The impact of news, oil prices, and global market developments on Russian financial markets/ created by Bernd Hayo and Ali M. Kutan

By:

Hayo, Bernd [author]

Contributor(s):

Kutan, Ali M [co author]

Material type: Text

TextSeries: Economics of transition ; Volume 13, number 2Oxford: Blackwell Publishing, 2005Content type:

text

Media type:

unmediated

Carrier type:

volume

ISSN:

09670750

Subject(s):

Financial market behaviour -- Financial market integration -- Stock market returns -- Russian

LOC classification:

HC244 ECO

Online resources:

Click here to access online

Abstract: This paper analyses the impact of news, oil prices, and international financial market developments on daily returns on Russian bond and stock markets. First, regarding returns, energy news affects returns, 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 returns is detected. Third, the international influence on Russian financial markets depends upon the degree of financial liberalization. The higher the degree of financial liberalization, the stronger is the impact of US stock returns on Russian financial markets. In addition, banking reform and interest rate liberalization efforts seem to dictate the globalization of Russian stock markets, while it is the progress in liberalizing securities markets and non-bank financial institutions that matters more for the globalization of Russian bond markets.

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Holdings
Item type	Current library	Call number	Vol info	Copy number	Status	Notes	Date due	Barcode
Journal Article	Main Library - Special Collections	HC244 ECO (Browse shelf(Opens below))	Vol. 13, no.2 (pages 373-394)	SP46	Not for loan	For in house use only

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Previous	HC244 ECO Economic transition, gender bias, and the distribution of earnings in China/	HC244 ECO Worker displacement during the transition: experience from Slovenia/	HC244 ECO CEEC growth projections: certainly necessary and necessarily uncertain/	HC244 ECO The impact of news, oil prices, and global market developments on Russian financial markets/	HC244 ECO The monetary approach to exchange rates in the CEECs	HC244 ECO Symposium on institutions and economic performance/	HC244 ECO Economic development and the decline of rural and urban community-based networks/	Next

This paper analyses the impact of news, oil prices, and international financial market developments on daily returns on Russian bond and stock markets. First, regarding returns, energy news affects returns, 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 returns is detected. Third, the international influence on Russian financial markets depends upon the degree of financial liberalization. The higher the degree of financial liberalization, the stronger is the impact of US stock returns on Russian financial markets. In addition, banking reform and interest rate liberalization efforts seem to dictate the globalization of Russian stock markets, while it is the progress in liberalizing securities markets and non-bank financial institutions that matters more for the globalization of Russian bond markets.

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