Economics at your fingertips  

The Russian Financial Market in 2021

Alexander Abramov, Alexander Radygin and Maria Chernova
Additional contact information
Alexander Abramov: RANEPA

Published Papers from Gaidar Institute for Economic Policy

Abstract: The market for Russian stocks was characterized by growth nearly throughout the whole year 2021; however, starting from November, it began to display a trend towards its downward adjustment. As shown in Fig. 1, among the 43 national stock indexes denominated in different currencies around the world, a positive annual return in 2021 was demonstrated by the composite indexes of 33 countries. The highest growth was achieved by the Argentina index (33.5%), followed closely by the S&P 500 (26.9%). The growth of Russia’s indexes, the RTS and IMOEX, was almost the same: 15.0% and 15.1%, respectively. However, over the first two months of 2022, the situation changed significantly: in January-February, IMOEX fell by a record 38.4%, and the RTS Index, by 41.3%. Over the same period of 2022, a majority of the 43 national stock indexes moved downward, except only a few of them, which were mainly those of developing countries: Argentina, Brazil, Greece, Malaysia, Norway, Singapore, Turkey, the Philippines, and the RSA. The main reason behind this massive adjustment of national stock indexes was the announcement, in mid-December 2021, of the leaders of the US Federal Reserve System (FRS) that in March 2022 they planned to curtail the current quantitative easing program, and so there was a high probability that the interest rates set by the Central Bank would begin to climb.

Keywords: Russian economy; stock market; bond market; corporate bond market; derivatives market; private investors (search for similar items in EconPapers)
JEL-codes: G01 G12 G18 G21 G24 G28 G32 G33 (search for similar items in EconPapers)
Pages: 82 pages
Date: 2022, Revised 2022
New Economics Papers: this item is included in nep-cis and nep-sea
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Revised Version, 2022 (application/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:

Access Statistics for this paper

More papers in Published Papers from Gaidar Institute for Economic Policy Contact information at EDIRC.
Bibliographic data for series maintained by Victor Hugues ().

Page updated 2022-10-03
Handle: RePEc:gai:ppaper:ppaper-2022-1197