Subject. This article examines the issues of financial assets and money supply in the Russian economy. Objectives. The article aims to identify and analyze the imbalance in the mechanism of formation of money supply and financial assets in the Russian economy. Methods. For the study, I used general scientific and specialized economic and mathematical methods. Results. The article points out a significant increase in the amount of debt securities of non-financial organizations, which is outpacing the growth of debt securities of banks and other financial organizations. Changes in the money supply indicate active money creation by the banking system through lending and the tendency of economic agents to save. A key trend is the structural restructuring and deepening of the financial market, expressed in a shift of the center of activity from the banking system to real economy companies, which are actively adopting new funding tools. Relevance. The research results could be relevant for a wide range of specialists in economics and finance, from researchers to authorities and businesses interested in understanding long-term structural changes in Russia's financial system. They can be used when discussing issues in the field of macro-finance, where the interaction between the financial and real sectors of the economy is studied, the structure and dynamics of financial markets are analyzed, as well as the processes of financing, saving, and money creation at an aggregated level.
Subject. Structural shifts in the Russian financial market.
Objectives. To analyze structural shifts in the Russian financial market.
Methods. Methods of statistical and dynamic analysis of time series of financial indicators were applied; a systems approach, as well as comparative and trend analysis, was used.
Results. A shift in focus from banks to the sector of other financial organizations and public administration bodies has been revealed. Stagnation of the insurance sector and the loss of the Central Bank of the Russian Federation’s active role as an anti‑crisis player have been recorded. Structural imbalances have been identified: the dominance of the non‑financial sector and the underdevelopment of the insurance segment. A decline in the effectiveness of monetary transmission has been detected against the backdrop of recovering business lending activity amid persistently high risks of household overborrowing. Significant structural risks have been determined: concentration of debt burden in the public sector and among non‑financial organizations, overheating of retail lending, low efficiency of liquidity transmission to the real sector, and stagnation of the insurance market. Successful development of the financial market requires proactive measures aimed at diversifying the debt and equity markets, strengthening supervision over fast‑growing segments, and stimulating high‑quality lending and debt burden management.
Conclusions. The study results will be useful for the regulator, the government, and financial institutions when developing measures to reduce volatility and ensure the long‑term stability of the financial market.
Subject. The relationship between the dynamics of the money supply, the government debt market, the structure of banking assets and monetary policy cycles.
Objectives. Identify structural shifts in the financial system, assess their impact on the formation of macrofinancial risks and opportunities, and provide scientifically sound forecasts and recommendations for regulators.
Methods. The study is based on econometric modeling, comparative analysis of structural components, and a method of extrapolating identified trends to build scenario forecasts.
Results. A parallel exponential growth of the monetary base and the volume of the federal loan bond market has been revealed, accompanied by a sharp reduction in the participation of non-residents, which signals the formation of a sovereign financing model. Multidirectional trends in the structure of banking assets have been identified: steady growth in lending to the corporate and retail sectors, explosive growth in interbank transactions and high cyclical volatility of other items. The cyclical nature of monetary policy is determined, with phases of sharp tightening and prolonged periods of negative and high positive real interest rates. A new configuration has been established in the financial system, characterized by an increased role of internal sources of financing and credit expansion, while generating fundamental risks: inflationary pressure from an increase in the money supply, an increasing debt burden on the budget and the private sector, and a decrease in investor diversification.
Conclusions. The novelty of the study lies in substantiating the need for regulators to implement a comprehensive policy balancing between liquidity sterilization, macroprudential control over credit risks, the development of the domestic capital market and cyclical monetary policy easing.
V. V. Smirnov· Economic Analysis Theory and...· 0 citations
