many open economies, each with a banking system and a central bank operating under a pegged exchange rate regime. The … fragility of the banking system and the limited ability of a domestic central bank to provide international liquidity together … can cause currency and banking crises. An international interbank market can help an economy with the needed international …

afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence … bank to nonbank finance, including trade credits and barter trade, generating an externality on banks' interest rates. The … conditions for banking development. …