vol. 55(6), pages 2431-2465, December.
    6. Barth, James R. & Caprio, Gerard Jr. & Levine, Ross, 2004. "Bank regulation and supervision: what works best?," Journal of Financial Intermediation, Elsevier, pages 205-248.
    7. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, pages 14-23.
    8. Asli Demirgüç-Kunt & Enrica Detragiache, 2000. "Does Deposit Insurance Increase Banking System Stability?," IMF Working Papers 00/3, International Monetary Fund.
    9. Aditya Narain & Pau Rabanal & Steen Byskov, 2003. "Prudential Issues in Less Diversified Economies," IMF Working Papers 03/198, International Monetary Fund.
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    Cited by:

    1. Semenova Maria, 2007. "How depositors discipline banks: the case of Russia," EERC Working Paper Series 07-02e, EERC Research Network, Russia and CIS.
    2. Pyle, William & Schoors, Koen & Semenova, Maria & Yudaeva, Ksenya, 2013. "Bank Depositor behavior in Russia in the Aftermath of Financial Crisis," MPRA Paper 68932, University Library of Munich, Germany.
    3. Havrylchyk, Olena, 2004. "Rapid loan growth in Russia : A lending boom or a permanent financial deepening?," MPRA Paper 20997, University Library of Munich, Germany.

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