Toward the Modeling of Russia's Monetary System

S.M. Borodachev

doi:10.20944/preprints202003.0086.v1

Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

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)

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.

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

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Toward the Modeling of Russia's Monetary System

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