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Finance and Credit
 

Possibilities of monetary regulation in Russia

Vol. 29, Iss. 10, OCTOBER 2023

Received: 25 May 2023

Received in revised form: 8 June 2023

Accepted: 22 June 2023

Available online: 30 October 2023

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: Е50, Е52, Е58

Pages: 2218–2238

https://doi.org/10.24891/fc.29.10.2218

Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation
v2v3s4@mail.ru

https://orcid.org/0000-0002-6198-3157

Subject. The article investigates monetary regulation in Russia.
Objectives. The focus is on determining the possibilities of monetary regulation in Russia.
Methods. The study draws on systems approach, using the methods of statistical, neural network, and cluster analysis.
Results. The paper unveils peak values of intraday loans, other (lombard) loans, a strong direct relationship of intraday loans with other loans, and a decrease in overnight loans. It describes monetary inflationary risks, transition to a high level of standing deposit facilities (for overnight deposits) and one-week deposit auctions. I found significant dynamics of funds in escrow accounts, brokerage accounts and debt securities, demonstrated reaching a new level of debt relations of the non-financial sector, households, and non-profit organizations serving households. The study reveals the structural importance of the population in the context of the necessary link to GDP at constant prices in rubles.
Conclusions. The real range of opportunities for monetary regulation in Russia for public authorities is associated with an increase in cash in circulation, growth in the level of standing deposit facilities, maintaining the excess of the debt of non-financial sector over the debt of households and non-profit organizations serving households, the dynamics of gross domestic product in constant prices in rubles and the population. The provisions of the study expand the competence of government members in the process of formulating a set of measures aimed at improving the effectiveness of monetary regulation.

Keywords: brokerage account, monetary management, deposit auction, debt securities, escrow account

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