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Analysis of the Factors Banks' Demand for Liquidity and the Role of Cbr Tools of Monetary Policy the Bank of Russia

Author

Listed:
  • Trunin, Pavel

    (RANEPA)

  • Vashchelyuk, Natalia

    (RANEPA)

  • Bozhechkova, Alexandra

    (RANEPA)

Abstract

The goal of this work is to conduct a comprehensive analysis of the role of Bank of Russia in the formation of money supply, taking into account internal and external factors that determine the development of the economy. First, we examined base theoretical and empirical models of money supply and analyzed main differences of the exogenous and endogenous theories of money, we also identified the mechanisms of influence of commercial banks' demand for central bank liquidity on the money supply. Secondly, the nature and main factors of money supply in Russia before and after the world financial crisis were defined and analyzed. Money supply was found to be exogenous before the crisis. However after the crisis there were identified the first indications of the influence of the commercial banks’ credit demand on money stock. The money supply in Russia was also found to be consistent with multiplier model. The most important factors of money stock were net foreign assets, monetary base, interest rates, level of economic activity. Thirdly, the influence of liquidity demand shock on interbank market operation was examined.

Suggested Citation

  • Trunin, Pavel & Vashchelyuk, Natalia & Bozhechkova, Alexandra, "undated". "Analysis of the Factors Banks' Demand for Liquidity and the Role of Cbr Tools of Monetary Policy the Bank of Russia," Published Papers nvg149, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:ppaper:nvg149
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    More about this item

    Keywords

    bank of Russia; CBR; money supply; liquidity; monetary policy;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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