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Armenian Financial Market: Development, Present Conditions and Perspective

Author

Listed:
  • Igor A. Yakovlev

    (Financial Research Institute, Moscow 127006, Russia)

  • Kristina V. Shvandar

    (Financial Research Institute, Moscow 127006, Russia)

Abstract

The goal of this article is to show how the financial market of Armenia is arranged at the moment with short descriptions of the historical path of its development, explaining how past difficulties were solved and what problems still need to be addressed. The country’s banking system demonstrates high capital adequacy and liquidity ratios, while the infrastructure of organized market for trading in financial assets meets the best world standards. However, the volume of bank loans to the economy still does not reach 50 % of GDP; the capitalization of the stock market and the turnover of corporate bonds show the modest market capacity. Enhance of the securities market, primarily corporate bonds market would facilitate the increase in contribution of the financial market to the national economic development of Armenia. Joint efforts of the authorities and the market have done much for the development of the trade and depository block, improvement of the regulatory framework, enlargement of the investors community. In the final part of the article the authors present their considerations on the essential components of a further work on the development of the Armenian stock market.

Suggested Citation

  • Igor A. Yakovlev & Kristina V. Shvandar, 2018. "Armenian Financial Market: Development, Present Conditions and Perspective," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 90-102, August.
  • Handle: RePEc:fru:finjrn:180408:p:90-102
    DOI: 10.31107/2075-1990-2018-4-90-102
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    Cited by:

    1. Elizaveta V. Anufrieva, 2019. "Influence of Macroeconomic Factors on the Return of Russian Stock Exchange Indices," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 75-87, August.

    More about this item

    Keywords

    Armenia; financial market; banks; insurance companies; pension funds; investment services; exchange; equity; bonds;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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