Fixing Russia's Banks

A Proposal for Growth

Business & Finance, Finance & Investing, Banks & Banking
Cover of the book Fixing Russia's Banks by Michael S. Bernstam, Alvin Rabushka, Hoover Institution Press
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Author: Michael S. Bernstam, Alvin Rabushka ISBN: 9780817995768
Publisher: Hoover Institution Press Publication: November 1, 2013
Imprint: Hoover Press Language: English
Author: Michael S. Bernstam, Alvin Rabushka
ISBN: 9780817995768
Publisher: Hoover Institution Press
Publication: November 1, 2013
Imprint: Hoover Press
Language: English

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.

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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.

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