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portrait of Professor Anastasia Nesvetailova

Professor Anastasia Nesvetailova

Director, City Political Economy Research Centre (CITYPERC) and BSc IPE

School of Arts and Social Sciences, Department of International Politics

Contact Information


Visit Anastasia Nesvetailova

D508, Rhind Building

Postal Address

City, University of London
Northampton Square
United Kingdom



Professor Anastasia Nesvetailova (MA Manchester, PhD Aberystwyth) joined City in September 2007. Her main research and teaching interests lie in the area of International Political Economy (IPE), finance and financial crises, regulation and governance.

Anastasia's first monograph, Fragile Finance: Debt, Speculation and Crisis in the Age of Global Credit (2007, Palgrave), developed a Minskyan analysis of financial fragility and crises in the late 1990s. Her second monograph, Financial Alchemy in Crisis: The Great Liquidity Illusion (2010, Pluto) focuses on the elusive concept of 'liquidity' in global finance, and specifically, on its role in the global financial crisis of 2007-2009.

Anastasia is the author of numerous academic and media articles on financial crises and the role of the financial sector in the economy. She is currently working on the political economy of financial innovation, systemic risk, shadow banking and wealth management.

Between September 2015 and September 2016, Anastasia served as a member of the Economic Advisory Panel to the Shadow Chancellor of the UK, John McDonnel, MP. Since 2017, she has served as an economic adviser to the Commission on Economic Justice (CEJ) of the IPPR. Prof. Nesvetailova is a member of the International Academy of Financial Crime Litigators and has been advising international organisations (OECD, UNCTAD) on issues of global financial reform and illicit financial flows.

Anastasia is Director of City Political Economy Research Centre (CITYPERC), established in 2012. CITYPERC serves as a hub for research and collaboration between academia, the financial sector, policy-makers and civil society on topical issues of economic policy, financial stability, development and growth.

Anastasia is directing the BSc in IPE, where she teaches modules on Advanced Principles of Economics; Introduction to Political Economy, Global Money and Finance.

The range of PhD theses (co)- supervised by Anastasia Nesvetailova includes:

The Financialisation of the Oil Market (Angelos Gkanoutas-Leventis, completed)
The Evolution of Anti-Trust (Eleonora Poli, completed)
The Role of Oligarchy in Israel’s Political Economy (Shelly Gottfried, completed)
Russia’s Informal Economy and Organised Crime (Ilona Karpanos, completed)
The State as a Social Investor: Social Impact Bonds (Andrei Sandu, completed)
The Institutionalisation of Private Credit Instruments (Steffen Murau, completed)
Financial Inclusion, Poverty and Informality (Juvaria Jafri, current)

Is the Finance Sector Fit for Purpose?

Anastasia Nesvetailova speaking at John McDonnell's Economic Lecture Series event with Yanis Varoufakis (former Finance Minister of Greece) and John McDonnell, Shadow Chancellor of the UK.

Anastasia Nesvetailova in a debate on the legacy of the 2007-09 financial crisis:


  1. BSc in Economics, Belarusian State University, Belarus
  2. MSc in International Political Economy, University of Manchester, United Kingdom
  3. PhD in IPE, University of Wales, Aberystwyth, United Kingdom


Geographic Areas

  • Americas - North
  • Asia - Southeast
  • Europe
  • Europe - Eastern
  • Russia


General IPE themes

- Globalisation, governance and economic policymaking
- Money, finance and credit in capitalism
- Hyman Minsky, Post-Keynesian political economy
- Heterodox Economics and Institutionalist Political Economy
- Economic history and the evolution of ideas in the IPE area

Areas of PhD supervision

Dr Nesvetailova welcomes applications from students interested in IPE, heterodox political economy and related fields. She particularly welcomes those interested in the ideas of Hyman Minsky, J.M. Keynes and institutional political economy. Specific areas of supervision include:

- Finance and credit in global capitalism
- Financial crises, financial stability and regulation
- Global governance and financial regulation ("New International Financial Architecture")
- Risk, liquidity and financial innovation
- Capitalist evolution in the former USSR.


Books (3)

  1. Nesvetailova, A. (2017). Introduction: Shadow banking: The political economy of financial innovation. ISBN 978-1-138-20153-8.
  2. Nesvetailova, A. (2010). Financial Alchemy in Crisis: The Great Liquidity Illusion. Pluto.
  3. Nesvetailova, A. (2007). Fragile finance. Palgrave MacMillan.

