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Financial Crises Economic Recovery And Banking Development In Former Soviet Union Economies
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Book Synopsis Financial Crises, Economic Recovery and Banking Development in Former Soviet Union Economies by : Haizhou Huang
Download or read book Financial Crises, Economic Recovery and Banking Development in Former Soviet Union Economies written by Haizhou Huang and published by . This book was released on 2003 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries by : Haizhou Huang
Download or read book Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries written by Haizhou Huang and published by International Monetary Fund. This book was released on 2004-06 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government borrowing. In a lemons credit market low credit risk firms switched from bank to nonbank finance, including trade credits and barter trade, generating an externality on banks' interest rates. The collapse of the treasury bills market in the financial crisis triggered a change in banks' lending behavior, providing initial conditions for banking development.
Book Synopsis Turmoil at Twenty by : Pradeep K. Mitra
Download or read book Turmoil at Twenty written by Pradeep K. Mitra and published by World Bank Publications. This book was released on 2009-10-30 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition economies of Central and Eastern Europe and the former Soviet Union, among all emerging- and developing-economy regions, have been hardest hit by the global economic crisis of 2008-09. This is partly due to the region s deep integration into the global economy across many dimensions trade, financial, and labor flows. Attempts by countries that came later to the transition to catch up rapidly to Western European living standards at a time when global liquidity was unusually abundant, together with some policy weaknesses, made them vulnerable to reversals in market sentiment. Written on the eve of the twentieth anniversary of the fall of the Berlin Wall, 'Turmoil at Twenty' analyzes the run-up to the current crisis and addresses a number of key questions related to vulnerability to the recession, expected recovery, and necessary reforms in the region: Did the transition from command to market economies, and the period during which this took place, plant the seeds of vulnerability that made transition countries more prone to crisis than other developing countries? Did the choices made on the road from plan to market shape the ability of crisis-hit countries to recover? What combination of domestic policy reform and international collective action is needed to bring about a recovery and minimize the humanitarian cost of the crisis? What structural reforms are needed today to address the most binding constraints on growth in a world where capital fl ows to transition and developing countries are expected to be considerably lower than before the crisis? 'Turmoil at Twenty' will be of interest to policy makers and their advisers, researchers, and students of economics who seek lessons from the current economic crisis, as well as scholars of the transition.
Book Synopsis Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies by : Haizhou Huang
Download or read book Financial Crisis, Economic Recovery and Banking Development in Former Soviet Union Economies written by Haizhou Huang and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Crisis, Economic Recovery, and Banking Development in Russia, Ukraine and Other FSU Countries by : Haizhou Huang
Download or read book Financial Crisis, Economic Recovery, and Banking Development in Russia, Ukraine and Other FSU Countries written by Haizhou Huang and published by . This book was released on 2006 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government borrowing. In a lemons credit market low credit risk firms switched from bank to nonbank finance, including trade credits and barter trade, generating an externality on banks` interest rates. The collapse of the treasury bills market in the financial crisis triggered a change in banks` lending behavior, providing initial conditions for banking development.
Book Synopsis Financial Crisis, Economy Recovery and Banking Development in Russia by : Chenggang Xu
Download or read book Financial Crisis, Economy Recovery and Banking Development in Russia written by Chenggang Xu and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper builds a model that provides a unified explanation for the onset of the financial crisis in 1998 and the striking economic recovery in Russia afterwards. We argue that before the crisis, the banking sector in Russia was stuck in a banking development trap due to firms incentives to raise liquidity through barter trade and due to the government over issuing of bonds to finance the budget. The banking development trap arises due to an externality that barter trade generates on the lending rates of banks. It is sustained by high yields of government bonds which induces banks to invest in treasury bills rather than to lend to firms. The financial crisis in August 1998 reversed this process and thus acted as a trigger to get out of this trap. This has led to the strong economic recovery and provided initial conditions for banking development. We provide empirical evidence for the banking development trap with firm level data from Ukraine in 1997 and for the financial crisis as a trigger for banking development with country level data for transition conomies.
