After the breakup of the USSR, it briefly appeared as though
Russia's emerging commercial banks might act as engines of growth
for a new capitalist economy. However, despite more than a decade
of "reforms", Russia's financial system collapsed in 1998. Why had
ambitious efforts to decentralize and liberalize the banking
industry failed? In A Fistful of Rubles, Juliet Johnson offers the
first comprehensive look at how Russia's banks, once expected to
revitalize the nation's economy, instead became one of the largest
obstacles to its recovery.
Drawing on interviews with Russian bankers, policymakers, and
entrepreneurs, Johnson traces the evolution of the banking system
from 1987 through the aftermath of the 1998 crash. She describes
how dysfunctional institutional procedures left over from the
Soviet period hindered the subsequent development of sound
financial practices. Johnson argues that these legacies, along with
misguided, Western-inspired liberalization policies, led to the
creation of parasitic banks for which success depended on political
connections rather than on investment strategies.
Johnson demonstrates that banking reform efforts ultimately did
more harm than good, because Russian officials and their
international advisors failed to build the corresponding economic,
legal, and political institutions upon which modern market behavior
depends.
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