As the main component of the national financial system, financial market plays an important role in the process of economic growth of the country. A vigorous and useful financial market not only can raise the funds needed for the country to build up, but also can guarantee the effective distribution of funds among different economic parts. Therefore, the cultivation and growth of financial market has always been widely valued by the authorities of all countries. The development of Russian financial market started late, after the collapse of the Soviet Union, the Russian authorities to implement the "shock therapy" type of conservative economic transformation. It can be said, "shock therapy" to promote the importance of economic liberalization, state-owned enterprises public and financial policy and monetary policy steady directly for Russian financial markets have created a condition, Russia's monetary market, capital market and foreign exchange market along with the reform process of the profound and gradually grow up. Interbank lending in the currency market in Russia to occupy an important position. In the early 90's in last century, the market business is very lively, banks actively funds borrowed or lent is mediation liquidity needs, but the main reason is short-term debt market high-yield make diverse bank capital will be invested in the market to stop short time arbitrage. Because of the standard interbank lending market operations of the judiciary, the laws and regulations are not perfect, after all, the emergence of the crisis in 1995, to the national economy has brought great unrest. 1998 financial crisis, the inter-bank lending market suffered heavy losses, followed by the reorganization of the Russian banking sector restructuring, the market has come alive again. Short list market in the Russian currency market in recent years, with the deterioration of the state of the company's operations have grown, the target has increased. The Russian achievement currency market is faced with bad debts are important achievements, in 2001 the enterprise deposit claims 36. 9% is overdue debt, corporate debt burden has a high proportion of the recovery and growth of the Russian economy has had a serious impact. Russia's capital market is divided into the national securities market and the company's securities market. Short time national debt and federal debt bond are important kinds of Russian federal government bonds. The final goal of short-term debt and federal debt issue bonds is to fill the national financial deficit. At that time the Russian national economy because of the economic system "WP=3" transition and the emergence of a sharp decline in inflation, the government's financial deficit is great. Authorities in order to tide over their difficulties, only to high interest rates, large amount of issuance of short-term debt, the short-term debt markets contracted sharply. Central bank as the government of the currency, not only did not have a good financial policy of the joint venture, but to participate in the ranks of the ranks of public debt, to seize the profits. In order to attract more investors, Russia continuously relaxed threshold of foreign capital into the bond market. The influx of foreign capital mostly by bond super high yield attracted, thus doubling the Russian Treasury market turmoil, to eventually become a government debt crisis, authorities because of the strong sinking and in 1998 voluntary bond market closed. In, the authorities resumed business operations in the federal bond market in June 1999, and increased administrative intervention in the market. The scope of the recovery of the federal bond market and yields have emerged to reduce the trend. This is due to the deterioration of the country's overall economic situation. Russian municipal bond market in the Russian market in the securities market also occupied a major position. Local municipal bonds are more attractive than the federal debt, and the scope of business is increasing year by year, and has a great growth potential. The development of Russian stock market comes from the state of the state to the state owned enterprises. Because meantime enterprise operation state wide Qianan, listing may smooth the company stock proportion is very small, can be realized with low, as long as the company's most dynamic class stock can perhaps cause investor interest, so the relatively small range of stock market. Authorities in order to attract more investment, the stock market is open to domestic investors, to June 1996, with a foreign stock accounted for one-third of the total Russian public enterprises joint-stock. After the 1998 financial crisis, through two years of recovery, the 2001 Russian stock market growing rapidly, and the index has a greatly increased, its important reason is Russia international macroeconomic target is improved somewhat, and in Russia's foreign export occupied a considerable proportion of oil and other dynamic power of product of international market prices persist in a higher degree. In spite of this, the Russian stock market still has a high risk, the stock price is shaken, the capital structure is single and so on. Corporate bond market is Russia in recent years to grow faster in the financial markets, the role of financing has become more and more of the eve of the, in 2001 the company bonds on behalf of business business volume has reached 24.7 billion rubles, its market expansion potential greatness, insist on every year 100 - 150 million Lu the WP=4. An important feature of the market is the strength of the power company's bond issuance of a larger scale, which is due to the company's operations are widely used to raise funds to strong on the bond debt to higher. Russia's price certificate 目录: |
