Abstract

The slowdown of economic growth in Russia during 2000—2020 has been accompanied by decelerating domestic market growth and decline of its competitiveness indicators compared to other foreign markets. To some extent this evidence is associated with limitations of such development factors as favorable external economic conditions for raw materials and inflow of foreign investments. The intention to solve this problem by increasing state participation in economic processes and aiming financial regulation primarily at reaching financial stability goals has not led to any positive results in financial market development yet. The authors emphasize several key problems in this development including obstacles for longterm domestic savings growth, the unattractiveness of Russian issuers’ securities in terms of risk—return trade-off, the scarcity of quality issuers in listing, and the lack of competition between financial organizations. In response to these problems the authors propose applied recommendations that may be demanded when forming a long-term strategy for the development of the stock market in Russia.

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