Ilja Viktorov: The rise of collateral-based finance under state capitalism in Russia

Datum: 16 november 2022
Tid: 10:00-11:45

Place: At the Institute for Futures Studies, Holländargatan 13, Stockholm, or online.

Ilja Viktorov, researcher at the Department of Economic History and International Relations, Stockholm University.



The article examines emerging financial capitalism in Russia and its recent developments, the rise of collateralised finance and trading in repo markets. The main conclusion is that a combination of sophisticated speculative practices with a strong state presence in financial markets is a distinctive feature of Russia after 2008. The decoupling of the financial system from the credit supply to the real sector is still continuing after the collapse of Communism. The role of the capital markets is restricted to short-term liquidity management
in money markets, which rose after 2011 due to an increased provision of state liquidity. The existence of a large monetary overhang accumulated within the Russian banking system and its interconnectedness
with collateralised markets are discussed. The development stages of the repo markets and the main collateral types are considered in relation to the expansion of the state liquidity supply. This study provides an additional perspective within the ongoing debate on contemporary state capitalism in emerging markets.

Read the full article

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