Objective Factors of Corruption in the Exercise of the Regulatory and Supervisory Powers by the Central Bank of the Russian Federation

摘要

Over the past eleven years, since the day it was founded, the Central Bank of the Russian Federation, actively using the working methods of specialists who came to it from the former USSR State Bank, has created a total administrative-permit system that encompasses all the main spheres of economic activity (banking and lending operations, currency-exchange transactions, export-import transactions, investment activity, cash and noncash circulation). When the Central Bank was founded, a new model of its relationship with the government and the public was introduced, which was provided for under the Russian Federation Constitution and the federal law "On the Central Bank of the Russian Federation (Bank of Russia)." With respect to the government, the primacy of the Central Bank's legal independence was established, which, in fact, put it beyond the control and jurisdiction of the federal government agencies. With respect to the public, a mode of conduct was adopted and legally enforced whereby the Central Bank bears no liability for the results of its regulatory activity, regardless of what these results may be: a drop in the ruble exchange rate and purchasing power, the insolvency and bankruptcy of banks, the nonreturn and outright embezzlement of deposits, and finally, in banks suddenly closing and disappearing with all their assets, which is a totally extraordinary phenomenon for any normal economy, but run of the mill for the Russian Federation.