Book Synopsis Turmoil at Twenty by : Marcelo Selowski
Download or read book Turmoil at Twenty written by Marcelo Selowski and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Two decades since the fall of the Berlin wall, Central and Eastern Europe and the former Soviet Union, is experiencing the deepest contraction and is expected to see the weakest recovery in output among all emerging and developing economy regions a result of the global financial and economic crisis. Their commitment to open trade and financial integration as part of the transition from plan to market has brought many gains, but a combination of large global imbalances during this period and policy weaknesses in a number of countries made them vulnerable to the crisis. The global recession is expected to be deeper and more protracted than any in recent memory and will test the international community's commitment to both the middle income countries of emerging Europe with access to capital markets as well as the poorest countries of the former Soviet Union. Recovery from the crisis will require domestic policy reform in the countries and coordinated and sustained international collective action. After two decades, the business environment in transition countries increasingly resembles that of market economies at similar levels of per capita income. Strong private sector growth preceding 2008-2009 led to firms reporting infrastructure and skilled labor as being among the most important barriers to doing business for the first time since transition began. But rapid growth has also increased the costs to firms of weak market economy institutions, in part the product of legacy, especially in respect of the legal environment and corruption. Preparing for the recovery from crisis will require attention to these weaknesses in the enabling environment.
Book Synopsis Financial Crisis in Eastern Europe by : Jens Jungmann
Download or read book Financial Crisis in Eastern Europe written by Jens Jungmann and published by Springer Science & Business Media. This book was released on 2011-01-19 with total page 629 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past few years all the regions of Europe have suffered from the effects of the World Financial Crisis. Most notably in Eastern Europe, countries have adopted different approaches to combat the crisis and the impact has been varying – politically, economically and socially. This book gives an overview of chosen countries and their situation before and during the crisis, providing a detailed view of the different regions during this difficult period. It also looks at their current status and the individual ways in which they have attempted to stimulate recovery.
Book Synopsis Russia Rebounds by : Mr.David Edwin Wynn Owen
Download or read book Russia Rebounds written by Mr.David Edwin Wynn Owen and published by International Monetary Fund. This book was released on 2003-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Russia Rebounds analyzes Russia’s dramatic economic recovery since the country’s 1998 financial crisis, emphasizing macroeconomic issues and fiscal and banking sector reforms. The crisis was a massive shock to the system and a considerable surprise to both Russians and foreign investors, who a year before had come to think that the worst of the transition from a centrally planned to a market economy was over. Macroeconomic performance since the crisis has been impressive. The book assesses the contribution of various factors underlying this recovery and highlights key policy challenges to ensure its sustainability.
Book Synopsis Monetary Policy in the Soviet Union by : Yasushi Nakamura
Download or read book Monetary Policy in the Soviet Union written by Yasushi Nakamura and published by Springer. This book was released on 2017-08-08 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sheds light on the Soviet economic system, which claimed the eventual abolition of money, collapsed following a monetary turmoil. It argues that the cause of the economic collapse was embedded in the design of the economic system. The Soviet economic system restricted the market, but continued to use fiat money. Consequently, it faced the question for which no feasible answer seemed to exist: how to manage fiat money without data and information generated by the market? Using Soviet data newly available from the archives, the book evaluates the performance of the components of monetary management mechanism, discovers the continuous accumulation of open and secret government debts, and quantitatively analyzes the relationship between economic growth and the money supply to support the argument. The book concludes that the Soviet economic collapse marked the end of the long history of Soviet monetary mismanagement.
