Template-Type: ReDIF-Article 1.0
Author-Name:A. Abramov
Author-Name-First:A.   
Author-Name-Last: Abramov
Author-Workplace-Name:  Gaidar Institute for Economic Policy
Author-Name:A. 
Author-Name-First:A.   
Author-Name-Last: Radygin
Author-Workplace-Name:  Gaidar Institute for Economic Policy
Title:  THE RUSSIAN STOCK MARKET IN 2015: RETURNS, LIQUIDITY AND THE DRIVERS OF CHANGE
Abstract:  In 2015, faced with declining oil prices, the weakening ruble and the outflow
of funds of foreign portfolio investors, the Russian stock market found itself
in a slump; in fact, this situation has started eight years ago, during the 2008
crisis. This negative trend was augmented by the continuing decline of the
share market’s liquidity in the Moscow Exchange. This was in part a reflection
of the general downward trend in the investment attractiveness of the
stock markets in the BRICS countries, but more specifically – the upshot of the
troubles experienced by Russia’s economy due to the low development level
of domestic institutional investors. The conservative attitude towards investment
in Russian shares displayed by foreign portfolio investors for a period
of more than two years already is indicative of their doubts with regard to
the prospects of economic growth in Russia. In view of such conditions, the
economic growth and recovery in the Russian stock market can rely only on
the domestic savings system.
Classification-JEL: E62, E65, H21, H32
Keywords: Normative Documents, Taxation Issues
Journal: Russian Economic Developments, Russian Economy
Year: 2016
Issue: 2
Month: February
Pages: 17-27
File-URL: http://www.iep.ru/files/RePEc/gai/recdev/673Radygin.pdf
File-Format: Application/pdf
Handle: RePEc:gai:recdev:673