Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

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)

How to cite: Borodachev, S. Toward the Modeling of Russia's Monetary System. Preprints 2020, 2020030086 (doi: 10.20944/preprints202003.0086.v1). Borodachev, S. Toward the Modeling of Russia's Monetary System. Preprints 2020, 2020030086 (doi: 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.

Subject Areas

broad money supply; currency outflow; money creation; exchange rate; Kalman filter

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