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16Национальная ассоциация ученых (НАУ) # IV (9), 2015 / ЭКОНОМИЧЕСКИЕ НАУКИ
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ОСНОВНЫЕ ХАРАКТЕРИСТИКИ ДЕНЕЖНОГО РЫНКА СОВРЕМЕННОЙ РОССИИ
Янкина Ирина Александровна,
доктор экономических наук, профессор, Сибирский Федеральный Университет, г. Красноярск
Калинникова Владлена Вадимовна, магистр очной формы обучения, Сибирский Федеральный Университет, г. Красноярск
THE MAIN FEATURES OF THE MONEY MARKET IN RUSSIA
Kalinnikova Vladlena, master of full-time study, Siberian Federal University, Krasnoyarsk Yankina Irina, Doctor of Economics, Professor, Siberian Federal University, Krasnoyarsk
АННОТАЦИЯ
Предметом исследования в статье является денежно-кредитный рынок как часть финансового рынка современной России. Автором раскрываются основные характеристики денежного рынка России, выделяются его особенности и связанные с ними противоречия денежно-кредитной политики в сравнении с зарубежным опытом. Актуальность исследования обусловлена тесной связью денежного рынка с другими макроэкономическими показателями, по которым и оценивается текущее состояние экономики. По утверждению автора, масштабы взаимного влияния показателей необходимо оценивать и учитывать при разработке инструментов денежно-кредитной политики.
ABSTRACT
The main subject of research in the article is the monetary market as part of the financial market of modern Russia. The author reveals the main characteristics of the Russian money market, highlighted its features and associated contradictions of monetary policy in comparison with foreign experience. The actuality of the research dues to the money market is closely linked to other macroeconomic indicators that estimate the current state of the economy. According to the author's opinion, the mutual impact indicators need to be assessed and considered in the development of monetary policy instruments.
Ключевые слова: денежный рынок; денежная масса; денежно-кредитная политика; Центральный банк.
Keywords: money market; money supply; monetary policy; the Central bank.
The particular relevance of the research of the money market characteristics in Russia is due to its active integration with other monetary markets. Moreover, the magnitude of the reverse effect should be assessed and addressed in state monetary policy for the aim of the entrepreneurship development in Russia. Furthermore, according to the Bank of the international settlements information, which monitors activity in these markets worldwide, average daily volume of transactions which are more than 1.4 trillion dollars, is comparable to the money supply in the Russian Federation, which serves the commodity turnover of the enterprises [2].
The monetary policy of the Bank of Russia is strongly debated and discussed in scientific circles [1]. As known, the money supply to entrepreneurs in any country is provided by a national Central Bank, the banking system. Money supply as a macroeconomic indicator which is closely linked to other important indicators of the state economy (inflation, gross national product, interest rates and others) [3].
After analyzing the structure and the tools used by the Central banks of different countries, not to mention that they are all based on social, political, and cultural characteristics of countries. So, the monetary system of China is diverse and complex [2]. In different territorial formations of modern China officially issued three types of currency: Chinese yuan, Hong Kong dollar and Pataca. In addition, in the Republic of China (Taiwan) the new Taiwan dollar is issued. In each territory its own Central Bank operates. Historically, this diversity of institutions is due to political processes in the country. One of the major differences between Chinese money market is the fact that the budget of the People's Bank of China is not independent, but it is a part of the Central budget of the country. The Bank is accountable to the state Council of the PRC. It is obliged to transfer to earned profit to the Central budget, except for the parts that can be sent to the General reserve, and its size is determined by the state Council of the PRC [4].
In accordance with the Bank of England act of 1946 and amendments of 1998, this oldest European Central Bank is required to pay some dividends to The GB Treasury: we mean half of the profits remaining after taxation, and also the Bank of Russia in 2010 increased the percentage of the same payments to 75 %. But the level of such transfers in comparison with GDP, in the Bank of England is 20 times more (0.17% of GDP) than in the Bank of Russia.
