Iudina,
Irina
Financial Supervision and Moral Hazard on an Emerging Market //
Explaining Post-Soviet Patchworks / Ed. by K. Segbers. Vol. I.
London: Ashgate, 2001.
Реферат
In the article the important aspects of the financial
globalization (“external challenge”) and the reaction of the
emerging markets on it (transformation as “internal reply”) are
studied. In accordance with our analysis, the key factor, which
results in destructive financial crises in the developing markets,
is not the capital flows, but, for the most part, the incompleteness
and the slowness of the transformation of banking systems and budget
policy to new external economic situation. For example of financial
crisis in Russia, we consider as the uncoordinated and uncertain
measures of monetary authorities — the Ministry of Finance and the
Central Bank of Russia —, and also the incompleteness of
institutional reforms (the banking, budget and tax policies of
Russian government) have resulted in a collapse of financial system.
We try to show the institutional changes in Russia were not
sufficient that the anti-crisis measures of policymakers during
financial crisis were effective.
Iudina,
Irina