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Section 3. Financial Markets and Financial Institutions

In: Russian Economy in 2015. Trends and Outlooks. (Issue 37)


  • V. Mau
  • A. Bozhechkova
  • A. Kiyutsevskaya
  • P. Trunin
  • S. Belev
  • A. Alaev
  • A. Mamedov
  • E. Fomina
  • A. Abramov
  • A. Shadrin
  • O. Izriadnova
  • S. Drobyshevskiy
  • M. Kazakova
  • S. Tsukhlo
  • G. Idrisov
  • A. Kaukin
  • Yu. Ponomarev
  • Yu. Bobylev
  • E. Gataulina
  • N. Shagaida
  • V. Uzun
  • R. Ianbykh
  • N. Volovik
  • M. Baeva
  • A. Knobel
  • L. Karachurina
  • T. Kliachko
  • I. Dezhina
  • G. Malginov
  • A. Radygin
  • G. Zadonskiy
  • E. Apevalova
  • N. Polezhaeva
  • G. Sternik
  • V. Tsymbal
  • I. Starodubrovskaya
  • K. Kazenin
  • V. Zatsepin

    (Gaidar Institute for Economic Policy)


The year 2015 saw a continuation of the longest slump in the history of Russia's stock market, which had started in May 2008. In 1997–1998, after the RTS Index had dropped by 91.3%, and the MICEX Index - by 73.0%, from their pre-crisis highs over a period that lasted slightly more than a year, they both managed to recover their former quotes in 58 and 8 months respectively (Table 1). Now, as of February 2016, after their plummet during the acute phase of the 2008 crisis, both these stock indices have never recovered: the MICEX Index over the period of 88 months, and the RTS Index – 85 months.

Suggested Citation

  • V. Mau & A. Bozhechkova & A. Kiyutsevskaya & P. Trunin & S. Belev & A. Alaev & A. Mamedov & E. Fomina & A. Abramov & A. Shadrin & O. Izriadnova & S. Drobyshevskiy & M. Kazakova & S. Tsukhlo & G. Idris, 2016. "Section 3. Financial Markets and Financial Institutions," Book Chapters, in: Sergey Sinelnikov-Murylev & Alexandr Radygin & Vladimir Mau (ed.), Russian Economy in 2015. Trends and Outlooks. (Issue 37), edition 1, volume 37, chapter 3, pages 83-170, Gaidar Institute for Economic Policy.
  • Handle: RePEc:gai:gbchap:re37-03-en

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    Russian Economy; Financial Markets;


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