Subject. Channels of crediting and financing in the Russian economy. Objectives. To identify the role and assess changes in lending and financing channels in the Russian economy, as well as identify risks to the financial system. Methods. The research is based on a comprehensive time series analysis using econometric analysis, linear trend construction and quality assessment. Results. A stable structural asymmetry of lending and financing channels in the Russian economy has been identified, which has consolidated its role as the main, most stable and dominant channel – bank lending. The capital market performs a complementary function – corporate bonds serve as an important complement to loans, while the stock market is not a significant source of financing due to high volatility. A significant structural shift has been the strengthening of the role of the Bank of Russia as a lender of last resort, which indicates liquidity imbalances in the banking sector. The contradiction between the growing need for borrowed resources and the tightening of monetary policy creates risks for investment activity and consumption. Conclusions. The results of the study will be useful in developing measures to ensure financial stability, as well as for commercial banks and issuing companies when forming lending and financing strategies.
Keywords: stocks, credit, liquidity, bonds, risks
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