Book Synopsis The Financial Crisis in Russia 1998 by : Natalie Zonis
Download or read book The Financial Crisis in Russia 1998 written by Natalie Zonis and published by GRIN Verlag. This book was released on 2011-01-18 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, University of Applied Sciences Berlin (International Management), language: English, abstract: Once again Russia’s positive economic development outlook has been thrown into question by the global financial crisis. The country has faced a whole lot of economic problems in the past months. Russians have withdrawn 290 billion Dollars from the country’s banks in fear of a financial collapse. At first sight on the past two years’ events on Russia’s financial market one may have had an impression of a „déjà-vu”: Since August 2008: the Rouble has dropped about one third against the Euro over 30 percent and against the Dollar even more than 40 percent.2 The incoming foreign investment of 28 billion Dollars which broke all records right in the year before has now shrunk up to a few billion. The country’s two stock markets, the Russian Trading System (RTS) and the Moscow Interbank Currency Exchange (MICEX), have fallen 78 percent and 67 percent respectively since their highs in May 2008.3 It appears as some cynical 10th anniversary of 17th of August 1998: when the Russian Government announced the gradual devaluation of the Rouble, the default on domestic and foreign debts, and declared a moratorium on payment by Russian commercial banks to foreign creditors. So the Rouble has dropped to the Dollar more than 300percent in the following months and was six times lower only a year after. At the outset this paper sets the currency crisis into the framework of the macroeconomic theory and provides a historical overview by putting the 1998 crisis into its timeframe and showing the impacts on the Russian economy. Furthermore the following questions are discussed: Why did the Rouble collapse? Was this a home-made crisis or was it caused by exogenous factors such as the foregone turmoil on Asia’s financial markets? Finally it shows what the conditions under which an economy can become vulnerable to a currency crisis are, what are and the right and the wrong options to resolve it and the lessons learned.
Book Synopsis The International Economic Crisis and the Post-Soviet States by : Valentina Feklyunina
Download or read book The International Economic Crisis and the Post-Soviet States written by Valentina Feklyunina and published by Routledge. This book was released on 2014-06-11 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: At first, it seemed as if the international financial crisis that broke out in 2008 would have little effect in Russia and the other post-Soviet states. But, by the end of the year, growth was slowing, banks were reluctant to lend, share values had collapsed and unemployment was rising inexorably. The stability of the Putin leadership, it appeared, had been built on the turnaround in economic performance that it had managed to achieve over more than a decade. How would it cope with a sudden reversal? In Ukraine, living standards fell even more sharply. In Belarus, there were fewer obvious signs of economic difficulty, but it could hardly be unaffected by the performance of its major trading partners. Drawing on a wide range of evidence, an international group of scholars address the impact of the international financial crisis in the post-Soviet states and the continuing implications of the crisis for these countries themselves and for the wider world. This book was published as a special issue of the Journal of Communist Studies and Transition Politics, now known as East European Politics.
Book Synopsis Brave New World Economy by : Wilhelm Hankel
Download or read book Brave New World Economy written by Wilhelm Hankel and published by John Wiley & Sons. This book was released on 2011-02-09 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: An engaging look at the road to a sustained economic recovery The global finance system can be regulated to prevent massive credit fraud, tame capitalism, confront the sovereign debt crisis, and move towards investing in the real economy and full employment. "Obamanomics", and American reinvention can lead to a sustained economic recovery but only together with major domestic, European, and global monetary reforms in cooperation with emerging nations. For decades, the U.S. dollar has served as the world's reserve currency. But after the global market meltdown and the resulting massive stimulus spending meant to keep the Great Recession from becoming an even Greater Depression, confidence in America's ability to make good on its growing debt is at all-time lows. In Brave New World Economy: Global Finance Threatens Our Future, Wilhelm Hankel and Robert Isaak—two extremely controversial, yet highly respected experts on international economics and management—describe how "Obamanomics," the Euro crisis, and shift of economic growth from the West to emerging economies, if handled properly, can lead to true economic stability and job creation. Highlights America's 'Great Bluff' bail-out strategy to cope with the crisis and the reforms Obamanomics must make to bring about sustainable job recovery Describes the risks and rewards of borrowing from future generations—in the United States, Europe, and the developing world—to save the current generation Details how money became separated from government control and why the interbanking credit system threatens western nations with bankruptcy, undermining pensions, and the human right to work Points out why nation-states need to go back to helping themselves and not rely on the false promises of regional integration and globalization Shows how legalizing underground labor will create more jobs How we arrived at this economic crossroads isn't as important as the decision as to which path to take. The Brave New World Economy points us in the right direction.
