The Origin of the Russian Banking System From 1991 to 1995
https://doi.org/10.18288/1994-5124-2023-4-36-57
Abstract
The article provides a history of Russia’s modern banking sector. Russia has stabilized after a great many socio-economic and socio-cultural transformations, and the time is apt for a historical treatment of the topic. The author analyzes the development of the banking system from its beginnings during perestroika when the first commercial banks appeared in the Russian Federation. The formation of the Russian State Bank in July 1991 initiated the first stage of development, which ended in late 1995 when the banking community was able to recover from Russia’s first systemic banking crisis and adapt to market realities. The article identifies and analyzes the distinctive features of the banking sector during the first stage of its formation. Before perestroika, the main task of the Soviet Union’s single-tier banking system was to arrange financing for the economy and supervise budgetary spending and estimates. Even during its early stages the Russian banking system began to coalesce into two tiers as banks were exposed to market conditions, gained experience in commercial credit, and dealt in market-based financial instruments. When the Soviet Union collapsed, there were 869 banking organizations operating in Russia, and these provided a basis for structuring the banking sector during the next stage of the economy. After 1991 the country had to meet the challenge of detaching the economy of the RSFSR from the post-Soviet republics, rebuilding a system for mutual settlements in a national economy disrupted by crisis, and finding ways to regulate the banking sector and make it more reliable.
About the Author
I. M. Baydakov
Center for Applied History, Institute of Social Sciences, Russian Academy of National Economy and Public Administration Under the President of the Russian Federation
Russian Federation
Russian Federation
Ivan M. Baydakov, Director
82, Vernadskogo pr., Moscow, 119571
References
1. Artemev A. A. Printsipy funktsionirovaniya sotsialisticheskoy bankovskoy sistemy SSSR v period s 1930 po 1987 god [Principles of Functioning of the Socialist Banking System of the USSR From 1930 to 1987]. Finansy i kredit [Finance and Credit], 2008, no. 25, pp. 70-75. (In Russ.)
2. Arkhiv russkoy finansovo-bankovskoy revolyutsii (1985-1995): V 2 t. [Archive of the Russian Financial and Banking Revolution (1985-1995). In 2 vols.]. Comp. by N. I. Krotov. Moscow, Triada, 2001. (In Russ.)
3. Gaidar E. T., Chubais A. B. Razvilki noveyshey istorii Rossii [Turning Points in Recent Russian History]. Moscow, OGI, 2011. (In Russ.)
4. Deltsova T. A. Mnogoobrazie denezhnykh surrogatov v prirode, ili V chem zaklyuchaetsya svoboda vybora? [Variety of Natural Money Surrogates or What Is Freedom of Choice?]. Vestnik Permskogo NIPU. Social’no-ekonomicheskie nauki [Socio-Economic Review of the Perm Research University], 2017, no. 3, pp. 241-248. (In Russ.)
5. Dombrovski M. Prichiny raspada rublevoy zony [Causes of Ruble Zone Collapse]. Warsaw, CASE, 1995. (In Russ.)
6. Zakharov V. S. Ocherki bankovskoy reformy 1988-1991 godov [Essays on Banking Reform From 1988 to 1991]. Moscow, Finansy i statistika, 2005. (In Russ.)
7. Karagulyan E. A. Inostrannye banki v bankovskoy sisteme Rossii: problemy i perspektivy [Foreign Banks in the Russian Banking System: Problems and Prospects]. Naukovedenie [Science Studies], 2015, vol. 7, no. 6. http://naukovedenie.ru/PDF/88EVN615.pdf. (In Russ.)
8. Kirsanov R. G. Pervye shagi k rynku. Vozvrashchenie chastnykh bankov v SSSR [First Steps Toward the Market. The Return of Private Banks to the USSR]. Rossiyskoe istoricheskoe obshchestvo [Russian Historical Society], 1 July 2018. https://historyrussia.org/tsekh-istorikov/pervye-shagi-k-rynku-vozvrashchenie-chastnykh-bankov-v-sssr.html. (In Russ.)
9. Kirsanov R. G. Perestroyka. Novoe myshlenie v bankovskoy sisteme SSSR [Perestroika. New Thinking in the Banking System of the USSR]. Moscow, IP Kashirin V. V., 2011. (In Russ.)
10. Krasavina L. N. Denezhnaya reforma 1992-1993 gg. i regulirovanie inflyatsii v Rossii: teoreticheskaya osnova [Monetary Reform 1992-1993 and Regulation of Inflation in Russia:The Theoretical Basis]. Vestnik Finansovoy Akademii [Financial Academy Courier], 2003, no. 3(27), pp. 5-13. (In Russ.)
11. Krotov N. I. Istoriya sovetskikh i rossiyskikh bankov za granitsey [History of Soviet and Russian Banks Abroad]. Moscow, Ekonomicheskaya letopis’, 2007. (In Russ.)
12. Krotov N. I., Gerashhenko V. V. Zhizn’ i udivitel’nye priklyucheniya bankira Viktora Gerashhenko [The Life and Amazing Exploits of Banker Viktor Gerashchenko]. Moscow, Nashe zavtra, 2022. (In Russ.)
13. Krylov O. M. K voprosu o pravovoy kategorii “denezhnyy surrogat” [On the Question of the “Money Surrogate” Legal Category]. Finansovoe pravo [Financial Law], 2012, no. 9, pp. 10-14. (In Russ.)
