Stock market crisis: the essence and forms of the phenomenon in the conditions of the Russian economics

Tyumen State University Herald. Social, Economic, and Law Research


Release:

Vesntik TSU. Economy (#11). 2014

Title: 
Stock market crisis: the essence and forms of the phenomenon in the conditions of the Russian economics


About the authors:

Natalia B. Boldyreva,
Dr. Sci. (Econ.), Professor, Department of Finance, Monetary Circulation and Credit, Tyumen State University

Alexander A. Parfenov,
Managing Director, LTD Company "Unison Trust" (Tyumen)

Abstract:

The stock market plays a significant role in modeling and spreading of shocks in the financial market, which could result in a crisis. In these conditions, it is crucial to identify a crisis in advance to reduce its negative consequences. It implies definition of the stock market crisis concept. The authors introduce a crisis situation in the stock market concept and divide it into three periods (elements): a period of destabilization, the actual crisis and a post-crisis (post-destabilization) period. The article describes these periods and establishes forms of crisis in the Russian stock market. A functional approach is used to reveal the essence of the actual crisis in the stock market through the failure of the key stock market redistributive function. The analysis of the elements and structure forms of a crisis situation allows to develop a common approach to their identification and dating the boundaries of the actual crisis in the stock market. The analysis of economic statistics is used to explain the realization of the Russian stock market redistributive function, and a crisis situation in the Russian 2008-2009 stock market (as well as its dates) is investigated.

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