Kuznetsova, Olga, Kuznetsov, Andrei and Mirkin, Yakov M.
The rocky road to modernity: 20 years of the Russian capital market.
Thunderbird International Business Review, 53
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Official URL: http://dx.doi.org/10.1002/tie.20441
From a modest start almost 20 years ago, the Russian financial market has emerged as a major force in Eastern Europe and Central Asia. This article offers a retrospective account of the two decades of development of the financial sector in Russia, with an emphasis on the securities market; outlines the main stages in its development; and proposes an assessment of the capital market in comparison to other international markets. We conclude with an overview of the market's performance during the current financial crisis. © 2011 Wiley Periodicals, Inc.
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