Restructuring of the Banking System
Until 1987, the banking system was made up of three monopolist banks: the USSR State Bank, which held the leading position, the USSR Construction Bank, and the USSR Foreign Trade Bank, as well as the system of state labor savings banks. The USSR State Bank combined the functions of emission with those of providing settlement and lending services. It accumulated all available monetary resources to create a single nationwide loan fund. In accordance with its lending plan, these funds were distributed among credit consumers in a centralized fashion. In effect, the banking system operated within the structure of administrative-organizational, not economic, relations. Banking institutions were accountable chiefly to their superior organizations, not to their customers.
Year of publication: |
1999
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Authors: | Novikov-Lavrov, V. V. |
Published in: |
Problems of Economic Transition. - M.E. Sharpe, Inc., ISSN 1061-1991. - Vol. 42.1999, 1, p. 31-41
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Publisher: |
M.E. Sharpe, Inc. |
Saved in:
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