National and supra-national financial regulatory architecture: transformations of the Russian financial system in the post-Soviet period

Introduction The discussions on the role and functions of public regulation in the economic system directly or indirectly rest on the issues related to the conditions of production of public goods and related external effects. Those issues are usually linked to the political debate on the limits of state intrusion into the natural spontaneous evolution and growth of market economies, assumed to work in an efficient way under perfect free competition and profit-seeking private agents’ decisions.