Despite their common past, the banking markets of the largest CIS countries differ significantly in many aspects: from their level of competition, structure, and transparency to the features of the regulatory environment, and the anticrisis measures of their regulators.
James Robinson, co-author of the famous book “Why Nations Fail”, on how the erosion of political institutions is affecting global economy and why COVID-19 will not be a watershed in institutional development.
Various indicators of the Russian labour market and their correlation with output show that there has been no record rise in overall unemployment due to the coronavirus shock, and given how things are going, there will be none.
The Bank of Russia is taking over the administration of the RUONIA rate, a benchmark interest rate for Russia's monetary policy and public debt. This is a part of the global benchmark interest rate reform consequential to the global financial crisis.
The unprecedented crisis will require fundamental changes in Russia’s fiscal policy. Financing anti-crisis measures will involve not only using the National Welfare Fund, but also moving away from fiscal rule and using unconventional fiscal and monetary tools.