According to the participation in the equity capital formation the largest countries-oil exporters are divided into two groups: the first one includes Australia, Canada and Norway, where the stock market performs the function of mobilizing domestic savings to investment in fixed capital; the second one is Russia, where the stock market serves as a mechanism for the distribution and redistribution of ownership of assets. The article shows that the critical dependence on the stock market from foreign speculative capital increases the susceptibility of the national economy to macroeconomic shocks. It is noted that particularly important in such conditions become the increasing rate of accumulation and improvement of the structure of investments by encouraging foreign direct investment.