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The Russian Capital Market: The First 20 Years

From a modest start almost 20 years ago the Russian financial market has emerged as a major force in Eastern Europe and Central Asia. This paper offers a retrospective account of the two decades of the development of the financial sector in Russia with an emphasis on the securities market, outlines the main stages in its development and proposes an assessment of the capital market in comparison to other international markets. We conclude with an overview of its performance during the current financial crisis.