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date: 15 May 2021

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.

Keywords: financial markets, equity markets, stock exchange, financial center, interest rates

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