Significant Changes in International Capital Markets

Alexander Alexandrovich Tkachenko
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Alexander Alexandrovich Tkachenko: Russian Foreign Trade Academy, Moscow, Russia

Russian Foreign Economic Journal, 2025, issue 1, 26-48

Abstract: The global economy is characterized by both the processes of regionalization of countries’ markets and ongoing economic globalization. International capital market plays an important role in the global economy, which is measured by different methods and indicators. In domestic literature, insufficient attention is paid to the characteristics of the world capital market and the main changes in this market in the XXI century, although many of them testify to future trends in the world economy. The article examines the changes in the economic sectoral structure in terms of market capitalization and the share of the world’s major economies in this capital market, including developed and developing economies, for 2013-2023. The strengthening of developed economies - the USA and the EU, the obvious weakening of emerging economies, and the instability of the largest of them - the Chinese economy, are arguably the most significant ones. The analysis of sovereign wealth funds shows their importance as major investors in stock markets; special attention is paid to sovereign wealth funds that are educational in their purpose, and a conclusion is made about the advisability of creating a sovereign fund in Russia, similar to the Texas education and general funds.

Keywords: developed economies; emerging economies; international capital market; world stock market capitalization; international stock index; sovereign wealth funds; education sovereign wealth funds (search for similar items in EconPapers)
JEL-codes: G15 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:alq:rufejo:rfej_2025_01_26-48

DOI: 10.24412/2072-8042-2025-1-26-48

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