How can industrial policies lead to bank distress? In the 1890s, when undergoing rapid state-led industrialisation, the Russian Empire grew by foreign capital inflows into national debt and by state procurement of industrial output. Concurrently, state policies incentivised, but did not compel,...

Der Transformationsprozess Russlands von einer zentralstaatlich geplanten Volkswirtschafthin zu einer Marktwirtschaft nach westlichem Vorbild liefert eine aufschlussreiche Fallstudieüber die von William Baumol (1990) vertretene These der institutionellen Steuerbarkeit vonproduktivem...

This paper argues that corruption in Russia is systemic in nature. Low wage levels of public officials provide strong incentives to engage in corruption. As corruption is illegal, corrupt officials can be exposed any time, which enforces loyalty towards the powers that be; thus corruption is a...