Russia in 2007: Risks of Slowing Economic Growth against the Background of Institutional Stagnation
In: Voprosy ėkonomiki: ežemesjačnyj žurnal, Heft 4, S. 75-93
Russia's institutional development is characterized by negative dynamics of business environment indicators and positive dynamics of investment and credit risk indicators. Reforms for which the state is responsible (legal reform, enforcement, regulation, public goods) are stagnating. In 2000-2007 the progress in developing basic market institutions (property rights, shareholders' rights, land and real estate markets, state property management, bankruptcy and creditors rights) compared with other emerging markets was insufficient. The analysis suggests that legal and regulative support of economic institutions' development is inadequate. Legislation chronically lags behind economic reality.