ISSN (print) - 0131-7652

ISSN (online) - 2686-7605

Vol. 52 No. 3 (2022)
FINANCIAL ECONOMY

Financialization and Strengthening of the State Influence in Russia

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  • S.D. Ageeva
S.D. Ageeva
Institute of Economics and Industrial Engineering, SВ RAS, Novosibirsk
DOI: https://doi.org/10.30680/ECO0131-7652-2022-3-108-129

Published 2022-02-28

Keywords

  • State,
  • financialization,
  • dependence on the previous stage of development,
  • banking sector,
  • bond market,
  • stock market,
  • exchange infrastructure
    • ...More
    Less

How to Cite

1.
Ageeva С. Financialization and Strengthening of the State Influence in Russia. ECO [Internet]. 2022 Feb. 28 [cited 2024 Nov. 3];52(3):108-29. Available from: https://ecotrends.ru/index.php/eco/article/view/4403

Abstract

The paper presents the results of the study of the process of financialization in Russia, accompanied by the growing influence of the state in the financial sector. A relevant and important addition to the research was the inclusion of data not only on the banking sector, but also on the stock market and related financial infrastructure. This broader study of financialization allowed us to identify and prove the current dominant trend of increasing state participation in financial markets. Financialization and governmentalization are interrelated. They are observed in both developed and developing economies, and their concrete embodiment is largely influenced by historical experience and the trajectory of the previous development path. On the basis of empirical material, it is shown how in our country there was a consistent displacement of private companies from various areas of financial business (banks, exchanges, financial infrastructure), how the role and channels of influence of the Bank of Russia and the RF Government in the financial sector have changed. Currently, the state dominates in all segments and procedures of the Russian stock and banking markets, which affects the unequal access of private and state agents to financial resources, markets and technology.
PDF (Русский)

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