Government Wealth Funds and Monetary Policy in Russia

Sergey Sinelnikov-Murylev and Pavel Trunin

Finansovyj žhurnal — Financial Journal, 2015, issue 3, 26-34

Abstract: Economic theory and practice acknowledge a high degree of fiscal and monetary policy interdependence. This relationship is especially evident if the government accumulates heavily on its accounts at the central bank. The article analyzes the impact of the formation and spending of the Reserve Fund and the National Wealth Fund on the monetary policy of the Bank of Russia. This effect is considered under the current economic crisis and the need to spend resources accumulated in sovereign wealth funds.

Keywords: fiscal policy; monetary policy; sovereign wealth funds; forex interventions; international reserves; budget rule; monetary base; money supply (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:fru:finjrn:150303:p:26-34

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