Was the fall of the stock market in 2008 the correction bubble?

Являлось ли падение фондового рынка в 2008 году коррекцией пузыря?

Chirkova, Elena (Чиркова, Елена) ()
Additional contact information
Chirkova, Elena (Чиркова, Елена): National Research University Higher School of Economics

Ekonomicheskaya Politika / Economic Policy, 2014, vol. 3, 93-115

Abstract: The article is diagnosed the presence of a bubble on the stock market in 2008 by analyzing the assumptions, direct and indirect signs of a bubble, as well as the analysis of price levels reached before the correction. The study showed that the formation of the prerequisites bubble in 2008 in Russia were favorable economic situation, credit growth and low cost of the loan, state investors. Factors "mass-to-market investors lay" and "the emergence of new communication tools" acted partially. Of the four analyzed indirect signs of a bubble two ("the flow of funds to the stock market from abroad 'and' increase in the number of investment funds") are mild, while two ("IPO growth and underestimation of the shares at the placement" and "narrowness of the market ') are absent. The Russian stock market was no direct evidence of such essential bubble is accelerating sharply rising prices, increased volatility and trading volume just before the collapse. There has been a deep fall was 80%, which, however, was offset by the high recovery rate of the index after correction.

Keywords: the stock market bubble in the stock market; stock market crash (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://repec.ranepa.ru/rnp/ecopol/ep1430.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:ep1430

Access Statistics for this article

Ekonomicheskaya Politika / Economic Policy is currently edited by Vladimir Mau

More articles in Ekonomicheskaya Politika / Economic Policy from Russian Presidential Academy of National Economy and Public Administration Contact information at EDIRC.
Bibliographic data for series maintained by RANEPA maintainer ().