scholarly journals Toward the Modeling of Russia's Monetary System

2020 ◽  
Author(s):  
S.M. Borodachev
Keyword(s):  
Exchange Rate ◽  
Commercial Banks ◽  
Foreign Currency ◽  
Cross Border ◽  
Monetary System ◽  
The Creation

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 and creation of ruble deposits and the inflow of rubles from outside by $0.133 billion.

scholarly journals Toward the Modeling of Russia's Monetary System

2021 ◽  
Author(s):  
S.M. Borodachev
Keyword(s):  
Exchange Rate ◽  
Commercial Banks ◽  
Trade Balance ◽  
Foreign Currency ◽  
Economic Conditions ◽  
Currency Reserve ◽  
Cross Border ◽  
Monetary System ◽  
Money Flows ◽  
The Creation

The paper explains the dynamics of monetary aggregates in Russia with the help of country's trade balance, the creation of deposits by commercial banks and cross-border flows of rubles and (foreign) currency. The volumes of deposits and flows, in turn, depend on changes the currency/ruble exchange rate and favorable external economic conditions. The model was estimated by the Kalman filter, the adequacy was confirmed by stimulation. Monthly money supply forecasts have an accuracy of ~ 1%. It was found that the volume of additional deposits created per month is ~ 300 billion RUB (this leads to real inflation of 9.5% per annum), money flows that are not related to payments for goods: rubles inflow from abroad ~ 100 billion RUB, currency goes abroad ~ $ 15 billion. With the growth / fall of the dollar exchange rate by 1 RUB per month, during the same month, the creation of additional ruble deposits and the arrival of rubles from outside decreases / increases by $ 0.114 billion. The increase of the Currency Reserve Assets of Russia is accompanied by going abroad ~ 5% of the increase.

Nigeria forex restrictions are unsustainable

2021 ◽  
Keyword(s):  
Exchange Rate ◽  
Commercial Banks ◽  
Foreign Currency ◽  
Domestic Demand ◽  
Short Term ◽  
Content Type ◽  
Goods And Services ◽  
Special Drawing ◽  
Special Drawing Rights ◽  
The Cost

Significance Instead it ordered that all foreign exchange purchases should occur through commercial banks. This move aims to stabilise the value of the naira by reducing effective domestic demand for foreign currency. Impacts The CBN may allow commercial banks to provide forex to retail dealers as an alternative policy. The cost of imported goods and services will increase. A USD3.35bn IMF special drawing rights (SDR) allocation will bolster Nigeria’s short-term reserve position. Full exchange rate unification will not occur under President Muhammadu Buhari’s administration.

Banking on foreign currency accounts: evidence from Malaysia

2018 ◽  
Vol 36 (7) ◽  
pp. 1235-1247
Author(s):  
Hway Boon Ong
Keyword(s):  
Exchange Rate ◽  
Least Squares ◽  
Foreign Exchange ◽  
Portfolio Choice ◽  
Commercial Banks ◽  
Foreign Currency ◽  
Exchange Rate Volatility ◽  
Ordinary Least Squares ◽  
Expected Return ◽  
Content Type

Purpose The purpose of this paper is to study how the foreign currency account (FCA) is affected by the domestic fixed deposit (FD) rate, the FCA rate, the expected exchange rate and exchange rate risk. Design/methodology/approach This paper analyses the causal relationship between the domestic FD rate, the FCA rate, the expected exchange rate on a set of foreign currency deposits and exchange rate volatility, based on the theory of portfolio choice. Based on the theory, the panel vector autoregressive regression of fully modified ordinary least squares and dynamic ordinary least squares are modelled. Findings There is no cointegrating relationship for the three-month FCA deposits, the domestic FD rate, the FCA rate and the expected exchange rate. Only the six-month FCA business deposits are affected by the domestic FD rate, the FCA rate and the expected exchange rate. The FCA depositors are not affected by exchange rate volatility. Research limitations/implications This study is conducted based on the FCA rate quoted by the leading commercial banks in Malaysia, Maybank. Thus, the FCA rate is used as a proxy for the FCA rate of commercial banks in Malaysia. Originality/value Individual depositors have to save in more than the three-month FCA to realise their expected return. For individuals, the FCA deposit is not an alternative choice to domestic FD. Exporters may use the FCA deposit to finance their foreign purchases to save the cost of foreign exchange conversion but it is still not an appropriate hedging tool against foreign exchange fluctuations as compared to the existing forward foreign exchange facility.

scholarly journals The Role of Monetary Policy in Activating the Bank Credit Channel: Iraq Case Study

2021 ◽  
Vol 11 (4) ◽  
pp. 4990-5009
Author(s):  
Mustafa Mohammed Sabri
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Central Bank ◽  
Commercial Banks ◽  
Foreign Currency ◽  
Active Role ◽  
Bank Credit ◽  
Credit Channel

The main objective of the research is to find out how monetary policy has influenced the support and promotion of bank credit to promote the economy by creating jobs and addressing unemployment, where the central bank after2003 played a leading and active role in supporting commercial banks and promoting bank credit ‘One of the central bank's important objectives is to stabilize the overall level of prices set out in law No 56 For the year ( ( 2004 Article (3) The Central Bank of Iraq has used the policy of stability in the exchange rate of the dinar as a key tool in stabilizing prices in Iraq through the window of selling foreign currency.