Book Synopsis Market Without Economy by : Nicola Melloni
Download or read book Market Without Economy written by Nicola Melloni and published by Columbia University Press. This book was released on 2007-01-15 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1998 financial crisis in Russia was one of the most dramatic economic breakdowns and symbolized the failure of the transition process as it had been conducted since the end of the Soviet Union. There is no general agreement on the nature of the rouble collapse; a number of contradictory interpretations have been discussed among economists. This book argues that the Russian 1998 financial turmoil is best predicted by Krugman's and Sargent-Wallace's models. The currency collapse had its origins in the peculiar way in which the transition was managed. In particular, the Russian government became entrapped in the double constraint of a tight monetary policy imposed by the IMF on the one side, and a loose fiscal policy to support the private sector on the other. Those policies were inconsistent, and led to inflationary processes that were postponed through emission of a large amount of Treasury Bonds to finance the fiscal deficit. At the same time, a tight monetary policy retarded the recovery of the industrial sector. While the particular timing of the crisis was co-determined by other factors, such as the Asian financial crisis and the fall of the oil price, it was this incoherent monetary and financial policies mix that constituted the main cause of the rouble's spectacular collapse in August 1998. The book provides extensive coverage of a decade of Russian reforms. It critically analyzes neo-liberal ideology and the course of the transition process supported by the Washington Consensus.
Book Synopsis The banking and credit system of the USSR by : O. Kuschpèta
Download or read book The banking and credit system of the USSR written by O. Kuschpèta and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is a pleasure to introduce Dr. Kusehpeta's study of the USSR banking and eredit system with some measure of enthusiasm, for the subjeet is one about which there is, as yet, not mueh literature available in the Western European languages and this study approaehes the subjeet from the view-point of sourees taken from within the Soviet Union itself. No matter how revolutionary the ehange, some ties with the past still remain and it is for this reason that the author has paid initial attention to the banking system of the Tsars and proceeds to de al with the development of the banking system sine e the Revolution of 1917. While history has made the Communist Civil War, the New Eeonomie Poliey and the Khrushehev reforms to be familiar to us, the effeets of these events on the banking and monetary system have, thus far, never been fully researched. Next, the author deals extensively with the existing banking- and eredit system. This subjeet is not easy to understand, beeause we are obliged to beeome familiar with totally different eoeepts than those governing the mixed eeonomic system of the Western World. I, personally, am struek by the sharp separation between the eurreney and the 'deposit' or 'transfer' mone y cireulation.
Book Synopsis From Crisis to Recovery by : T. Bracke
Download or read book From Crisis to Recovery written by T. Bracke and published by Springer. This book was released on 2012-09-18 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging Europe has suffered a severe economic crisis in recent years, and is only gradually recovering; the prospects for a convergence with the rest of the EU are still uncertain. In this book policymakers, high-level practitioners and experts from central banks identify the main reasons for the crisis and the challenges for the recovery process.
Book Synopsis From Financial Crisis to Global Recovery by : Padma Desai
Download or read book From Financial Crisis to Global Recovery written by Padma Desai and published by Columbia University Press. This book was released on 2011 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the factors leading to America's recent recession, describing the monetary policy, tax practices, subprime mortgages and lack of regulation that contributed to the crisis. The book also considers the the prospects for economic recovery in North America, Europe, Asia, and South America as well as the extent of U.S. and EU regulatory proposals.
