The Russian stock market has to overcome the problems that it inherited as a legacy from the mass privatization and loans-for-shares program that took place during the 1990s. It grew quickly after 1998 and then continued to boom from 2000 to the 2008 crisis. However the issues that reforms need to address - problems with regulatory agencies, extensive corporate conflicts, unclear property rights and the dearth of domestic investors - are a reflection of Russia's broader societal problems. My piece for the Russian Analytical Digest about that here.
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