Was the fall of the stock market in 2008 the correction bubble

The article is diagnosed presence of a bubble on stock market in 2008 by analyzing assumptions, direct and indirect signs of a bubble, as well as analysis of price levels reached before correction. The study showed that formation of prerequisites bubble in 2008 in Russia were favorable economic situation, credit growth and low cost of loan, state investors. Factors mass-to-market investors lay and the emergence of new communication tools acted partially. Of four analyzed indirect signs of a bubble two (the flow of funds to stock market from abroad 'and' increase in number of investment funds) are mild, while two (IPO growth and underestimation of shares at placement and narrowness of market ') are absent. The Russian stock market was no direct evidence of such essential bubble is accelerating sharply rising prices, increased volatility and trading volume just before collapse. There has been a deep fall was 80%, which, however, was offset by high recovery rate of index after correction.