Subject. The article addresses the reasons for money emission in modern Russia. Objectives. The purpose of the work is to identify the reasons for money emission in modern Russia. Methods. The research methodology rests on the use of general scientific methods, primarily on the analysis and synthesis of data, and special economic and mathematical methods, in particular, correlation and regression analysis. A graphical method is used to present the obtained scientific results. Results. The study shows the connection between the relevance of the analysis of causes of money emission in modern Russia, and strong-willed efforts of government bodies and monetary authorities to mobilize financial sources of economic growth under sanctions pressure. The paper revealed a dominant volatile growth (growth rate) of quoted shares of Russian issuers traded on the domestic market, and a moderate growth of debt burden. It also discovered a significant increase in the requirements of banking system organizations to other financial organizations, non-financial organizations, and households, with an increase in actual international reserves and net foreign assets of the banking system. Conclusions. The identified reasons for the issue of money in modern Russia will allow the financial authorities to smoothly regulate the growth of listed shares of Russian issuers and the debt burden, fulfilling the budget expenses and preserving the international reserves.
Keywords: share, money issue, monetary aggregate, debt burden, international reserve
References:
Davidenko D.V. Pravo denezhnogo obrashcheniya: sistemnyi analiz [The right of monetary circulation: system analysis]. Vestnik Universiteta imeni O.E. Kutafina (MGYuA) = Courier of Kutafin Moscow State Law University (MSAL), 2023, no. 1, pp. 162–170. (In Russ.) URL: Link
Nurieva L.I. [Issue of cash and organization of their circulation in the Central Bank]. Tendentsii razvitiya nauki i obrazovaniya = Trends in the Development of Science and Education, 2023, no. 99-4, pp. 182–185. (In Russ.) URL: Link
Sadchenko M.M., Luk'yanchik E.G. [Money emission as a possible prerequisite for the economic crisis]. Molodoi uchenyi = Young Scientist, 2022, no. 21, pp. 337–338. (In Russ.)
He P., Liu Z., Xie C. A fiscal theory of money and bank liquidity provision. Journal of Economic Theory, 2023, vol. 214, no. 105744. URL: Link
Gorina T.I. [On approaches to regulating monetary emissions]. Finansovyi menedzhment = Financial Management, 2020, no. 1, pp. 79–85. (In Russ.)
Lipchiu N.V., Khramchenko A.A., Zakharchenko P.A. [Issue of funds]. Delovoi vestnik predprinimatelya = Business Bulletin of the Entrepreneur, 2020, no. 2, pp. 59–60. (In Russ.)
Barlevy G., Bird D., Fershtman D., Weiss D. Money under the mattress: Inflation and lending of last resort. Journal of Economic Theory, 2024, vol. 217, no. 105804. URL: Link
Wang G., Hausken K. Hard money and fiat money in an inflationary world. Research in International Business and Finance, 2024, vol. 67, Part B, no. 102115. URL: Link
Hirota S. Money supply, opinion dispersion, and stock prices. Journal of Economic Behavior & Organization, 2023, vol. 212, pp. 1286–1310. URL: Link
Ringwald L., Zorner T.O. The money-inflation nexus revisited. Journal of Empirical Finance, 2023, vol. 73, pp. 293–333. URL: Link
Temperini J., D'Ippoliti C., Gobbi L. Is the time ripe for helicopter money? Growth impact and financial stability risks of outright monetary transfers. Structural Change and Economic Dynamics, 2024, vol. 69, pp. 24–36. URL: Link
Vasyanina E.L. [Management of money issue]. Prolog: zhurnal o prave = Prologue: Law Journal, 2023, no. 2, pp. 62–70. (In Russ.) URL: Link
Belongia M.T., Ireland P.N. The transmission of monetary policy shocks through the markets for reserves and money. Journal of Macroeconomics, 2024, vol. 80, no. 103590. URL: Link
Makarova N.V., Abakumova A.A. [Weakening of the national currency in modern conditions: Forecast and consequences]. Ekonomika i biznes: teoriya i praktika = Economics and Business: Theory and Practice, 2023, no. 5-2, pp. 114–116. (In Russ.) URL: Link
Minakir P.A. [The economics of force majeure: The price of “financial stability”]. Prostranstvennaya ekonomika = Spatial Economics, 2023, vol. 19, no. 2, pp. 7–27. (In Russ.) URL: Link
Pavlova A.V. [Recommendations for improving the structure of international reserves taking into account sanctions restrictions]. Finansovyi biznes = Financial Business, 2024, no. 2, pp. 115–117. (In Russ.)
Chuvakhina L.G. [The policy of diversifying the structure of Russia’s gold and foreign exchange reserves of]. Segodnya i zavtra Rossiiskoi ekonomiki = Today and Tomorrow of the Russian Economy, 2023, no. 113–114, pp. 5–12. (In Russ.) URL: Link
Foo Y.S., Chin L., Chen K.S., Allayarov P. The determinants of international reserves in developing countries. Terra Economicus, 2023, vol. 21, no. 3, pp. 133–142. URL: Link
Zhuravleva T.A., Zubanova A.E., Sorokvashina Yu.S., Grevtseva Yu.I. [Household debt load in Russia: A study of the problem and related factors]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2023, vol. 19, iss. 1, pp. 44–70. (In Russ.) URL: Link
Pak E.A., Pekarskii S.E. [Rising public debt: Return of financial repression and high inflation?]. Voprosy ekonomiki, 2024, no. 1, pp. 33–51. (In Russ.) URL: Link
