Analyzing the consistency of the dynamics of the Russian financial capital components

2021 ◽  
Vol 27 (4) ◽  
pp. 851-874
Author(s):  
Valerii V. SMIRNOV
Keyword(s):  
Central Bank ◽  
Growth Rates ◽  
Inflation Targeting ◽  
Central Government ◽  
Systems Approach ◽  
Financial Capital ◽  
Russian Government ◽  
Public Authorities ◽  
Goods And Services ◽  
Speculative Behavior

Subject. The article discusses financial capital issues. Objectives. The study determines the consistency of the dynamics of the Russian financial capital components. Methods. The study is based on the systems approach and methods of statistical, neural network and cluster analysis. Results. I analyze the dynamics of rates, such as USD/RUB, RGBI, RTSI, SBER, IMOEX, and discovered the speculative behavior of financial capital holders (IMOEX, USD/RUB, SBER) in the domestic (RGBI) and external (RTSI) market. Analyzing the importance of growth rates of GDP and its constituents, I found the State prioritized the regulation of the GDP deflator (The Central Bank – inflation targeting), considering a growth in governmental expenditures and the decreased importance of growth rates of GDP and households’ consumption expenditures, as the import of goods and services gets more important. The high importance of rates of growth in the export of goods and services is identical to Australia, Estonia and Columbia. Corporate relationships of the Central Bank and financial corporations focus on the regulation of money supply and currency outside financial corporations and internal claims. The relationships strengthen as the monetary policy get more concentrated on net claims to the central government and inflation targeting. Conclusions and Relevance. The scope of consistency of trends in the Russian financial capital components allows public authorities to regulate a growth in the corporate relations of the Central Bank and financial corporations in order to curb the speculative behavior of financial capital holders. The findings hereof contribute to the knowledge and competence of officials of the Russian Government and the Federal Antimonopoly Services with respect to systemic decisions on control over financial transactions.

scholarly journals Movement of the components of Russian financial capital

2021 ◽  
Vol 106 ◽  
pp. 01015
Author(s):  
Valery Smirnov ◽  
Denis Osipov ◽  
Elena Lyubovtseva ◽  
Elvira Kuznetsova ◽  
Ludmila Savinova
Keyword(s):  
Central Bank ◽  
Growth Rates ◽  
Inflation Targeting ◽  
Central Government ◽  
Market Analysis ◽  
Financial Capital ◽  
Credit Policy ◽  
Structural Consequence ◽  
Capital Growth ◽  
Speculative Behavior

In the article there is revealed movement of financial capital components as a substance – the unity of diversity and the diversity of unity. Analysis of USD / RUB, RGBI, RTSI, SBER, IMOEX dynamics revealed speculative behavior of financial capital owners (IMOEX, USD / RUB, SBER) in relation to internal (RGBI) and external (RTSI) market. Analysis of importance of growth rates of GDP and its components revealed the state priority of GDP deflator regulation (Central Bank – inflation targeting) in the context of state revenues growth and, as a structural consequence, reduction of importance of growth rates of GDP and expenditures of households consumption against the background of increase of importance of commodities and services import. At the same time the quite high values of importance of growth rates of export of Russian commodities and services are identical to ones of such countries as Australia, Estonia and Columbia. Analysis of capital growth rates revealed fixation of interrelations between the Central Bank and financial corporations in the context of regulation of money supply and currency outside financial corporations and internal claims. These relations strengthen due to focusing of monetary and credit policy at “clear requirements to central government” and at inflation targeting. Research of the Russian financial capital components movement demonstrated corporate strengthening of interrelations between the Central Bank and the financial corporations and also defined the options for regulation of speculative behavior of financial capital owners.

The substance of the contemporary Central Bank of the Russian Federation

2021 ◽  
Vol 17 (1) ◽  
pp. 67-94
Author(s):  
Valerii V. SMIRNOV
Keyword(s):  
Exchange Rate ◽  
Central Bank ◽  
Russian Federation ◽  
Inflation Targeting ◽  
Systems Approach ◽  
Economic Indicators ◽  
Real Effective Exchange Rate ◽  
Public Authorities ◽  
Monetary Relations ◽  
The Russian Federation

