Article
Version 1
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Toward the Modeling of Russia's Monetary System
Version 1
: Received: 4 March 2020 / Approved: 5 March 2020 / Online: 5 March 2020 (11:54:49 CET)
Version 2 : Received: 19 September 2021 / Approved: 20 September 2021 / Online: 20 September 2021 (10:36:27 CEST)
Version 2 : Received: 19 September 2021 / Approved: 20 September 2021 / Online: 20 September 2021 (10:36:27 CEST)
How to cite: Borodachev, S. Toward the Modeling of Russia's Monetary System. Preprints 2020, 2020030086. https://doi.org/10.20944/preprints202003.0086.v1 Borodachev, S. Toward the Modeling of Russia's Monetary System. Preprints 2020, 2020030086. https://doi.org/10.20944/preprints202003.0086.v1
Abstract
The paper gives an explanation of the dynamics of the money masses in Russia through cross-border flows of rubles and (foreign) currency and the creation of deposits by commercial banks. Volumes of flows and deposits in turn depend on changes in the currency/ruble exchange rate. It was found that the growth/fall of the USD rate by 1 RUB for the month, for the same month decreases/increases: currency outflow abroad by 0.111 billion USD and creation of ruble deposits and the inflow of rubles from outside by 0.133 billion USD.
Keywords
broad money supply; currency outflow; money creation; exchange rate; Kalman filter
Subject
Business, Economics and Management, Economics
Copyright: This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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