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Published in:
2012 | OriginalPaper | Chapter
Financial Markets and the Banking Sector
Authors : Alexander Libman, Evgeny Vinokurov
Published in: Holding-Together Regionalism: Twenty Years of Post-Soviet Integration
Publisher: Palgrave Macmillan UK
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Our discussion has focused so far on FDI in the manufacturing and service sectors of the economy. Now we turn our attention to the CIS financial sector. In this chapter,1 we review the scope and limits of potential financial integration and proposed initiatives. Financial markets became the focus post-Soviet countries’ ambitions in the late 2000s: Russia and Kazakhstan almost simultaneously launched international financial projects (though these differed somewhat in scope and in the tools they employed). Kazakhstan’s project, a Regional Financial Centre in Almaty, failed to survive the crisis of 2007–09. Although a similar project to create an International Financial Centre in Moscow remains high on the agenda, its feasibility and scope have been questioned.