The risks of inflation and the second wave of banking crisis: myth and reality

Alexei Moiseev and Andrei Markov
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Alexei Moiseev: RENAISSANCE CAPITAL
Andrei Markov: RENAISSANCE CAPITAL

Ekonomicheskaya Politika / Economic Policy, 2009, vol. 4, 62-83

Abstract: Clear and timely action of the Ministry of Finance and the Central Bank of the Russian Federation in autumn 2008 decided the most pressing issue at the moment - to prevent the collapse of the banking system, which to some extent mitigate the negative perception of the crisis the majority of the population. Lowering reserve requirements, capacity to raise funds from the Central Bank on the security of assets and, most importantly, unsecured loans (first by temporarily free federal budget, and then the Central Bank) have provided most of the banks enough free resources to maintain solvency. At the beginning of July 2009, banks have claimed more than 1.5 trillion rubles. through various kinds of refinancing instruments, which is about 10% of total liabilities of the banking system.

Keywords: banking; crisis; finances (search for similar items in EconPapers)
Date: 2009
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