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Julia Lakhno

is an assistant professor at Rostov State University of Economics (RSUE) since 2012, researcher at the Research Institute of RSUE since 2009. PhD was earned in the same institution in 2010. As part of the Research Institute of RSUE took part in the research paper " Innovation Transformation of the Russian financial market as a condition for the development of the real sector of the economy " with the support of the Ministry of Education and Science of the Russian Federation in 2012-2013. May 2014 - the winner of the competition of Russia's Economic growth hold by the Free Economic Society of Russia; May 2012 – Best Young Teacher of the South of Russia Endowment Fund "Education and Science SFD"; October 2011 - Finalist of the National Competition of Scientific and innovative work in theoretical and applied economics held by the Fund, "Finance and Development" and the Russian Academy of Sciences Her research interests are identification of the Russian stock market and economic growth; study of the development of commodity derivatives markets in Russia and its impact on the real economy, behavioral Finance.

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The subjects for benchmarking in development of securities markets

Well-functioning financial systems reduce information, transaction costs and improve ability to facilitate ownership trading in an economy's productive technologies and as such facilitating higher output growth. In a more liquid stock market, it is less expensive to trade equities. Higher liquidity allows firms to raise capital at a lower cost. That is way liquidity is a critical factor to consider in emerging stock markets. The article analyzes the stock markets of Hungary, the Czech Republic, Poland, Russia and Slovenia, as countries, which began to develop market relations at the same time. Analysis of macroeconomic indicators, institutional investors, the dynamics of stock indices and financial instruments, presented on the exchanges, allowed us to identify common features and peculiarities of the development of securities markets in these countries. Results of the research are recommendations for exchange of experience in the development of stock markets.

Last modified: 2018.11.30.