DEVELOPMENT OF STOCK EXCHANGE IN THE INSTITUTIONAL MODELS OF THE EAEU COUNTRIES. INTEGRATION PROBLEMS

Aim. To show the dependence of the stock index of the countries-members of the Eurasian Economic Union (EAEU) from 2005 to 2018 based on the analysis of data from their stock exchanges. Methodology. The research methodology includes systemic analysis, observation, generalization, interpretation of results. Results. Recommendations that help optimize the economic interaction of the EAEU member states and expand their cooperation in the financial sphere are given. Bloomberg data for the period of 2000-2018 together with the EAEU data are used, which made it possible to assume and prove the hypothesis of a close relationship between the most developed stock markets of the EAEU: Russia, Kazakhstan and Belarus. Research implications. The informational analysis showed that the stock market indices of the EAEU member states largely depend on the production of raw materials and prices for these raw materials. In the context of the development of financial relations between the EAEU states it is offered to consider and use the experience of strengthening and developing economic cooperation between European countries and methods of overcoming the crisis phenomena of the 50-s in the last century in the field of harmonization of financial policy and financial relations. Besides, it is offered to simplify and standardize the businesspersons’ access to credit, to improve the system of tax incentives for exporters of industrial goods and the procedure for granting subsidies to new sectors of the economy. The use of the European experience in the EAEU in choosing the common currency and the absence of customs barriers will help in overcoming the competition problems and serve mutually beneficial trade cooperation.

stock market, EAEU, securities, correlation, institution, turnover, optimization

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