Behavior of Private Investors in the Stock and Futures Markets in 2022–2023: Possible Reaction to Changes in Monetary Policy
https://doi.org/10.26794/1999-849X-2022-15-1-63-71
Abstract
The subject of the study is the investment behavior of Russian private investors in the conditions of monetary policy transformation.
The purpose of the article is to predict the possible reaction of retail investors in the stock and futures markets to the continuation of the Bank of Russia’s inflation targeting policy, which has had a positive impact on inflation dynamics at the moment, but has led to a reduction in the key rate and, accordingly, a decrease in the attractiveness of bank deposits. It was found that as an alternative to deposits, an increasing number of potential investors began to consider the possibility of investing in stock and futures market instruments to obtain increased income compared to investing money in deposits on bank accounts. Such an increased interest in high-risk financial products, which has come as a surprise to both professional market participants and the regulator, carries a social danger of investors with a low level of financial literacy entering the market in conditions of increasing financial risks and instability of the economic system, which will cause an increase in volatility in the stock market.
The article concludes that the probability of a decrease in the growth rate of turnover on transactions of retail investors and a relatively low possibility of outflow of funds from financial markets back to the bank accounts of private investors.
About the Author
E. R. Bezsmertnaya
Financial University
Russian Federation
Russian Federation
Ekaterina R. Bezsmertnaya — Cand. Sci. (Econ.), Assoc. Prof., Dean of the Department of Economics and Business
Moscow
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Review
For citations:
Bezsmertnaya E.R. Behavior of Private Investors in the Stock and Futures Markets in 2022–2023: Possible Reaction to Changes in Monetary Policy. Economics, taxes & law. 2022;15(1):63-71. (In Russ.) https://doi.org/10.26794/1999-849X-2022-15-1-63-71
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