Repozytorium publikacji - Politechnika Gdańska

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.

Autorzy

• dr hab. Adam Marszk link otwiera się w nowej karcie