1998 Russia's Banking Crisis and Stabilization Phase

Publication date
Wednesday, 12.09.2001

L. Sycheva L. Mikhailov E. Timofeev E. Marushkina S. Surkov

Carnegie Moscow Center

The main aim of the book is to study the situation in the banking sector on the eve of and after the financial crisis of August 1998. The crisis of Russian banking system that began dramatically after the payment system ground to a halt, depositors panicked and a number of big banks were unable to meet their commitments, was not as extended or as serious as might have been anticipated. The weakness of banking system in Rusia - its low degree of involvement in crediting the production sector of economy - was a factor that prevented the crisis from developing to a scale that would cause serious losses to national production.



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