47 research outputs found

    The Crisis of the Financial System in Russia: Principal Factors and Economic Policy

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    Editor's Introduction

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    Editor's Introduction

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    Beyond the monolith : the emergence of regionalism in post-Soviet Russia /

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    Editor's Introduction

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    Assessments of Russia's future have become something of a cottage industry in recent years. The confluence of a new millennium with the failure of market-oriented reform to move in its anticipated direction have raised legitimate questions as to what we can reasonably expect of this society in the next century. The contributions to this issue of >i>Problems of Economic Transition>/i> reflect critical views of Russia's weaknesses, as well as a surprisingly high level of agreement about the need for a more effective and active role of the state in economy and society. Clearly, the central article is Iuri Luzhkov's piece pondering Russia's prospects for prosperity. The arguments that the mayor of Moscow presentsâon the need for a more gradualist approach to reform and the focus on a rather nebulously defined "philosophy of prosperity"âare not new. Their importance lies, however, in the fact that Luzhkov is a clear contender to succeed President Boris Yeltsin in the year 2000. Hence, his article provides us with a glimpse of what a Luzhkov presidency would mean for Russian politics and society, as well as for the Western world.

    Editor's Introduction

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    The Russian banking crisis is perhaps the most prominent manifestation associated with the August 1998 financial crisis. In a remarkably short period of time, what seemed the most promising sector in terms of economic growth was transformed into a financial black hole. Russias banks, essential for the accumulation of financial operations required to fund the economic revival of a major country, were now little more than a series of cash registers in which money simply changed handsinvestment and the production of value had all but disappeared. Even more disturbing was Russias subsequent inability to take concerted action to surmount the crisis. Restructuring the banking industry was called for, yet the Russian government and the Central Bank of Russia (CBR) were enmeshed in politiqal considerations: struggles between elite factions and the pressure from once mighty oligarchs contaminated efforts to build a stable post-crisis banking system.

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    If there is a single theme that runs through the contributions to the current issue of >i>Problems of Economic Transition (PET),>/i> it is that the Russian state will come to play a greater role in the management of the economy than has been the case in the preceding decade of reform. All of the authors agree that some form of industrial policy is a necessity for Russian economic development, as is the strengthening of the state's capacity for revenue collection. An equally important theme emerges in the sense of urgency that has pervaded the Russian context, punctuated by considerable anxiety over the (then) Primakov government's slowness in addressing core issues. Of course, none of the authors can be held accountable for failing to anticipate the erratic gestures of Boris Yeltsin, but the subsequent removal of Primakov and then Sergei Stepashin have doubtless heightened the concerns raised here that political struggles in the Kremlin have postponed the honest facing of critical issues.
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