Ponzi Capitalism Russian-style

Anastasia Nesvetailova
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Anastasia Nesvetailova: City University

Chapter 7 in Fragile Finance, 2007, pp 105-127 from Palgrave Macmillan

Abstract: Abstract There is, of course, little doubt that post-Soviet Russia was even more remote from the capitalism of Minsky’s time than East Asian ‘tigers.’ Large, structurally disrupted, ungoverned and saturated with corruption, the 1990s Russia had neither an established system of property rights, nor a functioning system of financial intermediation. The only segment of the economy where the cosmetic progress of ‘transition’ reforms was somehow notable was the financial market. It was the design of the Russian financial market, and its key players, that became the centre of a giant Ponzi pyramid that ultimately brought the era of the Yeltsin ‘marketeering’ of the 1990s to the end.

Keywords: Central Bank; Foreign Investor; Commercial Bank; Foreign Bank; Federal Budget (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-59230-8_8

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DOI: 10.1057/9780230592308_8

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