Features of payments in foreign currency in budgetary institutions

2020 ◽  
pp. 19-28
Author(s):  
Larisa Gerasimova
Keyword(s):  
Exchange Rate ◽  
Foreign Currency ◽  
Fair Value ◽  
Budgetary Institutions ◽  
The Exchange Rate ◽  
Monetary Assets ◽  
Made In

The article discusses the procedure for accounting for objects in a foreign currency. It is shown that foreign currency assets, liabilities, and other items are recorded simultaneously in foreign currency and in rubles. Analyzed the accounting treatment of exchange rate differences, it is shown that their records depend on the period. Examples of currency monetary and non-monetary accounting items and the specifics of their reflection in accounting transactions are given. Monetary assets and liabilities are recorded at the exchange rate at the date of recognition. The option of recognition at the reporting date is possible. Non-monetary assets and liabilities are recognized at the date of recognition and are no longer restated. An example of accounting for non-monetary assets accepted by an institution at fair value as an exception to their rules is given. The article reflects that the revaluation of such assets at the new exchange rate is made in cases when the fair value of the object changes. It shows the mechanisms for accounting for the return of advances in foreign currency and options when such debt is recalculated or not recalculated after being accepted for accounting.

The Impossible Trinity» rule in the context of international experience

2019 ◽  
pp. 90-96
Author(s):  
M.P. Tskhovrebov ◽  
A.S. Tanasova
Keyword(s):  
Exchange Rate ◽  
Inflation Targeting ◽  
Empirical Studies ◽  
Theoretical Development ◽  
External Shocks ◽  
Cross Border ◽  
Relevant Today ◽  
Russian Economy ◽  
Monetary Authorities ◽  
Increased Sensitivity

The article is devoted to the «Trilemma» of the policy of the monetary authorities, or the «rule of impossible trinity». This policy compatibility rule, formulated more than 50 years ago, remains relevant today. Its reliability is generally confirmed by a number of empirical studies, although there are also suggestions on the need to adjust this economic and theoretical development. The corresponding discussion also affects the policy of the Bank of Russia (mega-regulator), which carries out inflation targeting in conditions of the free movement of cross-border capital and the use of a floating ruble exchange rate. Regarding the effectiveness of this policy, carried out in the presence of increased sensitivity of the Russian economy to external shocks, the authors express certain doubts.

Money creation, debt, and justice

2021 ◽  
pp. 1470594X2199973
Author(s):  
Peter Dietsch
Keyword(s):  
Commercial Banks ◽  
Central Banks ◽  
Private Bank ◽  
Access To Credit ◽  
Financial Architecture ◽  
Theories Of Justice ◽  
Money Creation ◽  
The Creation ◽  
Interbank Lending ◽  
Alternative Designs

Theories of justice rely on a variety of criteria to determine what social arrangements should be considered just. For most theories, the distribution of financial resources matters. However, they take the existence of money as a given and tend to ignore the way in which the creation of money impacts distributive justice. Those with access to collateral are favoured in the creation of credit or debt, which represents the main form of money today. Appealing to the idea that access to credit confers freedom, and that inequalities in this freedom are morally arbitrary, this article shows how the advantage to those with collateral plays out in different ways in today’s economy. The article identifies several forms of bias inherent in money creation, and its subsequent destruction: loans from commercial banks to individuals and corporations, interbank lending, lending from central banks to commercial banks, and selective bail-outs by central banks. These are not mere inequalities: they are unjust since alternative designs of the financial architecture exist that would significantly reduce them. The paper focuses on one possible reform with the potential to address several of the types of bias identified, namely the separation of money creation from private bank credit.

Cross-border copyright, complexity and collaboration: Approaching intellectual property across an international consortium of photo archives

2021 ◽  
Vol 46 (1) ◽  
pp. 3-6
Author(s):  
Melissa Gold Fournier
Keyword(s):  
Intellectual Property ◽  
Open Access ◽  
International Consortium ◽  
Cross Border ◽  
The Us ◽  
Research Platform ◽  
The Creation ◽  
The Cross

AbstractWhat are the cross-border intellectual property and copyright issues faced by PHAROS, an international consortium of photo archives, in the creation of an open access research platform? How does the consortium define open access? Are approaches to copyright in reproductive media across the US, UK and EU compatible, and can 14 partners from six countries agree to assess and express rights in the same way? Developments in the field and the consortium's 2020 International Copyright Workshop project have helped PHAROS define and address these issues.

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