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Estimating The Demand For Money In The Russian Economy Factoring In The Development Of Banking Technologies

Author

Listed:
  • Elena Sinelnikova-Muryleva

    (Gaidar Institute for Economic Policy)

Abstract

This paper presents an attempt to find a stable cash demand function in Russia in the period of 2000 thru 2010. The authors assume that the demand for the Ì0 monetary aggregate in Russia has recently been substantially influenced by the advancement of payment innovations, namely bank payment cards. Traditional money demand models can’t explain how innovations influence the demand for money. Therefore, this paper presents a modern monetary theory approach towards the “money” issue which can explain the existence of a wide range of payment instruments, i.e., innovations. Additionally, the paper presents the results of estimations of equations of the demand for the Ì0 monetary aggregate factoring in indicators of payment innovations.

Suggested Citation

  • Elena Sinelnikova-Muryleva, 2013. "Estimating The Demand For Money In The Russian Economy Factoring In The Development Of Banking Technologies," Working Papers 0086, Gaidar Institute for Economic Policy, revised 2013.
    • Handle: RePEc:gai:wpaper:0086
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    File URL: https://www.iep.ru/files/RePEc/gai/wpaper/0086Sinelnikova-Muryleva.pdf
    File Function: Revised version, 2013
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    More about this item

    Keywords

    Russian economy; money demand; banking technologies;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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