Subject. The article discusses financial capital issues. Objectives. The study determines the consistency of the dynamics of the Russian financial capital components. Methods. The study is based on the systems approach and methods of statistical, neural network and cluster analysis. Results. I analyze the dynamics of rates, such as USD/RUB, RGBI, RTSI, SBER, IMOEX, and discovered the speculative behavior of financial capital holders (IMOEX, USD/RUB, SBER) in the domestic (RGBI) and external (RTSI) market. Analyzing the importance of growth rates of GDP and its constituents, I found the State prioritized the regulation of the GDP deflator (The Central Bank – inflation targeting), considering a growth in governmental expenditures and the decreased importance of growth rates of GDP and households’ consumption expenditures, as the import of goods and services gets more important. The high importance of rates of growth in the export of goods and services is identical to Australia, Estonia and Columbia. Corporate relationships of the Central Bank and financial corporations focus on the regulation of money supply and currency outside financial corporations and internal claims. The relationships strengthen as the monetary policy get more concentrated on net claims to the central government and inflation targeting. Conclusions and Relevance. The scope of consistency of trends in the Russian financial capital components allows public authorities to regulate a growth in the corporate relations of the Central Bank and financial corporations in order to curb the speculative behavior of financial capital holders. The findings hereof contribute to the knowledge and competence of officials of the Russian Government and the Federal Antimonopoly Services with respect to systemic decisions on control over financial transactions.
Keywords: dynamics, components, consistency, inflation targeting, financial capital
References:
Oino I. Impact of Regulatory Capital on European Banks Financial Performance: A Review of Post Global Financial Crisis. Research in International Business and Finance, 2018, vol. 44, pp. 309‒318. URL: Link
Ali M., Iness A. Capital Inflows and Bank Stability around the Financial Crisis: The Mitigating Role of Macro-Prudential Policies. Journal of International Financial Markets, Institutions and Money, 2020, vol. 69, 101254. URL: Link
Yang H., Shi F., Wang J., Jing Z. Investigating the Relationship between Financial Liberalization and Capital Flow Waves: A Panel Data Analysis. International Review of Economics & Finance, 2019, vol. 59, pp. 120‒136. URL: Link
Mercado R. Jr., Noviantie S. Financial Flows Centrality: Empirical Evidence Using Bilateral Capital Flows. Journal of International Financial Markets, Institutions and Money, 2020, vol. 69, 101255. URL: Link
Gallagher K.P., Tian Y. Regulating Capital Flows in Emerging Markets: The IMF and the Global Financial Crisis. Review of Development Finance, 2017, vol. 7, iss. 2, pp. 95‒106. URL: Link
Rubio M., Yao F. Bank Capital, Financial Stability and Basel Regulation in a Low Interest-Rate Environment. International Review of Economics & Finance, 2020, vol. 67, pp. 378‒392. URL: Link
Matousek R., Panopoulou E., Papachristopoulou A. Policy Uncertainty and the Capital Shortfall of Global Financial Firms. Journal of Corporate Finance, 2020, vol. 62, 101558. URL: Link
Kosmidou K., Kousenidis D., Ladas A., Negkakis C. Regulation of Capital Flows: Effects on Liquidity and the Role of Financial Reporting Quality. Journal of Economic Behavior & Organization, 2020, vol. 175, pp. 86‒97. URL: Link
Ripamonti A. Financial Institutions, Asymmetric Information and Capital Structure Adjustments. The Quarterly Review of Economics and Finance, 2020, vol. 77, pp. 75‒83. URL: Link
Chong B.-U., Kim H. Capital Structure Volatility, Financial Vulnerability, and Stock Returns: Evidence from Korean Firms. Finance Research Letters, 2019, vol. 30, pp. 318‒326. URL: Link
Dhole S., Mishra S., Pal A.M. Efficient Working Capital Management, Financial Constraints and Firm Value: A Text-Based Analysis. Pacific-Basin Finance Journal, 2019, vol. 58, 101212. URL: Link
Zhang D. Is Export Tax Rebate a Quality Signal to Determine Firms’ Capital Structure? A Financial Intermediation Perspective. Research in International Business and Finance, 2021, vol. 55, 101317. URL: Link
Lambrinoudakis C., Skiadopoulos G., Gkionis K. Capital Structure and Financial Flexibility: Expectations of Future Shocks. Journal of Banking & Finance, 2019, vol. 104, pp. 1‒18. URL: Link
Pancrazi R., Seoane H.D., Vukotic M. The Price of Capital and the Financial Accelerator. Economics Letters, 2016, vol. 149, pp. 86‒89. URL: Link
Valencia O., Osorio D., Garay P. The Role of Capital Requirements and Credit Composition in the Transmission of Macroeconomic and Financial Shocks. El papel de las necesidades de capital y la composición de los créditos en la propagación de los choques macroeconómicos y financieros. Ensayos sobre Política Económica, 2017, vol. 35, iss. 84, pp. 203‒221. URL: Link
Bui C., Scheule H., Wu E. The Value of Bank Capital Buffers in Maintaining Financial System Resilience. Journal of Financial Stability, 2017, vol. 33, pp. 23‒40. URL: Link
