UCL Institute for Innovation and Public Purpose


Olga Mikheeva

Dr. Olga Mikheeva is a Research Fellow in Public Banking at the UCL Institute for Innovation and Public Purpose (IIPP).

Olga Mikheeva
Olga Mikheeva holds a PhD in Public Administration and Technology Governance from TalTech (Estonia) and is currently a Marie Curie Research Fellow at the UCL IIPP. During her PhD research, which had a focus on developmental states, financing of innovation and financial bureaucracy, she also held temporary research positions at University of Malaya and European Center in Singapore. Olga holds an MA in Technology Governance from TalTech and had studied in the Lee Kuan Yew School of Public Policy (National University of Singapore).

Prior to joining the IIPP, Olga worked in policy evaluation and advisory field as a senior expert in Technopolis Group, a consultancy firm specializing in STI policies and a former spin-off from SPRU (University of Sussex). During this time Olga contributed to theory-based evaluations of STI policies; to the spatial/regional analysis of industrial and digital transformation; to the development of a national Circular Economy methodology; and supported the development and evaluation of international STI and cross-border cooperation programs. 


Olga has been serving as a member-elect of the EAEPE Council (European Association of Evolutionary Political Economy) since 2017, where she also coordinates Research Area on Monetary Economics, Finance and Financial Institutions. She is a peer reviewer in a number of journals publishing research in heterodox economics, development and innovation studies. During 2017-2019, she acted as the coordinator of the Economics of Innovation Working Group at the Institute for New Economic Thinking (INET) Young Scholars Initiative (YSI). Olga speaks Russian, English, and Estonian, is catching up on her French and has recently embarked on Spanish.

Research summary

Olga’s current research project deals with financial governance of innovation and particularly state investment banks. The main goal is to understand why and how some of these specialized financial institutions become strategic state-backed investors while others remain far on the edges of policy-oriented financial policies and play very limited policy and financing roles. In broader terms, this is related to the question of how national governments pursue state-led investments in innovation and development and what are the political economy (policies, institutions, coordination) and financial bureaucracy (organisations, competences) behind it.

Olga has a strong interest in policy-oriented research and has recently co-authored a number of IIPP policy reports, including on the European Investment Bank’s advisory support to the Circular Economy, and the Norway’s green industrial strategy.

Selected publications


Chapter in:

  • Mikheeva, O. and Juuse, E. 2021. Development Finance in the Baltic States and the Process of Europeanization. In Daniel Mertens, Matthias Thiemann and Peter Volberding (eds.) The Reinvention of Development Banking in the European Union: Industrial Policy in the Single Market and the Emergence of a Field, pp. 253-282. Oxford University Press, in press.
Journal articles
  • Mikheeva, O. 2019. Financing of innovation: National development banks in newly industrialised countries of East Asia. Journal of Post-Keynesian Economics, 42, pp. 590-619.
  • Juuse, E. Raudla, R., Cepilovs, A. and Mikheeva, O. 2019. The Europeanization of financial regulation and supervision on the Baltic-Nordic axis: National bureaucracies’ perspective. Journal of Baltic Studies, 50 (4), pp. 1-45.
  • Mikheeva, O. and Piret, T. 2019. Co-creation for the reduction of uncertainty in financial governance: The case of Monetary Authority of Singapore. Administrative Culture, 19 (2), 60-80.
  • Raudla, R., Mjøset, L., Kattel, R., Cepilovs, A., Mikheeva, O. and Tranøy, B. S. 2018. Different Faces of Fiscal Bureaucracy. Administrative Culture, 19 (1), pp. 5-36.
Academic working papers
  • Mikheeva, O. and Ryan-Collins, J. 2020. Central Banks as engines of economic development? Governance of industrial finance and credit allocation from a historical perspective. UCL Institute for Innovation and Public Purpose, Working Paper (IIPP WP 2020-XX), forthcoming.
  • Mikheeva O. 2018. Institutional context and the typology of functions of national development banks. The case of Development Finance Institutions (DFIs) in Malaysia. Working Papers in Technology Governance and Economic Dynamics No. 82. Tallinn University of Technology and The Other Canon Foundation. Available at http://technologygovernance.eu/files/main//2018121211430101.pdf
Policy briefs/reports

Mazzucato, M. and Mikheeva, O. (2020). The EIB and the new EU missions framework: Opportunities and lessons from the EIB’s advisory support to the circular economy. UCL Institute for Innovation and Public Purpose (IIPP), Policy Report (IIPP WP 2020-17).