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Abstract
The purpose of this article is to present the structure of the stock market in the Russian Federation and the significance of this part of national financial system for the whole economy, particularly the degree of main macroeconomic functions fulfillment. First part of the text includes an overview of the main theoretical concepts linked with the stock market roles as well as a brief description of results of selected studies on the linkages between stock market development and economic growth. The most important events in the history of the Russian stock exchanges since the beginning of the economic and political transformation in the early 1990s are described in the next part of the paper. Other presented topics are the institutional structure of the stock market (including differences between the two main exchanges, their integration process and establishment of the Moscow Exchange) and the equity market supervision system (along with main weaknesses in this field). Main part of the text includes a presentation of the results of analysis performed in order to gain insight into changes in the most crucial stock market functions (mobilization of savings, allocation of resources and valuation of assets), conducted on the basis of selected stock market development indicators such as market capitalization, value of traded stocks (in both absolute and relative terms), turnover ratio and market concentration as well as the conclusions concerning market characteristics outlined in the preceding parts. The research covers 10 years: 2003-2012.
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- Category:
- Conference activity
- Type:
- publikacja w wydawnictwie zbiorowym recenzowanym (także w materiałach konferencyjnych)
- Title of issue:
- W : Proceedings in Advanced Research in Scientific Areas: The 2nd year of Advanced Research in Scientific Areas strony 143 - 148
- Language:
- English
- Publication year:
- 2013
- Bibliographic description:
- Marszk A.: Macroeconomic functions of the Russian stock market// W : Proceedings in Advanced Research in Scientific Areas: The 2nd year of Advanced Research in Scientific Areas/ ed. Michal Mokrys, Stefan Badura, Anton Lieskovsky Zilina: EDIS - Publishing Institution of the University of Zilina, 2013, s.143-148
- Verified by:
- Gdańsk University of Technology
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