Financial Crises and the Development of Russian Stock Market

• Main Authors: Lee, Yi-Ling, 黎宜凌
• Other Authors: 林永芳
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/t7pm72

碩士 === 國立政治大學 === 俄羅斯研究所 === 107 === The purpose of this study is to explore the Russian stock market and the impact on the market before and after the financial crisis broke out, and carry out research on the Russian stock market using two types of research, namely, the qualitative and the quantitative research. For the qualitative part, the literature review method was employed; for the quantitative part, the RTS index was targeted for statistical inferences. As a result, this paper is divided into five chapters. Other than the Introduction and Conclusion, the other three chapters include: the establishment process of the Russian stock market and the long-term changes in the Russian stock market as a result of the two financial crises, which shall provide insights into the Russian stock market. According to the research findings, since Russia was previously a communist country, the process of privatizing state-owned enterprises by the Russian government involved many abuses, most obvious of which was the birth of a financial oligarchy and the rise of crony capitalism. Despite the numerous criticisms of the privatization process, the privatization prompted the establishment of the Moscow Exchange. In addition, the Russian stock market in different periods had significantly changed the sensitivities of international crude oil prices and its GDP. By using the time series data, this study adopted Vector Autoregression Model (VAR), the unit root test, and Johansen tests for cointegration to obtain the relational equations of the factors, and drew the conclusions on the policies of the Russian government at the time.