| Research Abstract |
Concerning the Russian transformation, the structure and behaviours of the micro economic actors became a matter of concern all over the world, and recently corporate govermance of enterprises were taken up for discussion. This study has examined the formation and behaviours of the financial groups (the Financial-industrial groups) as typical Russian big businesses, and their influence on the marketisation.
1. This study has investigated that prior to the marketisation the banking sector formation and privatisation process had already begun, and that even after the transformation the inertia of the socialist system strongly functioned, because the economic actors retained their traditional functions that they supplied various kinds of public goods.
2. The financial-industrial groups and their main sector, 'the banking sector' were created on the basis of the intimate linkage with the government. This study has proved that there exist rent seeking, lobbying, and negotiations among interests groups in their behaviours. In spite of the instable economic performance on the surface, such behaviours have guaranteed a kind of stability to the Russian economy.
3. The financial-industrial groups changed from those led by the industrial enterprises to those led by the banking sector, and such changes strengthened the speculative activities of the markets. This study has demonstrated that the financial-industrial groups have influenced the markets positively and negatively for stabilization.
4. Though the Russian financial crisis was based on the international contagion, dependence of the economic actors on the government caused the crisis. As a result, the Russian crisis is not a result of the failure of economic policy, but a consequence of the historical conditions, initial conditions and the failure of government's transition. This study has inquired into the behaviours of the economic actors in detail, and has stated that Russia reproduced the crisis factors after the crisis.
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