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Sustaining Russia's growth: The role of financial reform

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  • Berglof, Erik
  • Lehmann, Alexander

Abstract

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. Journal of Comparative Economics 37 (2) (2009) 198-206.

Suggested Citation

  • Berglof, Erik & Lehmann, Alexander, 2009. "Sustaining Russia's growth: The role of financial reform," Journal of Comparative Economics, Elsevier, vol. 37(2), pages 198-206, June.
    • Handle: RePEc:eee:jcecon:v:37:y:2009:i:2:p:198-206
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    References listed on IDEAS

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    1. Cottarelli, Carlo & Dell'Ariccia, Giovanni & Vladkova-Hollar, Ivanna, 2005. "Early birds, late risers, and sleeping beauties: Bank credit growth to the private sector in Central and Eastern Europe and in the Balkans," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 83-104, January.
    2. Rajan, Raghuram G & Zingales, Luigi, 1998. "Financial Dependence and Growth," American Economic Review, American Economic Association, vol. 88(3), pages 559-586, June.
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    5. Abdul Abiad & Ashoka Mody, 2005. "Financial Reform: What Shakes It? What Shapes It?," American Economic Review, American Economic Association, vol. 95(1), pages 66-88, March.
    6. Erik Berglof & Patrick Bolton, 2002. "The Great Divide and Beyond: Financial Architecture in Transition," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 77-100, Winter.
    7. Falcetti, Elisabetta & Lysenko, Tatiana & Sanfey, Peter, 2006. "Reforms and growth in transition: Re-examining the evidence," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 421-445, September.
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