14. Kryuchkov V. A. Lichnoe delo [Personal Dossier]. Moscow, Olimp, 1996. (In Russ.)
15. Kuvalin D. B. Ekonomicheskaya politika i povedenie predpriyatiy: mekhanizmy vzaimnogo vliyaniya [Economic Policy and the Behavior of Enterprises: Mechanisms of Mutual Influence]. Moscow, MAKS Press, 2009. (In Russ.)
16. Matytsin S. Finansovyy rynok Rossii [Russian Financial Market]. In: Vtoroy god ekonomicheskikh reform v Rossii. Uroki dlya Pol’shi i Vostochnoy Evropy [The Second Year of Economic Reform in Russia: Lessons for Poland and Eastern Europe]. Warsaw, CASE, Friedrich Ebert Foundation, 1994. (In Russ.)
17. Mau V. A. Ekonomika i politika Rossii: god za godom (1991-2009) [Economy and Politics of Russia: Year by Year (1991-2009)]. In: Sobranie sochineniy v 6 t. T. 4 [Collected Works in 6 vols., vol. 4]. Moscow, Delo, 2010. (In Russ.)
18. Mau V. A., Sinelnikov-Murylev S. G., Trofimov G. Yu. Makroekonomicheskaya stabilizatsiya, tendentsii i al’ternativy ekonomicheskoy politiki Rossii [Macroeconomic Stabilization, Trends And Alternatives to Russia’s Economic Policy]. Moscow, Institute for the Study of the Economic Problems of Transition, 1996. (In Russ.)
19. Moiseev S. R. Bol’shaya troyka inostrannykh bankov v Rossii [The Big Three Foreign Banks in Russia]. Finansy i kredit [Finance and Credit], 2005, no. 7, pp. 26-33. (In Russ.)
20. Moroz O. P. “Strategiya Rossii v perekhodnyy period” Gaidara i “privatizatsiya” Chubaisa [“Strategy of Russia in the Transitional Period” by Gaidar and “Privatization” by Chubais]. Relga, 2017, no. 11. http://www.relga.ru/Environ/WebObjects/tgu-www.woa/wa/Main?textid=5130&level1=main&level2=articles. (In Russ.)
21. Musifullina Yu. I. Preobrazovanie bankovskoy sistemy Rossii (1990-1999 gg.) [Transformation of the Russian Banking System (1990-1999)]. Vestnik Orenburgskogo GU [Orenburg State University Review], 2007, no. 8, pp. 15-23. (In Russ.)
22. Nikitin L. V. Bankovskie stolitsy postsovetskogo Urala i zony ikh vliyaniya (1988-2008 gody) [Banking Capitals of the Post-Soviet Urals and Their Zones of Influence (1988-2008)]. Vestnik Chelyabinskogo GU. Istoriya [Cheliabinsk State University Review: History], 2009, vol. 33, no. 23, pp. 135-143. (In Russ.)
23. Poletaev V. E. Formirovanie pravovoy bazy bankovskoy politiki Rossii v kontekste modernizatsionnogo tranzita na rubezhe XX-XXI vv. [Formation of the Legal Basis of for Russia’s Banking Policy in the Context of Modernizing Transitions at the Turn of the 21st Century]. Istoricheskaya i social’no-obrazovatel’naya mysl’ [Historical, Social and Educational Thought], 2016, vol. 8, no. 6(1), pp. 95-100. (In Russ.)
24. Rossiyskaya ekonomika v 1991 godu. Tendentsii i perspektivy [The Russian Economy in 1991. Trends and Prospects]. Moscow, Gaidar Institute for Economic Policy, 1992. (In Russ.)
25. Simonov N. S. Ocherki istorii bankovskoy sistemy Rossii 1988-2013 gg. [Essays on the History of the Russian Banking System of Russia 1988 to 2013]. Moscow, Universitet Dmitriya Pozharskogo, 2016. (In Russ.)
26. Sinelnikov-Murylev S. G. Byudzhetnyy krizis v Rossii: 1985-1995 gody [The Budget Crisis in Russia: 1985 to 1995]. Moscow, Evraziya, 1995. (In Russ.)
27. Sonin K. I. Vtoraya russkaya revolyutsiya v istoricheskoy perspective [The Second Russian Revolution in Historical Perspective]. Voprosy ekonomiki, 2022, no. 4, pp. 70-94. (In Russ.)
28. Tosunyan G. A. Bankovskaya sistema Rossii [Russia’s Banking System]. Istoriya novoy Rossii [History of New Russia], 2010. http://ru-90.ru/node/1211/. (In Russ.)
29. Yanik A. A. Istoriya sovremennoy Rossii: Istoki i uroki posledney rossiyskoy modernizatsii (1985-1999) [A History of Modern Russia: The Origins and Lessons of Recent Russian Modernization (1985-1999)]. Moscow, Moscow State University, Modern History Foundation, 2012. (In Russ.) 30.Yanukyan M. G. Cheki v rossiyskoy finansovoy praktike [Checks in Russian Financial Practice]. Den’gi i kredit [Money and Credit], 2007, no. 11, pp. 66-70. (In Russ.)
30. Aslund A. Lessons From the Collapse of the Ruble Zone. CESifo Forum, 2016, vol. 17, no. 4, pp. 12-18.
Review
For citations:
Baydakov I.M. The Origin of the Russian Banking System From 1991 to 1995. Economic Policy. 2023;18(4):36-57. (In Russ.) https://doi.org/10.18288/1994-5124-2023-4-36-57
Views:
171
Email this article 