+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






National Interests: Priorities and Security

The relationship between the tourism and stock markets as a factor of economic growth of Russia

Vol. 18, Iss. 3, MARCH 2022

Received: 27 December 2021

Received in revised form: 25 January 2022

Accepted: 20 February 2022

Available online: 15 March 2022


JEL Classification: F00, L83, P48, Q26

Pages: 426–445


Vladimir Yu. VOSKRESENSKII Institute of Economics and Management in Industry, Moscow, Russian Federation

ORCID id: not available

Subject. This article discusses the investment climate in Russia.
Objectives. The article aims to analyze the investment potential of domestic and inbound tourism and the prospects for Russian travel companies' going public.
Methods. For the study, I used analysis and synthesis, scientific abstraction, and the economic and geographical aspect.
Results. The study shows that domestic and inbound tourism should become a factor in the economic growth of the Russian Federation. The development of tourism in Russia is constrained by a number of circumstances, one of which is the insufficient volume of direct investment.
Conclusions. To activate domestic and inbound tourism, it is advisable to create a large partially government-owned public joint-stock company. In this case, the contribution of the tourism industry to economic growth of Russia will become significant.

Keywords: tourism and hospitality industry, tourism market, joint-stock company, direct investments, portfolio investments


  1. Obolenskii V.P. [Foreign trade of Russia amid and after the pandemic]. Rossiiskii vneshneekonomicheskii vestnik = Russian Foreign Economic Journal, 2020, no. 10, pp. 7–17. URL: Link (In Russ.)
  2. Yadgarov Ya.S., Sidorov V.A., Il'inova V.V. [Russia's market economy: development vectors and trends]. Rossiiskii vneshneekonomicheskii vestnik = Russian Foreign Economic Journal, 2021, no. 4, pp. 67–87. URL: Link (In Russ.)
  3. Ivanus A.I. Garmonichnoe upravlenie innovatsionnoi ekonomikoi v usloviyakh neopredelennosti: monografiya [Harmonious management of the innovation economy in conditions of uncertainty: a monograph]. Moscow, URSS Publ., 2012, 208 p.
  4. Khasanov R.Kh., Lavrinenko A.O. [Valuation of the Russian stock market]. Finansy i kredit = Finance and Credit, 2019, vol. 25, iss. 11, pp. 2606–2624. (In Russ.) URL: Link
  5. Barinov E.A. [The role of investment banks in the securities markets in United States]. Putevoditel' predprinimatelya = Entrepreneur's Guide, 2019, no. 43, pp. 54–61. URL: Link (In Russ.)
  6. Parakhina V.N., Alekhina E.I. Transformatsiya sposobov stimulirovaniya innovatsionnoi deyatel'nosti v sovremennykh usloviyakh rossiiskoi ekonomiki: monografiya [Transformation of ways to stimulate innovation in the modern conditions of the Russian economy: a monograph]. Moscow, YUNITI-DANA Publ., 2021, 215 p.
  7. Kiseleva E.G. [Green bonds: new trends in the global market and opportunities for Russian economy]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2021, vol. 65, no. 2, pp. 62–70. (In Russ.) URL: Link
  8. Barashov N.G., Domov R.G. [Program-targeted approach to the analysis of priority areas and forms of domestic tourism]. Teoriya i praktika obshchestvennogo razvitiya = Theory and Practice of Social Development, 2019, no. 12, pp. 41–47. (In Russ.) URL: Link
  9. Parkinson R.W., Ogurcak D.E. Beach Nourishment is not a Sustainable Strategy to Mitigate Climate Change. Estuarine, Coastal and Shelf Science, 2018, vol. 212, pp. 203–209. URL: Link
  10. Van Tassel N.M., Janosik A.M. A Compendium of Coastal Dune Lakes in Northwest Florida. Journal of Coastal Conservation, 2019, vol. 23, iss. 2, pp. 385–416. URL: Link
  11. Zentner E., Kecinski M., Letourneau A., Davidson D. Ignoring Indigenous Peoples – Climate Change, Oil Development, and Indigenous Rights Clash in the Arctic National Wildlife Refuge. Climatic Change, 2019, vol. 155, iss. 4, pp. 533–544. URL: Link
  12. Voskresenskii V.Yu. [Russian tourist industry recreation and health complexes as factor of its integration into international system of tourism]. MIR (Modernizatsiya. Innovatsii. Razvitie) = MIR (Modernization. Innovation. Research), 2012, no. 8, pp. 62–66. URL: Link (In Russ.)
  13. Zabelin D.V. [Barrier-free in sustainable tourism development: Is the path to the sea an innovation?]. Kreativnaya ekonomika = Journal of Creative Economy, 2020, vol. 14, iss. 3, pp. 347–366. (In Russ.) URL: Link

View all articles of issue


ISSN 2311-875X (Online)
ISSN 2073-2872 (Print)

Journal current issue

Vol. 20, Iss. 7
July 2024