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Informal Practices in the Russian Private Sector

Ledeneva, A; Nivorozhkin, E; (2007) Informal Practices in the Russian Private Sector. Development and Transition (7) Green open access

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Abstract

In the 1990s, Russia’s development emphasized reforming formal institutions. Yet the outcome of these reforms often depended on informal practices that both opposed and contributed to formal structures. These informal practices moderated some of the exigencies of transition, helping companies to exploit legal loopholes and optimize tax schemes. However, they also allowed companies to engage in asset stripping, share dilution, and transfer pricing, not to mention the limitation of shareholder voting rights and the abuse of Russia’s insolvency laws. While the Russian economy of today is much more stable and prosperous than it was 10 years ago, Russian businesses continue to require a high degree of informality to ‘get things done’. Informal practices persist because interpersonal trust compensates for popular distrust of state and financial institutions.

Type: Article
Title: Informal Practices in the Russian Private Sector
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.developmentandtransition.net/
Language: English
Additional information: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES
URI: http://discovery.ucl.ac.uk/id/eprint/92197
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