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| Tekijä: | Hayo, B. Kutan, A.M. |
| Otsikko: | The impact of news, oil prices, and global market developments on Russian financial markets |
| Lehti: | Economics of transition
2005 : VOL 13:2, p. 373-393 |
| Asiasana: | Financial markets Bond markets Stock markets Transition economies Russia |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the impact of news, oil prices, and international financial market (hereafter as: int. fin-mrkt/s.) developments on daily returns (here as: rets.) on Russian bond and stock markets (here as: b-mrkts. - st-mrkts). First, regarding rets., energy news affects rets., while news from the war in Chechnya is not significant. Market volatility does not appear to be sensitive to either type of news. Second, a significant effect of the growth in oil prices on Russian stock rets. is detected. Third, the int. influence on Russian financial markets (here as: fin-mrkts.) depends on the degree of financial liberalization (here as: fin-lib.). The higher the degree of fin-lib., the stronger is the impact of U.S. stock rets. on Russian fin-mrkts. In addition, banking reform and interest rate lib. efforts seem to dictate the globalization of Russian st-mrkts., while it is the progress in liberalizing securities markets and non-bank financial institutions that matters more for the globalization of Russian b-mrkts. |
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