Template-Type: ReDIF-Article 1.0
Author-Name: Darya V. Shvandar
Author-Email: dshv75@mail.ru
Author-Workplace-Name: Financial University under the Government of the Russian Federation, Moscow 125993, Russia
Author-Name: Olga V. Koncevich
Author-Email: olga_koncevich@rambler.ru
Author-Workplace-Name: Financial Research Institute, Moscow 127006, Russia
Title: Management of Structural Liquidity Surplus of the Banking System
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.
Classification-JEL: E51, E52, E58, E6
Keywords: banking system liquidity, structural surplus, sovereign funds, central bank, profit (losses), capital, monetary policy instruments, floor system
Journal: Finansovyj žhurnal — Financial Journal
Pages: 57-70
Issue: 3
Year: 2017
Month: June
File-URL: http://www.nifi.ru/images/FILES/Journal/Archive/2017/3/articles/fm_2017_3_05.pdf
File-Format: Application/pdf
Handle: RePEc:fru:finjrn:170305:p:57-70