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Priests of ProsperityHow Central Bankers Transformed the Postcommunist World$
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Juliet Johnson

Print publication date: 2016

Print ISBN-13: 9781501700224

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501700224.001.0001

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The Trials of Post-Soviet Central Bankers

The Trials of Post-Soviet Central Bankers

(p.180) 6 The Trials of Post-Soviet Central Bankers
Priests of Prosperity

Juliet Johnson

Cornell University Press

This chapter explores the intensive transformation of the Bank of Russia and the National Bank of the Kyrgyz Republic (NBKR). As the central bank of the largest, the wealthiest, and the most geopolitically important Soviet successor state, the Bank of Russia received a disproportionate share of international attention and assistance. Although the Bank of Russia itself gradually transformed along Western lines, the slow pace of complementary institution building, advising mistakes in the 1990s, and an increasingly authoritarian government made its work difficult and often counterproductive. As the central bank of a small, resource-poor state in Central Asia, the NBKR presented a fundamental challenge to the transnational central banking community. With early and consistent community access but unstable domestic conditions and few internal resources, the NBKR's experience demonstrated both the possibilities and the limits of internationally driven institutional transplantation.

Keywords:   Bank of Russia, National Bank of the Kyrgyz Republic, authoritarian government, institutional transplantation, transnational central banking, banking community

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