Chapters (11)

  1. Nesvetailova, A. and Palan, R. (2017). Banks as global corporations: From entities to 'ecological habitats'. The Corporation: A Critical, Multi-Disciplinary Handbook (pp. 268–279). ISBN 978-1-107-07311-1.
  2. Nesvetailova, A. (2017). Conclusion: Shadow banking into the limelight. Shadow Banking: Scope, Origins and Theories (pp. 238–243). ISBN 978-1-138-20153-8.
  3. Nesvetailova, A. (2014). ‘Liquidity’ in light of the shadow banking system: Lessons from the two crises. Economic Policy and the Financial Crisis (pp. 132–147). ISBN 978-1-315-88693-0.
  4. Nesvetailova, A. and Sandu, A. (2014). The good, the bad and the fraud: Securitisation and financial crime in light of the global financial crisis. Fighting Financial Crime in the Global Economic Crisis (pp. 128–143). ISBN 978-0-415-70693-3.
  5. Nesvetailova, A. and Belli, C. (2013). Global financial governance: Taming financial innovation. Governing the World?: Cases in Global Governance (pp. 46–61). ISBN 978-0-203-50839-8.
  6. Nesvetailova, A. (2013). Money and finance in a globalized economy. Global Political Economy: Contemporary Theories, Second Edition (pp. 58–74). ISBN 978-0-203-09776-2.
  7. Nesvetailova, A. (2013). Beyond the political economy of Hyman Minsky: What financial innovation means today. Financial Crisis, Labour Markets and Institutions (pp. 60–78). ISBN 978-0-203-10913-7.
  8. Nesvetailova, A. (2012). Liquidity. In Toporowski, J. and Michell, J. (Eds.), (pp. 201–210). EDWARD ELGAR PUBLISHING LTD.
  9. Nesvetailova, A. (2012). Liquidity illusions in the global financial architecture. In Alexander, K. and Dhumale, R. (Eds.), (pp. 328–348). EDWARD ELGAR PUBLISHING LTD. ISBN 978-1-84542-270-7.
  10. Nesvetailova, A. (2010). Reclaimed by the mainstream? Hyman Minsky and the global credit crunch. Minsky, Crisis and Development (pp. 90–105). ISBN 978-0-230-23507-6.
  11. Nesvetailova, A. (2004). Globalization po-russki, or what really happened in August 1998? Russian Transformations: Challenging the Global Narrative (pp. 42–62). ISBN 978-0-203-46336-9.

Internet publications (2)

  1. Nesvetailova, A. (2015). Why Sanctions Against Putin Aren't Working. Newsweek.
  2. Nesvetailova, A. (2015). Why the G7 warning of more sanctions won't worry Russia. The Conversation.

Journal articles (26)

  1. Rodrik, D., Perez, C., Nesvetailova, A., Harris, D.J., Macfarlane, L. and Perrons, D. (2018). Searching for an alternative economic model. IPPR Progressive Review, 25(2), pp. 114–132. doi:10.1111/newe.12107.
  2. Nesvetailova, A. (2017). Politics, capital and the City: London’s financial reign in the face of internal and external shifts. Economy and Society, 46(2), pp. 153–158. doi:10.1080/03085147.2017.1359910.
  3. Lysandrou, P., Nesvetailova, A. and Palan, R. (2017). The best of both worlds: scale economies and discriminatory policies in London’s global financial centre. Economy and Society, 46(2), pp. 159–184. doi:10.1080/03085147.2017.1359915.
  4. Nesvetailova, A. (2016). Against All Odds? Russia’s Financial Crisis and Global Geopolitics. International Spectator, 51(1), pp. 113–130. doi:10.1080/03932729.2016.1126421.
  5. Lysandrou, P. and Nesvetailova, A. (2015). The role of shadow banking entities in the financial crisis: a disaggregated view. Review of International Political Economy, 22(2), pp. 257–279. doi:10.1080/09692290.2014.896269.
  6. Gkanoutas-Leventis, A. and Nesvetailova, A. (2015). Financialisation, oil and the Great Recession. Energy Policy, 86, pp. 891–902. doi:10.1016/j.enpol.2015.05.006.
  7. Nesvetailova, A. (2014). A Crisis of the Overcrowded Future: Shadow Banking and the Political Economy of Financial Innovation. New Political Economy, 20(3), pp. 431–453. doi:10.1080/13563467.2014.951428.
  8. Palan, R. and Nesvetailova, A. (2014). Elsewhere, Ideally Nowhere: Shadow Banking and Offshore Finance. Politik, 16(4), pp. 26–34.
  9. Nesvetailova, A. (2014). Innovations, fragility and complexity: Understanding the power of finance. Government and Opposition, 49(3), pp. 542–568. doi:10.1017/gov.2014.12.
  10. Nesvetailova, A. and Palan, R. (2013). Minsky in the Shadows: Securitization, Ponzi Finance, and the Crisis of Northern Rock. Review of Radical Political Economics, 45(3), pp. 349–368. doi:10.1177/0486613412470090.
  11. Nesvetailova, A. and Palan, R. (2013). Sabotage in the financial system: Lessons from Veblen. Business Horizons.
  12. Cameron, A., Nesvetailova, A. and Palan, R. (2011). Wages of sin?: Crisis and the libidinal economy. Journal of Cultural Economy, 4(2), pp. 117–135. doi:10.1080/17530350.2011.563066.
  13. NESVETAILOVA, A. (2011). Beyond the Minskyan Political Economy: Liquidity and Financial Innovation in the Global Credit Crunch. Voprosy Economiki, 6.
  14. Nesvetailova, A. and Palan, R. (2010). The End of Liberal Finance? The Changing Paradigm of Global Financial Governance. MILLENNIUM-JOURNAL OF INTERNATIONAL STUDIES, 38(3), pp. 797–825. doi:10.1177/0305829810364275.
  15. Nesvetailova, A. (2010). The Crisis of Invented Money. Theoretical Inquiries in Law, 11(1), pp. 125–148. doi:10.2202/1565-3404.1238.
  16. NESVETAILOVA, A. (2010). The Lingering Puzzles of the Global Credit Crunch, or an Essay on the Liquidity Illusion. Voprosy Economiki, 12.
  17. Nesvetailova, A. (2008). Three Facets of Liquidity Illusion. German Policy Studies, 4(3), pp. 83–132.
  18. Nesvetailova, A. (2006). Fictitious capital, real debts: Systemic illiquidity in the financial crises of the late 1990s. Review of Radical Political Economics, 38(1), pp. 45–70. doi:10.1177/0486613405283314.
  19. Nesvetailova, A. (2005). United in debt: Towards a global crisis of debt-driven finance? Science and Society, 69(3), pp. 396–419. doi:10.1521/siso.69.3.396.66527.
  20. Nesvetailova, A. (2005). Global finance. New thinking on regulating speculative capital flows. Historical Materialism, 13(1), pp. 171–182. doi:10.1163/1569206053620807.
  21. NESVETAILOVA, A. (2005). The Economic Legacy of Hyman Minsky. Voprosy Economiki, 3.
  22. Nesvetailova, A. (2004). Coping in the global financial system: The political economy of nonpayment in Russia. Review of International Political Economy, 11(5), pp. 995–1021. doi:10.1080/0969229042000313118.
  23. Nesvetailova, A. (2004). THE LOGIC OF NEOLIBERAL FINANCE AND GLOBAL FINANCIAL FRAGILITY: TOWARDS ANOTHER GREAT DEPRESSION? Research in Political Economy, 21, pp. 61–90. doi:10.1016/S0161-7230(04)21003-3.
  24. Nesvetailova, A. (2004). Governing the world's money. MILLENNIUM-JOURNAL OF INTERNATIONAL STUDIES, 33(1), pp. 237–240. doi:10.1177/03058298040330010930.
  25. Nesvetailova, A. (2004). Governing global finance: New challenges, G7 and IMF contributions. MILLENNIUM-JOURNAL OF INTERNATIONAL STUDIES, 33(1), pp. 237–240. doi:10.1177/03058298040330010930.
  26. Nesvetailova, A. (2001). Institutions and political change in Russia. POLITICAL STUDIES, 49(5), pp. 1056–1057.

