A number of economic and financial studies have found that higher economic growth is associated with, among other factors, financial sector development, increases in foreign capital flows, and financial market integration. Russia is currently one of the major emerging market economies and, since the beginning of the transition, the Russian economy has been capital scarce.; Therefore, in this dissertation, we focus on how well the Russian stock market facilitates the flow of capital from savings (domestic and foreign) to investment. In particular, in Chapter 1, we present an overview of the institutional development and current status of the Russian stock market. In Chapter 2 we study the level of integration of the Russian stock market into world financial markets, while in Chapter 3 we focus on the efficiency of the Russian stock market.; We have found that, while Russian stock market's role in raising capital is small, it is nevertheless quite efficient and integrated into world financial markets. According to the findings of the studies mentioned above, if the Russian stock market were to become larger, it would lead to higher economic growth.
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