Malkina M.Yu.Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation mmuri@yandex.ru
Importance Emission mechanisms of the Central Bank have a significant impact on the monetary sector and real economy functioning. Objectives The study aims to analyze different emission mechanisms and methods used by the Bank of Russia to control the money base and money multiplier. Methods The study employs structural and factor analyses, and mathematical and graphical modeling. Results The article highlights and describes five main problems of the State's emission policy. The structural analysis of the Central Bank's assets and econometric modeling prove that during the pre-crisis period (2008 2009), the foreign exchange channel of emission was actively used. It was quite efficient but produced an excessive amount of money, which required sterilization measures on the part of the Bank of Russia. During the crisis, the regulator switched to the credit channel of emission. However, its efficiency was extremely low, and the efforts of the Bank of Russia were neutralized by the automatic sterilization of money supply through foreign exchange operations of credit institutions. The reason is the insufficient demand for money in the Russian economy. Conclusions Money emission efficiency in the Russian economy depends on actual business activity and endogenously generated money demand. To meet the economy's needs for money, it is necessary to work out emission mechanisms based on the stock exchange channel through the Central Bank's purchasing the securities issued by development institutions. Active refinancing secured by nonmarketable obligations under low demand for credit is a rather dangerous tool. Banks can use it to create speculative assets.
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