By the end of Vladimir Putin's second presidential term, Russia was more integrated into the global financial system than at any point in the past. However, the country's longstanding deficiencies-including widespread corruption, administration of justice, and an increasingly overbearing state-continued unabated. Scrutinizing stock-market restrictions on foreign ownership during the first fifteen years of Russia's economic transition, Logvinenko concludes that financial internationalization allowed local elites to raise capital from foreign investors while maintaining control over local assets. They legitimized their wealth using Western institutions, but they did so on their terms.
Global Finance, Local Control delivers a somber lesson about the integration of emerging markets: without strong domestic rule-of-law protections, financial internationalization entrenches oligarchic capitalism and strengthens authoritarian regimes.
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