This book presents an analysis of the financial system in Russia and proposes solutions to fix the government-controlled banking system. It offers insights into why the much-anticipated growth failed despite numerous attempts to encourage privatization, foreign trade liberalization, and price control removal. This book is recommended for economists, analysts, and researchers interested in financial systems and its role in a nation's growth.

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Fixing Russia's Banks documents how Russia's financial system is built on what Michael S. Bernstam and Alvin Rabushka call ersatz banks. These inferior imitation banks have served largely as tools of the government to redistribute public funds to favored firms. The highly vaunted achievements of privatization, removal of price controls, and foreign trade liberalization have failed to produce growth because of a lack of private financing. National income has declined nearly 40 percent since 1992, with no recovery in sight.

Author: Michael S Bernstam
Format: Paperback
Number of Pages: 114
Publisher: Hoover Institution Press,U.S.
Publication Date: 01 Aug 1998

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