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.
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- Table of Contents
- 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