Subject. This article explores the process of money supply generation in the Russian economy. Objectives. The article aims to define the direction of causal relationships between monetary indicators and credit in Russia from the perspective of exogenous and endogenous approaches. Methods. For the study, I used VAR models, group cross-correlation, and the Granger causality test. Results. Based on the analysis of the formation of money supply in Russia for the period from 2015 to 2019, the article presents certain formalization of causal relationships between monetary indicators and credit. The results of the study show that the formation of money supply in Russia was rather exogenous. Conclusions and Relevance. The results of the study are aimed at the development of the science of money and formalization of cause-and-effect relationships in the change of money supply based on real statistics. They can be used in the future in terms of clarifying the size of money supply changing.
Keywords: endogeneity and exogeneity of money, endogenous money supply, banking sector, post-Keynesian economics, monetarism
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