出版社：Europäisches Institut für Internationale Wirtschaftsbeziehungen, Potsdam
摘要：During 1999-2001, Russia has achieved relatively high economic growth, which in turn
nurtured hopes that Russia might enter a long-term catching up process after several
years of transitional recession. Despite far-reaching reform efforts, however, there
remains a broad range of factors that on the one hand impedes sustainable economic
growth and on the other hand risks economic stability. The financial sector in Russia
and the banks in particular function as an obstacle for growth as well as a risk to
economic stability. The introduction of this paper displays some basic data regarding
the Russian financial and banking sectors, thus integrating it into the macroeconomic
context. The second section explains stability risks originating within the financial
sector. The experiences of the South-East Asian financial crisis in 1997 suggest that as
long as financial markets are underdeveloped, the financial sector tends to exhibit
structural weakness with respect to duration and currency aspects of contracts.
Structural weakness may be furthered by monetary policy through the maintenance of
quasi-fixed exchange rates, a policy that may abruptly end in the wake major shifts in international financial markets. This may lead to serious liquidity problems for
financial companies that exhibit such structural weakness. In chapter three, some basic
aspects of banking relevant for economic growth as well as specific policy areas for
reform are presented. Measures taken after the financial crisis of 1998 are regarded as
problematic in particular. Reform measures that may enforce greater competition and
fairer conditions between Sberbank and private banks, thereby enhancing efficiency in
the banking sector, have not been pursued since this time.
关键词：Financial Markets, Banking Sector, Exchange Rate Regime, Russia
