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.

Copyright 1998.


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