Subject. Dynamics of the liquidity of the banking system and the government debt of Russia. Objectives. Identification of trends and structural shifts in the dynamics of the liquidity indicators of the banking system and the government debt of Russia. Methods. Comparative and trend analysis, statistical analysis methods, including calculation of averages and medians, as well as mathematical approximation are used. Results. In the field of liquidity, cyclical patterns have been identified, characterized by periods of significant increases in the provision of liquidity by the Bank of Russia to credit institutions against the background of stressful situations with a subsequent normalization phase. A tendency has been established towards an increase in the dependence of the banking system on refinancing by the Bank of Russia. In the field of public debt structure, a downward trend has been identified in the share of non-residents in the ownership of both domestic and foreign debt obligations. Trends indicate a structural shift towards internal sources of financing. Banks are expected to remain highly dependent on the liquidity of the Bank of Russia and reduce the participation of non-residents in the government debt market. The structural transformation of the financial system is revealed, characterized by the increasing role of the regulator as a key provider of liquidity, and the transition to a model of internal financing of public debt. Conclusions. The results of the study will be useful to regulators, financial institutions, and the scientific community in developing and implementing a set of coordinated measures aimed at diversifying funding sources, developing the domestic capital market, and maintaining monetary policy flexibility.
Keywords: bank, government debt, liquidity, regulator, refinancing
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