Sustaining Russia's growth: The role of financial reform

摘要

This paper charts key aspects of the expansion of Russia's banking systems following the deep financial and currency crisis of 1998. It puts the growth of Russian banks into the context of the expansion of the financial system, and studies the impact of key regulatory reforms. The role of bank credit in supporting Russia's growth is assessed on the basis of industry specific trends in bank credit and investment. The paper reviews the impact of the ongoing disruptions in international credit markets on Russian banks, and provides an outlook on its likely impact on the nature of bank credit, and the structure of the banking system.