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The Russian banking system's development: Institutional differences and institutional rent

Vol. 25, Iss. 1, JANUARY 2019

Received: 1 October 2018

Received in revised form: 15 October 2018

Accepted: 30 October 2018

Available online: 29 January 2019

Subject Heading: Financial system

JEL Classification: B52

Pages: 15–25

Blokhin A.A. Institute of Economic Forecasting of RAS, Moscow, Russian Federation

Subject This article examines and proposes a concept of presenting the Russian economy as a multilevel system with differing institutional conditions for large, medium and small-sized companies, including banks.
Objectives The article aims to analyze and comprehensively describe factors of institutional differences and institutional rent both for the national economy and banking sector.
Methods The study uses the methods of logical and time series analyses.
Results The article shows that systemically important banks represent a “core” of the banking sector. This banking “core” is advancing and growing faster than the other banks or non-banking companies through sustainable institutional factors.
Conclusions The factor of institutional differences acts as a serious deterrent to economic growth. It results in redistribution of institutional rent not in favor of future market leaders, but in favor of the existing ones. It is possible to quantitatively asses and describe the factor of institutional differences and institutional rent as well as define the related economic effects. Therefore, any further detailed study of this factor requires a serious theoretical and practical consideration.

Keywords: institutional reform, institutional conditions, difference, institutional rent, rent-seeking behavior, systemically important bank


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