Modernization of Russia's Credit System Under Conditions of a Liquidity Crisis
If we ignore all political risks, the key problem in the modern Russian economy is dear money. The transition from the phase of depression to one of economic growth today requires that the market rate for ordinary commercial credit must become lower than the profit norm for projects realized in the most important sectors of the economy. But such >i>relative>/i> devaluation of capital can cause an upsurge only if it is the spontaneous result of numerous decisions of investors and recipients (in other words, a systemic effect) and is not the consequence of "pumping" unsecured money into the economy.
Year of publication: |
1996
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Authors: | Kokorev, V. ; Remizov, A. |
Published in: |
Problems of Economic Transition. - M.E. Sharpe, Inc., ISSN 1061-1991. - Vol. 39.1996, 8, p. 41-65
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Publisher: |
M.E. Sharpe, Inc. |
Saved in:
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