The invisible hand... of the Kremlin. Capitalism 'a la russe'. OSW Point of View, February 2007

This study describes the two main economic processes observed in Russia during President Vladimir Putin's second term; renationalisation, and the concentration of economic assets. As a result of these processes, the share of state-owned property has increased and the position of the state in the economy has strengthened. According to the authorities, the wide-range renationalisation of the assets and the construction of superholdings based on the state enterprises are intended to boost Russia's potential and stimulate the development of the whole economy. However, in practice the current ruling elite are using these superholdings to strengthen Russia's position on the international arena and to promote their vested interests.

The ‘Visible Hand’ of the ECB’s Quantitative Easing. CEPS Working Document No. 407/May 2015

Quantitative easing à la ECB has produced so far an impact on long-term nominal rates through ex ante channels: signalling channels, term duration channels, and risk premia channels. The term duration channel will also lead to a lengthening of the average maturity of government debts, with possible implications for fiscal policy. The ECB’s determination to buy government bonds in a fragmented market with a low net supply may also produce an ex post impact, during the actual asset purchases, but less on nominal rates and more on financial plumbing, as recent volatility suggests. As the effects of scarce supply in collateral markets are felt, repo rates remain well below zero. Lower supply and limited re-usability of high quality collateral, capped by regulatory requirements, is a constraint on market liquidity and compresses dealers’ balance sheets. By keeping a depressed yield curve and asset prices high, QE may also accelerate the consolidation of both traditional and capital-market based (dealer) bank business models. What is less clear is how these changing business models will interact with the sharp rise of the asset management industry in the aftermath of the crisis, which raises questions about the implications for global collateral flows and deposit-like funding channels.