Subject. The article focuses on the substance of the Central Bank of the Russian Federation. Objectives. The study analyzes trends in aggregated financial and economic indicators of today’s Russia, and reveals the substance of the Central Bank. Methods. The study is based on the systems approach and methods of statistical, neural network and cluster analysis. Results. I demonstrate the positioning of the Central Bank and its function. The Central Bank was found to depend on the market, being, on the one hand, its vehicle, and, on the other hand, its product (as part of monetary relations). Therefore, the substance of the Central Bank shows up in the monetary relations. The article illustrates the substance of the Central Bank, which is to ensure the stable growth in the accounting balance notwithstanding a drop in the national exchange rate, finance the cash ratio, maintain a growth in the interbank interest rate and yield on government bonds. The above functions shape the monetary relations. The official inflation targeting policy of the Central Bank should be viewed through the real effective exchange rate. Conclusions and Relevance. Understanding the contemporary substance of the Central Bank unveils the mechanism of monetary relations and opportunities for maintaining the stability of the Russian capitalism within the dynamics of aggregated financial and economic indicators. The findings contribute to the existing knowledge and advance the competence of public authorities to make administrative decisions on the regulatory responsibility of the Central Bank of the Russian Federation for its performance.

Russia's position in the economic relations of the USA and China

2021 ◽  
Vol 17 ◽  
pp. 1156-1178
Author(s):  
Valerii V. SMIRNOV
Keyword(s):  
Foreign Trade ◽  
Money Supply ◽  
Systems Approach ◽  
Direct Foreign Investment ◽  
Russian Government ◽  
Economic Relations ◽  
Goods And Services ◽  
The Usa ◽  
And Cluster Analysis ◽  
The U.S

Subject. The article discusses the international economic relations. Objectives. I determine Russia's position in the economic relations of the USA and China. Methods. The study is based on the systems approach and the method of statistical, neural network and cluster analysis. Results. I discovered the persisting dominance of the USA over the world economy due to a growth in broad money supply, which makes it the leader in food exports, trade balance and industrial exports. The same reasons helps the USA constrain some material aspects of economic growth in Russia and China, such as inflation, direct foreign investment, ultimate consumption spending, real interest rate, the ratio of broad money supply to total reserves, total value of traded stocks, export of food, goods and services. Trends in SPX, SHCOMP, RTSI и DXY, USDRUB, USDCNY, USDBRO shows that China strives to reach the U.S. economic level given the stable exchange rate. Raising USDRUB, Russia approaches DXY. In case of low USDBRO, RTSI growth will be significantly curbed. Considering commodities within foreign trade between Russia, the USA and China, I should point out resource exports, while importing technology from the USA and equipment from China. Conclusions and Relevance. Studying Russia's position in the U.S.–Chinese economic relations, I found that the Russian government should revise foreign trade priorities to end the political and economic independence on the above relations. The findings contribute to the knowledge and competence of the Russian government members for making complementary administrative decision on sources of foreign trade and seizing opportunities for encouraging it.

Analyzing the dynamics of indicators of the Russian economy

2021 ◽  
Vol 20 (4) ◽  
pp. 753-771
Author(s):  
Valerii V. SMIRNOV
Keyword(s):  
Economic Activity ◽  
Structural Integrity ◽  
Systems Approach ◽  
Manufacturing Sector ◽  
Economic Activities ◽  
Russian Government ◽  
Goods And Services ◽  
Russian Economy ◽  
Military Security ◽  
And Cluster Analysis

Subject. The article addresses the dynamics of the Russian economy indicators. Objectives. The aim is to identify sources and opportunities for the Russian economy growth. Methods. The study rests on the systems approach, using methods of statistical, neural network, and cluster analysis. Results. The analysis of the currency, stock, and commodity market unveils the impulse effect on the MOEX index through the devaluation of the national currency and the issue of Russian Government Bonds. The analysis of the importance of GDP deflator by industry identifies the priority of economic activity ‘public administration and military security; social security’, which suppresses the economic activity ‘household activities as employers; undifferentiated activities of households to produce goods and provide services for their own consumption’. The structural integrity of economic activities is maintained through taxes on products. The dynamics of the share of GDP deflator growth and the index of output of goods and services revealed a low level of purchasing power and a rise in food inflation, as well as a significant upturn in inflation in the manufacturing sector after Q1 2020, which was caused by the increase in the cost of production and unit sales. Conclusions. The analyzed trends in the Russian economy indicators show a qualitative source of growth of the Russian economy, i.e. ‘people as an alternative oil’. This enables to move away from commodity dependence (RTSI) and actively use wide opportunities of growth (IMOEX).

Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

Analyzing the current effectiveness of the Russian economy's design

2020 ◽  
Vol 8 (8) ◽  
pp. 1476-1496
Author(s):  
V.V. Smirnov
Keyword(s):  
Economic Growth ◽  
Sustainable Development ◽  
Growth Rates ◽  
Systems Approach ◽  
Mineral Resources ◽  
Cash Flows ◽  
Moscow Oblast ◽  
Structural Balance ◽  
Russian Economy ◽  
The Stability

Subject. The article discusses Russia’s economy and analyzes its effectiveness. Objectives. The study attempts to determine to what extent Russia’s economy is effective. Methods. The study is based on the systems approach and the statistical analysis. Results. I discovered significant fluctuations of the structural balance due to changing growth rates of the total gross national debt denominated in the national currency, and the stability of growth rates of governmental revenue. Changes in the RUB exchange rate and an additional growth in GDP are the main stabilizers of the structural balance, as they depend on hydrocarbon export. As a result of the analysis of cash flows, I found that the exports slowed down. Financial resources are strongly centralized, since Moscow and the Moscow Oblast are incrementing their share in the export of mineral resources, oil and refining products and import of electrical machines and equipment. Conclusions and Relevance. The fact that the Russian economy has been effectively organized is proved with the centralization of the economic power and the limits through the cross-regional corporation, such as Moscow and the Moscow Oblast, which is resilient to any regional difficulties ensuring the economic growth and sustainable development. The findings would be valuable for the political and economic community to outline and substantiate actions to keep rates of the economic growth and sustainable development of the Russian economy.

Public finance flow in contemporary Russia

2020 ◽  
Vol 26 (11) ◽  
pp. 2501-2523
Author(s):  
V.V. Smirnov
Keyword(s):  
Neural Network ◽  
Public Finance ◽  
Systems Approach ◽  
Management Decisions ◽  
Public Authorities ◽  
Cluster Analyses ◽  
The Public ◽  
National Wealth ◽  
Economic Formation

Subject. This article discusses the issues related to public finance. Objectives. The article aims to identify the determinants, indicators, and priorities of the public finance flow in contemporary Russia. Methods. For the study, I used the methods of statistical, neural network, and cluster analyses, and the systems approach. Results. The article identifies and describes the determining indicators of the main aggregates and balances of public finance, sources, and the use of funds. It establishes a link between the main aggregates and balances of public finance, defining the form and content of Russian capitalism. Conclusions. Understanding the issue and problem of public finance flow in contemporary Russia helps identify the reasons for the inability to transit to a capitalist socio-economic formation. The provisions of the study expand the scope of knowledge and develop the competence of public authorities to make management decisions on the distribution and redistribution of the value of a public product and part of the national wealth.

A Russian approach to ensuring economic growth

2021 ◽  
Vol 20 (7) ◽  
pp. 1234-1255
Author(s):  
Valerii V. SMIRNOV
Keyword(s):  
Economic Growth ◽  
Russian Federation ◽  
Systems Approach ◽  
Consumption Expenditures ◽  
Goods And Services ◽  
Russian Economy ◽  
Public Consumption ◽  
The Russian Federation ◽  
The Government ◽  
And Cluster Analysis

Subject. The article investigates a Russian approach to ensuring economic growth. Objectives. The aim is to identify the basis of the Russian approach to ensuring economic growth. Methods. The study rests on the systems approach, using the methods of statistical, neural network, and cluster analysis. Results. The paper defines the structural importance of exports of goods and services, and changes in inventories. It highlights significant links with public consumption expenditures. The Russian approach to ensuring economic growth comes down to devaluation of the national currencyб resulting from the loss of the real inflationary potential of economic growth to maintain the volume of exports of goods and services in the context of maintaining public consumption expenditures. The increase in M2 forces the Central Bank of the Russian Federation to increase its foreign exchange reserves. This has a restraining effect on the growth of Russian Ruble’s monetary exchange rate. This phenomenon causes a drop in the Russian federal loan bond (OFZ) index and a replacement of strategic priorities with tactical ones. Conclusions. The basis of the Russian approach to ensuring economic growth is a reflection of the limits of the Russian economy development and the effectiveness of the Government of the Russian Federation.

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