Comparative Economic Studies

, Volume 53, Issue 1, pp 57–77

Special Vehicles of State Intervention in Russia and Kazakhstan

  • Yelena Kalyuzhnova
  • Christian A Nygaard
Symposium Article

DOI: 10.1057/ces.2010.26

Cite this article as:
Kalyuzhnova, Y. & Nygaard, C. Comp Econ Stud (2011) 53: 57. doi:10.1057/ces.2010.26


This paper analyses the interlink between resource revenues and financial sector management in Russia and Kazakhstan. In the absence of a well functioning private financial sector the governments can substitute for the actions of the private actors by introducing dedicated financial vehicles. Specifically, these instruments allow the governments of Russia and Kazakhstan alternatives to direct ownership in their pursuit of national economic priorities. The focus of the paper is on two examples of dedicated state investment vehicles with clear industrial policy remits and roles as agents of their respective governments. The paper distinguishes between crisis management and systemic role of these institutions.


state intervention state financial vehicles Russia Kazakhstan 

JEL Classifications

O13 O38 O43 

Copyright information

© Association for Comparative Economics 2011

Authors and Affiliations

  • Yelena Kalyuzhnova
    • 1
  • Christian A Nygaard
    • 1
  1. 1.The Centre for Euro-Asian Studies, The University of ReadingReadingUK

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