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National Interests: Priorities and Security
 

Financial priorities and the growth border of the Russian economy

Vol. 20, Iss. 4, APRIL 2024

Received: 8 June 2023

Received in revised form: 25 August 2023

Accepted: 24 November 2023

Available online: 15 April 2024

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: Е60, Е62, Е69

Pages: 628–645

https://doi.org/10.24891/ni.20.4.628

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 the role of foreign exchange reserves in the development of the Russian economy, the securities market development, and the banking system stability.
Objectives. The aim is to review the monetary policy options under international sanctions strengthening.
Methods. I apply methods of statistical, neural network, and cluster analysis.
Results. The study established that it is impossible to reduce currency risks by issuing shares listed in the domestic market in foreign currency. The preferred directions of Russia's monetary policy are as follows: strengthening the country's international investment position, increasing the volume of the Federal bond market, and increasing the issue of shares listed in the domestic market in rubles.
Conclusions. The growth boundary of the Russian economy is determined by such parameters as the amount of funds in escrow accounts of individuals, the size of insurance and pension reserves.

Keywords: stock, growth boundary, international reserve, bond, financial priority

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