Igor Makarov

Associate Professor of Finance,
London School of Economics and Political Science

For more information, contact:

  • Greg Leonard
  • Yan Cao
  • Robert Letson

or any member of our senior staff.


    • MIT Sloan School of Management, Ph.D.
    • New Economic School, Moscow, M.A. (summa cum laude)
    • Moscow State University, M.Sc. (honors)

Igor Makarov is a noted expert in cryptocurrency, decentralized finance (DeFi), financial markets, and asset pricing. His research covers theoretical and empirical topics in capital markets, including asset pricing and information economics, and also focuses on valuation, trading, and arbitrage-related issues within the crypto market. Professor Makarov also addresses market microstructure topics such as liquidity and price discovery across crypto exchanges.

In his recent work, Professor Makarov has evaluated elements of the DeFi architecture, including security protocols, blockchain technology, and smart contracts, and assessed potential regulatory challenges arising from this rapidly expanding financial system. He has analyzed the Bitcoin ledger, documenting transaction volume, network structure, and the concentration of ownership among market participants.

Professor Makarov’s articles have appeared in leading finance publications, including the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. His coauthored article on credit default swap (CDS) auctions received the Western Finance Association’s NASDAQ OMX Award for Best Paper on Asset Pricing.

At the London School of Economics and Political Science (LSE), Professor Makarov teaches courses on asset markets, focusing on fixed income, stock, and derivatives valuation. Before joining the LSE, he served on the faculty of London Business School.

Professor Makarov is a regular speaker at international conferences and professional meetings. He has presented on cryptocurrency and finance topics at universities in the UK, Europe, Canada, and the United States.