ESTIMATING THE DEMAND FOR MONEY IN THE RUSSIAN ECONOMY FACTORING IN THE DEVELOPMENT OF BANKING TECHNOLOGIES

Elena Sinelnikova-Muryleva

Working Papers from Gaidar Institute for Economic Policy

Abstract: This paper presents an attempt to find a stable cash demand function in Russia in the period of 2000 thru 2010. The authors assume that the demand for the Ì0 monetary aggregate in Russia has recently been substantially influenced by the advancement of payment innovations, namely bank payment cards. Traditional money demand models can’t explain how innovations influence the demand for money. Therefore, this paper presents a modern monetary theory approach towards the “money” issue which can explain the existence of a wide range of payment instruments, i.e., innovations. Additionally, the paper presents the results of estimations of equations of the demand for the Ì0 monetary aggregate factoring in indicators of payment innovations.

Keywords: Russian economy; money demand; banking technologies (search for similar items in EconPapers)
JEL-codes: E5 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2013, Revised 2013
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https://www.iep.ru/files/RePEc/gai/wpaper/0086Sinelnikova-Muryleva.pdf Revised version, 2013 (application/pdf)

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