For the money market of any country the key rate is the rate which is set by the Central Bank in order to influence the level of interest rates for entrepreneurs in the country. Changing the key rate, as a rule, is the main instrument of monetary policy. For different countries it is the particular national instrument and it varies from 0,25 to 2,5%. The Bank of England interest rate depends on the reserves of commercial banks ' balances with the Bank of England; as for the Bank of Japan, until April 2013 the interest rate depended on the interbank market day loans. From April 2013, the Bank Japan does not set the interest rate, and sets the target level of the monetary base. The European Central Bank (ECB) set the key rate as the minimum bid at auctions REPO with the ECB; the Federal reserve system (the U.S. Federal reserve) it is the target level of interest rates in the interbank market for the placement of funds held by banks balances with the U.S. Federal reserve; the Bank of Canada set it as the target rate on the interbank market; Reserve Bank of Australia's - as the target level of interest rates on the interbank credit market [5].
The first important feature of the modern money market in Russia is the extremely high level of the key rate, the influence of the processes of financial globalization on it and as a consequence, the domestic interest rate for the entrepreneurs loans is determined by all these factors, including the inherent foreign investors risk premiums. The crisis of the national currency 2014 was triggered by the need of large
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Национальная ассоциация ученых (НАУ) # IV (9), 2015/ ЭКОНОМИЧЕСКИЕ НАУКИ
Russian corporations to make annual payments on international loans. This caused an increased demand for foreign currency (EUR and USD), which has naturally led to an increase in their cost. Thus, the inclusion of the Russian economy in the structure of the global financial market in the world besides the obvious positive effects is a real danger, which the Bank of Russia can not take into account when planning and implementing monetary policy.
The second feature of the Russian money market is the high proportion of cash monetary funds in the total structure
_The monetary aggregates, the money
of the money supply. As a rule, in the world practice the progressive decrease of the proportion of cash take place. By the share of cash Russia is far ahead of most countries with a developed economy, which is confirmed by the data of table 1.
Despite the introduction of the innovations (in particular, the development of the system of payment terminals, the emergence of electronic money etc), in Russia since the mid-1990s the strong growth of the aggregate M0 (cash) was observed (Fig. 1).
Table 1
supply of foreign countries (01.10.2014)_
Unit M0 Ml M2 M3 Money supply The share of M0
UK GBP Billion 70,3 1354 1489 2357,9 5271,2 1,3%
Canada CAD Billion 72,9 750,5 1293,3 1883,4 4000,1 1,8%
Japan JPY Billion 85405,8 603607,4 893856,6 1207703,2 2790573 3,1%%
China CNY Billion 6030 34810 122840 163680 3,7%
Australia AUD Billion 87,85 310,8 1722 2120,65 4,1%%
Switzerland CHF Billion 384,9 568,3 896,6 951 2800,8 13,7%%
Russia RUB Billion 6920 14,8 30625,6 37560,4 18,4%%
USA USD Billion 3934,5 2906,5 11625,4 18466,4 21,3%%
Figure 1. The dynamics of the monetary aggregate M0 in Russia (1995-2014,) Source - http://www.tradingeconomics.com/russia/money-supply-m0
In the beginning of December 2014, trying to ensure stable-stability of the national currency efficiently, the Bank of Russia took a number of currency invasions. These actions could have a faster and more predictable result, if the national money market in Russia was formed according to the dominant national sources rather than foreign liabilities (external debt - 720 billion USD).
Finally, the main tools and techniques of monetary policy of the Bank of Russia in 2000s, include the interest rates of the Central Bank operations and the currency invasions in the foreign exchange market in the framework of the dual currency basket, both of which stimulate speculative, but not creative mood [1]. As the predicted target settings the level of inflation and the value of the aggregate money supply (M2) were chosen. After changing the key rate to 17% (and than to 15%), the Bank of Russia stated of the liquidity crisis on the Russian market and began to develop a new list of measures to overcome it. Scientists emphasize the necessity of the urgent adjustment decisions about the key rate, the regulations of the money market, which are so important for the development of entrepreneurship in the country.
5.
References
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