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The Russian financial market: drivers of development and constrains to growth

Author

Listed:
  • Abramov Alexander

    (Gaidar Institute for Economic Policy)

Abstract

The paper studies the patterns in the development of the Russian financial market after the crisis of 2008. It’s shown that along with positive phenomena, such as the creation of a modern financial market infrastructure and financial stabilization in 2015-2016, there are tendencies of deterioration of quantitative characteristics of the domestic stock market, it’s lagging behind external competitors, and a decline in the role of this market in the economy. As the key reasons restraining the growth of the financial market, the study addresses the problems of the scarcity of attractive instruments of domestic savings, excessive administrative burden on the business, restrictions on internal competition, the lack of a strategy for developing the financial market, linked to the priorities of economic policy.

Suggested Citation

  • Abramov Alexander, 2017. "The Russian financial market: drivers of development and constrains to growth," Research Paper Series, Gaidar Institute for Economic Policy, issue 172P.
    • Handle: RePEc:gai:rpaper:rpaper-2017-172p-930
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    File URL: http://iep.ru/files/RePEc/gai/rpaper/rpaper-2017-172P-930.pdf
    File Function: Revised version, 2019
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    More about this item

    Keywords

    Russian economy; financial markets;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G2 - Financial Economics - - Financial Institutions and Services
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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