4 Financial Underdevelopment and Macroeconomic Stabilization in Russia
Author: Barry W. Ickes
Language:
English
Keywords:
BOOK; bank; central bank; firm; market; payment; bank privatization; payment system; bank supervisor; restructuring program; bank portfolio; Commercial banks; Credit; Payment systems; Stock markets; Distressed assets; Eastern Europe; Central and Eastern Europe; Europe; North America; Western Europe

Abstract

Macroeconomic stabilization has proved to be one of the most problematic aspects of the transition in Russia. This fact is troubling because macroeconomic stabilization is merely a precondition to the more important aspects of economic reform: creating a market economy. The introduction of the institutions of a market economy are critical for any improvement in Russian economic performance. A destabilized economy, however, inhibits the development of these institutions. That stabilization has proved to be more complex than optimists envisioned is due to many factors. In this paper, we focus on one key factor: financial underdevelopment.

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Cover Building Sound Finance in Emerging Market Economies
Building Sound Finance in Emerging Market Economies
Proceedings of a Conference held in Washington, D.C., June 10-11, 1993
Editor: Mr. Timothy D. Lane, Mr. D. F. I. Folkerts-Landau, and Mr. Gerard Caprio
ISBN:
9781557753809
Publication Date:
15 Jun 1994
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557753809.071
Pages:
371