Deposit Insurance Reform in Russia
Deposit Insurance Reform in Russia
This chapter reviews the Russian banking market and the Russian deposit insurance system (DIS) and market evolution from the moment of its adoption. The risks of the adoption are taken into account within the Russian context. This chapter also explores the reforms that have taken place in order for Russia to be able to create an effective deposit insurance system. It discusses the role of the Central Bank of Russia (CBR) in these reforms, where it is suggested that strengthening the CBR’s monitoring and enforcement capabilities would have been an advisable first step before introducing a DIS. However, as is seen in Russia, DIS can produce positive impacts on financial sector stability. This does not conclude, however, that it is a “silver bullet” by itself. It’s suggested that the market structure and the regulatory environment are what determined the positive effects of deposit insurance.
Keywords: financial sector stability, Central Bank of Russia, Russian banking market, Russian deposit insurance system, market structure, regulatory environment, Russia
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