Home  Journals  Finance and Credit  33(609) - 2014 September

Analysis of the integration of the Russian securities market with BRICS markets

Available online: 29 August 2014

Subject Heading: SECURITIES MARKET

JEL Classification: 

Pages: 31-42

Based on the analysis of the works of Russian and foreign researchers, the author comes to the conclusion that the financial integration of securities markets in developing countries varies depending on the economic cycle phase and geographical isolation of the countries. The author has conducted a correlation analysis of the BRICS countries' stock indices dynamics. The analysis has enabled to establish a closer relationship of the Russian stock index with the indices of China and Brazil. The author has also analyzed the cooperation among the BRICS countries' stock exchange alliance and the cross-country flows of portfolio investments in these countries, and this analysis allowed the author to conclude about weak integration of the Russian securities market participants with financial institutions of the BRICS countries.

Keywords: stock market, BRICS, integration, portfolio investment

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