Russia’s Financial System Strategy: Stimulating Modernization of Economy (Banking Sector, Monetary Policy, Taxes)

Abstract

This paper provides Russia’s financial system strategy covering three blocks: banking sector, monetary policy and taxes. The post-crisis strategy in banking sector contains proposals on achieving soundness and stability of Russian banking system, problem banks restructuring, as well as increase in efficiency of banking institutions. The post-crisis monetary policy presumes multi-targeting of different goals, among which are economic growth and balanced, less volatile financial system. Proposals on tax regime improvement include tax burden decrease and stimulating innovations.