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«Invisible Hand» of the Market and Prices Movement

Author

Listed:
  • Sergey I. Tarakanov

    (State University of the Ministry of Finance of the Russia, Moscow, Russia)

Abstract

The publication attempts to align the theoretical market movement provisions known as the Dow Theory with the “invisible hand of the market” concept introduced by A. Smith. Using the Russian stock market as an example the author established that these theoretical concepts do describe the reality. Despite the global financial crisis they are miraculously complied with by the financial markets. The article analyzes movement of the MICEX index and dynamics of certain most liquid Russian stocks.

Suggested Citation

  • Sergey I. Tarakanov, 2012. "«Invisible Hand» of the Market and Prices Movement," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 101-106, January.
    • Handle: RePEc:fru:finjrn:120110:p:101-106
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    More about this item

    Keywords

    «invisible hand»; Dow Theory; wave movement; stock market; bull trend; impulse; correction;
    All these keywords.

    JEL classification:

    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory

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