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  6. Perekhod S.A., Velichko V.V., Kovalenko A.N. THE IMPACT OF MACROECONOMIC POLICY ON THE CAPITALIZATION OF THE RUSSIAN STOCK MARKET

The Bulletin of the Institute of Economics of the Russian Academy of Sciences № 2/2026. Finance.

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Sergey A. Perekhod

Cand. Sci. (Econ.), Head of the “Fininvest” Laboratory, Associate Professor of the Department of Financial Markets and Financial Engineering, Financial University under the Government of the Russian Federation, Moscow, Russia

ORCID: 0000-0002-4606-1226

 

Vladislav V. Velichko

Researcher, “Fininvest” Laboratory, Faculty of Finance, Financial University under the Government of the Russian Federation, Moscow, Russia

 

Anastasiia N. Kovalenko

Researcher, “Fininvest” Laboratory, Faculty of Finance, Financial University under the Government of the Russian Federation, Moscow, Russia

 

THE IMPACT OF MACROECONOMIC POLICY ON THE CAPITALIZATION OF THE RUSSIAN STOCK MARKET

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This article investigates the impact of macroeconomic policy on the capitalization of the Russian stock market under conditions of liquidity segmentation, impaired arbitrage, and shifts in investor composition following 2022. The objective of this study is to refine the transmission mechanism of monetary and fiscal impulses to the market capitalization of public companies, accounting for institutional constraints. The methodological framework is grounded in a synthesis of macro-financial literature, a comparative analysis of international empirical findings against Russian specificities, and a qualitative institutional and functional analysis. The findings indicate that in the contemporary Russian context, the influence of the key interest rate on short-term equity market dynamics is diminishing, whereas the role of ruble liquidity is increasingly pronounced. It is established that the response of market capitalization to macroeconomic impulses exhibits sectoral heterogeneity and is contingent upon the dominant transmission channel–interest rate, credit, fiscal, or foreign trade. The study substantiates that ownership structure, state participation, and investor composition act as robust modifiers of the market response. The primary result of this paper is the development of a matrix of institutional filters linking macroeconomic policy decisions to the heterogeneous responses across various segments of the Russian stock market. The scientific novelty of the research lies in the conceptualization of elements for a transmission model mapping macroeconomic policy onto the capitalization of public companies.

Keywords: macroeconomic policy, monetary policy, stock market, transmission mechanism, market liquidity, institutional constraints, stock market capitalization.

JEL: E44, E52, E62

EDN: VUFPUR

DOI: https://doi.org/10.52180/2073-6487_2026_2_28_44

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Manuscript submission date: 09.02.2026

Manuscript acceptance date: 02.04.2026

 

For citation:

Perekhod S.A., Velichko V.V., Kovalenko A.N. The Impact of Macroeconomic Policy on the Capitalization of the Russian Stock Market // Vestnik Instituta Ekonomiki Rossiyskoy Akademii Nauk. 2026. № 2. Pp. 28-44. (In Russ.). https://doi.org/10.52180/2073-6487_2026_2_28_44 EDN: VUFPUR

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