Failing to fix Russia's banks risks further economic stagnation or decline and financial catastrophe. Bernstam and Rabushka's bold, intriguing, provocative proposal—resting on an elaborate strategy of debt-for-equity swaps—would fix the banks, reduce government debt, strengthen the independence of the Central Bank, and lay a solid foundation for sustained economic growth.
To read the book online in PDF format, click on the links below. This publication is copyright © 1998 by the Board of Trustees of Leland Stanford Junior University. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission of the publisher.
- Table of Contents
- Introduction
- Chapter 1: Russian Economic Conditions
- Chapter 2: The Nonmonetary System and the Ersatz Banking System in Russia: 1991–1995
- Chapter 3: The Emergence of a Resource-Based Monetary System, Hamstrung by the Persistence of Ersatz Banks: 1996–1997
- Chapter 4: Will Russia Maintain Its Emerging Monetary System and Develop Real Banks? 1998 and Beyond
- About the Authors
- Index
Copyright 1998.
