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Management of Structural Liquidity Surplus of the Banking System

Darya V. Shvandar (dshv75@mail.ru) and Olga V. Koncevich (olga_koncevich@rambler.ru)
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Darya V. Shvandar: Financial University under the Government of the Russian Federation, Moscow 125993, Russia
Olga V. Koncevich: Financial Research Institute, Moscow 127006, Russia

Finansovyj žhurnal — Financial Journal, 2017, issue 3, 57-70

Abstract: Shocks of fallen oil price, sanctions and devaluation declined inflation significantly from the target range throughout 2014–2016. Now when price growth is observably coming down disbursements from sovereign funds generate banking liquidity surplus, treating to erode the monetary policy signals. This forces to analyze pros and cons of different solutions relying on available Russian and international experience and, in particular, to consider the scope of interaction between the monetary regulator and the government, which is only one besides the central bank has the tools for targeted impact on the banking system liquidity.

Keywords: banking system liquidity; structural surplus; sovereign funds; central bank; profit (losses); capital; monetary policy instruments; floor system (search for similar items in EconPapers)
JEL-codes: E51 E52 E58 E6 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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Finansovyj žhurnal — Financial Journal is currently edited by Vladimir S. Nazarov

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