Journal of Siberian Federal University. Humanities & Social Sciences / The Analysis of Sanctions’ Influence on Russian Stock Market Based on Sanction Index Development

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Issue
Journal of Siberian Federal University. Humanities & Social Sciences. 2019 12 (12)
Authors
Fedorova, Elena A.; Khrustova, Liubov E.; Musienko, Svetlana O.
Contact information
Fedorova, Elena A.: Financial University under the Government of the Russian Federation 49 Leningradsky, Moscow, 125993, Russia; School of Finance, NRU HSE 20 Myasnitskaya Str., Moscow, 101000, Russia; ORCID: 0000–0002–3381–6116; Khrustova, Liubov E.: Financial University under the Government of the Russian Federation 49 Leningradsky, Moscow, 125993, Russia; School of Finance, NRU HSE 20 Myasnitskaya Str., Moscow, 101000, Russia; ; ORCID: 0000–0002–0884–2734; Musienko, Svetlana O.: Financial University under the Government of the Russian Federation 49 Leningradsky, Moscow, 125993, Russia; ORCID: 0000–0003–0348–8323
Keywords
Russian financial market; sanctions; anti-Russian sanctions; sanctions’ influence; sanctions’ influence index
Abstract

Anti-Russian sanctions have become one of the key factors, determining the state of the Russian national economics in recent years. Financial restrictions against companies and residents, which constrict the possibility of raising foreign funding and limit cooperation with abroad investors, have become one of the sanctions’ types. Such events could not but affect the state of the Russian financial market. The aim of the work under discussion is to estimate the impact of anti-Russian sanctions on the Russian financial market from 2014 till 2018. In order to achieve the stated objective the authors developed a system of indexes that allow quantitatively showing the sanctions imposed against Russia by different foreign countries. The indexes were calculated not only for all restrictions in total, but also for sanctions imposed by different groups of countries (USA, European Union and other countries). In addition, the developed indexes make it possible to take into account the degree of particular sanctions’ impact based on the level of the object under sanctions. The stated indexes’ analysis in relation to the variation of MOEX index allowed establishing the high degree of dependence of the Russian financial market’s dynamics on the imposed sanction restrictions and justifying the proposed approach to indexes’ calculation

Pages
2155–2169
DOI
10.17516/1997–1370–0525
Paper at repository of SibFU
https://elib.sfu-kras.ru/handle/2311/128401

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