The Formation of the Single Stock Market by Russia and Kazakhstan in the Conditions of Development of the Eurasian Economic Union

This chapter explores the relationship between stock market capitalization and macroeconomic factors (inflation rate, refinancing rate, US dollar/national currency rate, nominal GDP) based on the time series data complied in Russia and Kazakhstan from 2010 to 2017. Due to the multiple linear regression model, there is a strong correlation between stock market capitalization and the US dollar/national currency rate and the insignificant correlation with other indicators. Such correlation is connected with the monetary policy of currency appreciation and fixing of its exchange rate in the considered countries. This paper also considers the main problems, which should be solved for the provision of a single stock market by these countries: asymmetry of the development level of the stock markets, current inconsistencies in legislative and methodological support, the development level of the market infrastructure. There is also an organizational activity of professional participants from these countries, the lack of effective cooperation and information exchange among professional participants of the stock markets in partner countries. © 2020, Springer Nature Switzerland AG