Affiliation:
1. I.N. Ulianov Chuvash State University (ChuvSU)
Abstract
Subject. This article characterizes the financial potential of the Russian economy.
Objectives. The article aims to determine the financial potential to stimulate economic growth.
Methods. For the study, I used analysis and synthesis, correlation and regression analysis, and the graphical method.
Results. The article finds a decrease in the requirements of the Central Bank to credit institutions and an increase in the requirements of credit institutions to the Central Bank. The study shows an increase in the trade balance and a decrease in debt securities owned by Russian banks transferred under repo transactions with the Bank of Russia. The article also finds that the growth of the broad money-base monetary differential (broadly defined) (“other foreign currency deposits” plus “debt securities”) relies on non-financial sector debt. Moreover, the growth in the debt of households and non-profit organizations serving households exceeds the rate of increase in the volume of the federal loan bond market, and the growth in the volume of shares of non-financial organizations exceeds the growth in the volume of shares of credit organizations.
Conclusions. The financial potential due to a structural liquidity surplus, the dominance of State and municipal debt securities in the ownership of Russian banks, and a significant increase in the debt of the non-financial sector indicates the possibilities of stimulating the growth of the Russian economy through federal loan bonds.
Publisher
Publishing House Finance and Credit
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