The Russian financial sector: opportunities in an unstable environment and sanctions

Vasily Tkachev, Vadim Grishchenko () and Karl Summanen

Chapter 40 in Handbook of Banking and Finance in Emerging Markets, 2022, pp 763-792 from Edward Elgar Publishing

Abstract: The chapter discusses long-term trends in financial market development in Russia. The modern history of the Russian financial market is analyzed within four periods, from the difficult development of the market in 1990s through rapid growth of 2000s, creation of the megaregulator in 2010s and then to the specifics of life under sanctions. We show that while modern legal framework is now in place, several crucial issues remain unresolved. To meet these challenges, the Bank of Russia actively implements a set of reforms in four key areas: promoting competition in the financial market, creating the environment of trust, maintaining financial stability, and ensuring access to financial services and capital. We claim that nowadays Russian financial market faces a fork in the road for the two possible future paths - one being a random walk of accommodation of sudden shocks while the other is a steady way to structural reforms and progress.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2022
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