Impact of the Russian Stock Market on Economic Growth
The article considers the impact of the stock market on the economic growth. The aim of the study is to determine the degree of impact of the Russian stock market on gross domestic product, as well as to analyze the significance of various financial instruments in this process. The study suggests th...
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2020-06-01
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| Series: | Финансы: теория и практика |
| Subjects: | |
| Online Access: | https://financetp.fa.ru/jour/article/view/1011 |
| _version_ | 1797878773491695616 |
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| author | E. A. Fedorova S. O. Musienko D. O. Afanas’ev |
| author_facet | E. A. Fedorova S. O. Musienko D. O. Afanas’ev |
| author_sort | E. A. Fedorova |
| collection | DOAJ |
| description | The article considers the impact of the stock market on the economic growth. The aim of the study is to determine the degree of impact of the Russian stock market on gross domestic product, as well as to analyze the significance of various financial instruments in this process. The study suggests three hypotheses: 1) the dynamics of changes in the stock market as a whole has an impact on GDP growth; 2) the growth of the stock market has a positive impact on the change in GDP; 3) the stock market affects the GDP growth more, than that of corporate bonds. To test these hypotheses, the work employs methods of economic and mathematical modeling and building a vector autoregressive (VAR) model. The authors used the data from the International Monetary Fund (IMF), Moscow Exchange (MOEX) and Finam Investment Holding for the period from January 2000 to July 2019. As a result, they proved that not only traditional macroeconomic and production factors affect the country’s GDP growth, but also the positive dynamics of the stock market. The paper revealed that the impact of the growth of stock indices and corporate bonds on the change in gross domestic product would be different. At the same time, a different degree of impact of the stock market on gross domestic product over time. The authors concluded that ensuring the growth of stock indices is a condition to achieve stable growth in Russia’s GDP. Most of all, the GDP growth depends on the growth of the largest liquid companies trading in the Russian stock market. |
| first_indexed | 2024-04-10T02:37:25Z |
| format | Article |
| id | doaj.art-f3906621e0214de1b7c6ffc5d9288823 |
| institution | Directory Open Access Journal |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| last_indexed | 2024-04-10T02:37:25Z |
| publishDate | 2020-06-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj.art-f3906621e0214de1b7c6ffc5d92888232023-03-13T07:49:29ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892020-06-0124316117310.26794/2587-5671-2020-24-3-161-173781Impact of the Russian Stock Market on Economic GrowthE. A. Fedorova0S. O. Musienko1D. O. Afanas’ev2Финансовый университетФинансовый университетАО «Гринатом»The article considers the impact of the stock market on the economic growth. The aim of the study is to determine the degree of impact of the Russian stock market on gross domestic product, as well as to analyze the significance of various financial instruments in this process. The study suggests three hypotheses: 1) the dynamics of changes in the stock market as a whole has an impact on GDP growth; 2) the growth of the stock market has a positive impact on the change in GDP; 3) the stock market affects the GDP growth more, than that of corporate bonds. To test these hypotheses, the work employs methods of economic and mathematical modeling and building a vector autoregressive (VAR) model. The authors used the data from the International Monetary Fund (IMF), Moscow Exchange (MOEX) and Finam Investment Holding for the period from January 2000 to July 2019. As a result, they proved that not only traditional macroeconomic and production factors affect the country’s GDP growth, but also the positive dynamics of the stock market. The paper revealed that the impact of the growth of stock indices and corporate bonds on the change in gross domestic product would be different. At the same time, a different degree of impact of the stock market on gross domestic product over time. The authors concluded that ensuring the growth of stock indices is a condition to achieve stable growth in Russia’s GDP. Most of all, the GDP growth depends on the growth of the largest liquid companies trading in the Russian stock market.https://financetp.fa.ru/jour/article/view/1011фондовый рынокиндекс ртсэкономический ростреальный ввпакцииоблигации |
| spellingShingle | E. A. Fedorova S. O. Musienko D. O. Afanas’ev Impact of the Russian Stock Market on Economic Growth Финансы: теория и практика фондовый рынок индекс ртс экономический рост реальный ввп акции облигации |
| title | Impact of the Russian Stock Market on Economic Growth |
| title_full | Impact of the Russian Stock Market on Economic Growth |
| title_fullStr | Impact of the Russian Stock Market on Economic Growth |
| title_full_unstemmed | Impact of the Russian Stock Market on Economic Growth |
| title_short | Impact of the Russian Stock Market on Economic Growth |
| title_sort | impact of the russian stock market on economic growth |
| topic | фондовый рынок индекс ртс экономический рост реальный ввп акции облигации |
| url | https://financetp.fa.ru/jour/article/view/1011 |
| work_keys_str_mv | AT eafedorova impactoftherussianstockmarketoneconomicgrowth AT somusienko impactoftherussianstockmarketoneconomicgrowth AT doafanasev impactoftherussianstockmarketoneconomicgrowth |