Scholarly edition

  1. Lysandrou, P. and Nesvetailova, A. (2013). The Shadow Banking System and the Financial Crisis:A securities production function view.

Working papers (2)

  1. Palan, R. and Nesvetailova, A. (2013). The Governance of the Black Holes of the World Economy: Shadow Banking and Offshore Finance. London, UK: City Political Economy Research Centre (CITYPERC), Department of International Politics, City University London..
  2. Nesvetailova, A. (2008). Ponzi Finance and Global Liquidity Meltdown: Lessons from Minsky. London, UK: Department of International Politics; City, University of London.



Programme Director, BSc International Political Economy

P3024 Global Money and Finance


Programme director, MA GPE

IPM011 Global Capitalism: Past, Present, Future
IPM012 Political Economy of Global Finance

Other Activities

Keynote lecture/speech

  1. Is the Finance Sector Fit for Purpose?
    with John McDonnel MP and Yannis Varoufakis.
    Haberdashers Hall - 18 West Smithfield, London, UK (2016). The Shadow Chancellor, John McDonnell, is convening a series of public events to broaden the debate around economics in Britain. A range of experts will present their views at a number of events across the country, with questions from members of the public.

    All participants speak for themselves, rather than for the Labour Party or the Shadow Chancellor, but the themes which emerge will help inform conversations about economic policy across the board.

    Is the finance sector fit for purpose? Lecture with Yanis Varoufakis and Anastasia Nesvetailova

    - Yanis Varoufakis is “Former Finance Minister of Greece”

    - Anastasia Nesvetailova is from the City Political Economy Research Centre at City University

    Chaired by John McDonnell MP, the Shadow Chancellor. Opened by Mark Boleat, Chairman of the City of London Corporation's Policy and Resources Committee.

    ***This event is being hosted by the Centre for Labour and Social Studies (Class) and supported by the City of London Corporation***

Media appearances (3)

  1. Is the Finance Sector Fit for Purpose? Anastasia Nesvetailova speaking at John McDonnell's Economic Lecture Series event with Yanis Varoufakis (former Finance Minister of Greece) and John McDonnell, Shadow Chancellor of the UK.
  2. Member of the economic advisory panel to the Labour party.
  3. Russian Banking Crisis, CNBC.

Radio programme

  1. World at One. Radio 4, BBC Discussion about the effects of the Panama Papers

Television programme

  1. Inside Story: Is Global Economy Headed for Another Crash? Al Jazeera Stock market volatility fuels fears of an impending economic crisis. Presenter: Nick Clark Guests: Ann Pettifor Vicky Pryce Anastasia Nesvetailova