- Consulting Editors
- Modernization and the Russian Economy: Three Hundred Years of Catching Up
- Command Economy and its Legacy
- Russia’s Economic Transformation
- Transformational Recession
- Growth Trends in Russia After 1998
- Institutional Performance
- Corporate Governance in Russia
- The Russian Tax System
- The Unofficial Economy in Russia
- Russian Corruption
- Russia’s Dependence on Resources
- The Russian Oil Sector
- The Russian Natural Gas Sector
- The Russian Electricity Market: Variants of Development
- The Economics of Mineral Resources
- The Challenge of Reforming Environmental Regulation in Russia
- Economics of the Military-Industrial Complex
- Science, High-Tech Industries, and Innovation
- Blame the Switchman? Russian Railways Restructuring After Ten Years
- Russian Agriculture and Transition
- Russian Banking as an Active Volcano
- Financial and Credit Markets
- Russian Trade and Foreign Direct Investment Policy at the Crossroads
- Economic Geography of Russia
- Russian Fiscal Federalism: Impact of Political and Fiscal (De)centralization
- Regional Challenges: the Case of Siberia
- Labor Market Adjustment: is Russia Different?
- Higher Education Reform and Access to College in Russia
- Russia’s Health Care System: Difficult Path of Reform
- Poverty and Inequality in Russia
- Recent Demographic Developments in the Russian Federation
Abstract and Keywords
This chapter examines Russia’s nonbanking financial markets. After a turbulent beginning in the 1990s the economy monetized fast in the 2000s, and the Russian equity markets have become one of the world’s best performers. Legislation and supervision improved, but fundamental problems remained. Markets lack generalized trust, there is a low confidence in the rule of law, and many Russian financial transactions are executed off shore. State-controlled entities dominate markets, and oil price leads market dynamics. Since 2008 the authorities have declared an ambitious goal of making Moscow an international financial center, and if the efforts are successful, it will help developing markets, institutions, and regulation. The 2008 crisis laid bare underlying weaknesses, including lack of long-term funding and drastic shifts in sentiment.
Pekka Sutela is the Distinguished Visiting Professor at Sciences Po, Paris, and an Adjunct Professor at the School of Economics in the Aalto University of Helsinlki, Finland, formerly the Head the Bank of Finland Institute for Economies in Transition (BOFIT). His research interests include Russian and other post-Soviet economic development and policies, economies of the Baltic countries of Estonia, Latvia and Lithuania, and the history of economic thought.
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