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Economic analysis of ineffectiveness of financial markets in post-Soviet Russia

Student: Elizaveta Kozhevnikova

Supervisor: Ivan V. Rozmainsky

Faculty: Faculty of Economics

Educational Programme: Bachelor

Final Grade: 7

Year of Graduation: 2014

<p align="center"><em><strong>Abstract</strong></em>&nbsp;<strong>to the&nbsp;<em>diploma project on the theme: &ldquo;Economic analysis of ineffectiveness of financial markets in post-Soviet Russia.&rdquo;</em></strong></p><p><em>This paper is devoted to the analysis of household behavior in modern Russia, namely the identification of characteristics of households and their willingness to invest savings in securities. </em></p><p><em>To implement this goal it was necessary to perform the following tasks:</em></p><p style="margin-left:53.45pt;"><em>1.&nbsp;&nbsp;&nbsp;&nbsp; </em><em>Collect data about the factors influencing the choice of households in the distribution of their savings.</em></p><p style="margin-left:53.45pt;"><em>2.&nbsp;&nbsp;&nbsp;&nbsp; </em><em>Find the best regression model explaining the unpopularity of investments in securities among the population. </em></p><p style="margin-left:53.45pt;"><em>3.&nbsp;&nbsp;&nbsp;&nbsp; </em><em>Identify the proportion of savings that households are willing to transform into securities. </em></p><p style="margin-left:53.45pt;"><em>4.&nbsp;&nbsp;&nbsp;&nbsp; </em><em>Analyze the factors that are essential for households who prefer to invest their accumulated funds in securities.</em></p><p><em>During the research I used such methods and techniques, as analysis and synthesis of information, analogy and comparison methods and generalizations, econometric modeling and statistical grouping. For practical implementation of the above methods I used such software applications as &quot;MS Excel&quot; and &quot;Stata&quot;.</em></p><p><em>The work consists of three parts. The first contains the peculiarities of the Russian stock market, the problems of its formation, as a consequence of adverse events in the 1990s. The second part is devoted to internal and external reasons, due to which the population of Russia is not ready to leave some income in the form of savings to purchase securities. The third part involves the development and improvement of an econometric model that explain the unpopularity of the securities in the post-Soviet Russia. </em></p><p><em>Households are heavily dependent on the investment climate and political situation in the country. This hypothesis was proved. Also, if people in Russia trust the government and its financial institutions, the share of savings, which will go on securities, will be increased by 31.9%.</em></p><p><em>If a potential participant of the stock market feels risky, the percentage content of the current securities portfolio will increase by 35%. Households that have experience in purchasing securities increase their share of savings on 18.2%.</em></p><p><em>Such factors as additional income, dependence on other people&#39;s opinions, optimism and habits don&rsquo;t influence on the choice of households in the allocation of their savings.</em></p>

Full text (added June 9, 2014) (150.86 Kb)

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