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Researchers from the Institution argue that Russian banks were imitations designed largely to redistribute public money to favored firms during the Soviet era and are totally incapable of operating in a capitalist environment. They offer a proposal based on swapping debt for equity. Annotation c. by Book News, Inc., Portland, Or.
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Fixing Russia's Banks documents how Russia's financial system is built on what Michael S. Bernstam and Alvin Rabushka call ersatz banks. These inferior imitation banks have served largely as tools of the government to redistribute public funds to favored firms. The highly vaunted achievements of privatization, removal of price controls, and foreign trade liberalization have failed to produce growth because of a lack of private financing. National income has declined nearly 40 percent since 1992, with no recovery in sight.
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