Table of Contents

Preface
Assessment and recommendations
Introduction
I. Macroeconomic performance, policies and prospects
-The seemingly endless contraction
-Adjustment in the labour market
-The end of high inflation
-Monetary and exchange rate policy
-The fiscal challenges
-Integration into the world economy
-The current situation, near-term prospects and risks
II. Commercial banks
-Introduction
-The changing environment of commercial banking in Russia
-The state of the commercial banking sector: 1995-1997
-The large Moscow banks
-Banking in the regions
-Commercial banks, investment and corporate governance: problems and prospects
-Commercial banking in the Russian Federation: the first signs of stability or impending crisis?
III. Enterprises
-Restructuring and the rise of money surrogates
-Insolvency and bankruptcy
-Investment
-Barriers to restructuring and investment: corporate governance, capital markets, the tax system, and regional protectionism
-Small businesses and entrepreneurship
-Privatisation
-Institutional development, competition, and future prospects
Bibliography
Annexes
-I. The large Moscow banks
-II. Money surrogates
-III. Fiscal federalism
-IV. Policy processes
-V. Chronology of main economic events and policy measures
-VI. Living standards
-VII. Statistical tables
-VIII. Competition law and policy in the Russian Federation: the role of the State Anti-monopoly Committee
-IX. OECD co-operation with the Russian Federation