+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Russian money movement from base to stock

Vol. 28, Iss. 12, DECEMBER 2022

Received: 12 September 2022

Received in revised form: 20 October 2022

Accepted: 3 November 2022

Available online: 28 December 2022

Subject Heading: Financial system

JEL Classification: E40, Е41, Е47, E49, E50

Pages: 2852–2872


Valerii V. SMIRNOV I.N. Ulianov Chuvash State University (ChuvSU), Cheboksary, Chuvash Republic, Russian Federation


Subject. The article considers the Russian movement of money from the base to the stock.
Objectives. The aim is to determine parameters of the Russian movement of money from the base to the stock.
Methods. The study rests on the systems approach, using the method of statistical, neural network, and cluster analysis.
Results. The study found that money supply growth steadily exceeds the corresponding dynamics of monetary base. The article shows a lagging change in the key rate relative to inflation. The paper highlights the basis of the Russian movement of money from the base to the stock, i.e. claims on the State administration bodies of credit institutions held by funds in the escrow accounts of individuals. The findings showed the importance of claims on other sectors, securities, insurance technical reserves of the financial sector, debt securities of the Central Bank for the Russian movement of money from base to stock.
Conclusions. The parameters of the Russian movement of money from the base to the stock, related to the banking system and requirements to the population, government bodies, and other sectors, will help the government to effectively use the potential of the economy in the transition from a catching-up development model to a leading one.

Keywords: monetary base, money supply, development model, financial system


  1. Balashev N.B., Babaseva A.A., Barancheev M.A., Gadzhialieva Z.R. [GDP monetization and its impact on macroeconomic indicators]. Nauchno-metodicheskii elektronnyi zhurnal Kontsept, 2021, no. 1, pp. 68‒76. (In Russ.) URL: Link
  2. Murtazin N.R. [Legal regulation and features of the issue of cash in the Russian Federation: A theoretical aspect]. Voprosy ustoichivogo razvitiya obshchestva, 2022, no. 4, pp. 852‒861. (In Russ.) URL: Link
  3. Vakarev A.A., Vinogradov V.V., Grishin I.A. et al. [On the issue of overcoming the Covid-19 financial crisis from the financial and monetary positions of modern Russia]. Forum. Seriya: Gumanitarnye i ekonomicheskie nauki, 2022, no. 2, pp. 46‒48. (In Russ.)
  4. Tembotova Z.V., Zeleneva E.S. [Ways to increase the monetization of the Russian economy]. Vektor ekonomiki, 2022, no. 3. (In Russ.) URL: Link
  5. Rasteryaeva T.V., Gerasimova A.V. [Monetization of the economy as a factor of economic growth]. Finansovaya zhizn' = Financial Life, 2022, no. 2, pp. 17‒23. (In Russ.)
  6. King A.P., Eckersley R.J. Chapter 1 – Descriptive Statistics I: Univariate Statistics. Statistics for Biomedical Engineers and Scientists, 2019, pp. 1‒21. URL: Link
  7. Brownstein N.C., Adolfsson A., Ackerman M. Descriptive statistics and visualization of data from the R datasets package with implications for clusterability. Data in Brief, 2019, vol. 25, Article 104004. URL: Link
  8. Fávero L.P., Belfiore P. Chapter 3 – Univariate Descriptive Statistics. Data Science for Business and Decision Making, 2019, pp. 21‒91. URL: Link
  9. Urlacher B.R. Complexity, Causality, and Control in Statistical Modeling. American Behavioral Scientist, 2020, vol. 64, iss. 1, pp. 55‒73. URL: Link
  10. Fávero L.P., Belfiore P. Chapter 11 – Cluster Analysis. Data Science for Business and Decision Making, 2019, pp. 311‒382. URL: Link
  11. Adolfsson A., Ackerman M., Brownstein N.C. To cluster, or not to cluster: An analysis of clusterability methods. Pattern Recognition, 2019, vol. 88, pp. 13‒26. URL: Link
  12. Kuznetsov A.V. [Imperatives for Transformation of the International Monetary and Financial System in the Conditions of Multipolarity]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2022, vol. 26, no. 2, pp. 190‒203. URL: Link (In Russ.)
  13. Osadchii V.V. [Cash supply and portfolio formation without risks]. Vestnik nauki i obrazovaniya = Bulletin of Science and Education, 2022, no. 4-2, pp. 51‒59. URL: Link (In Russ.)
  14. Bespalov R.A., Polozova M.S., Malyulina A.D., Madboeva K.M. [The financial system of the Russian Federation: Structure, essence and current state]. Ekonomicheskie issledovaniya i razrabotki = Economic Research and Development, 2022, no. 4, pp. 6‒10. URL: Link (In Russ.)
  15. Abramchik L.Ya., Kireeva E.Yu., Kolesnikov Yu.A. et al. [Financial law and management: Interaction and interdependencies - 2021 (Review of the work of financial and legal section ‘Budget, Credit and Public Administration: Interconnections, Interdependencies and Interaction’. May 19, 2022, Moscow, Institute of Public Administration and Management of Russian Presidential Academy of National Economy and Public Administration (RANEPA)]. Sovremennoe pravo = Modern Law, 2022, no. 5, pp. 156‒166. (In Russ.)
  16. Niyazbekova Sh.U., Mottaeva A.B., Eroshkin S.Yu., Krishtal' M.G. [Trends in the development of mortgage-backed securities in modern conditions]. MIR (Modernizatsiya. Innovatsii. Razvitie) = MIR (Modernization. Innovation. Research), 2022, vol. 13, no. 2, pp. 322‒341. URL: Link (In Russ.)
  17. Krestinin V.S., Ponomarev A.V. [Activities of the Russian banking system at the present stage of economic development]. Modern Science, 2022, no. 1-2, pp. 137‒142. (In Russ.)
  18. Novoselov I.A. [Actual conditions of Russian MBS market]. Dnevnik nauki, 2020, no. 2, p. 20. (In Russ.) URL: Link

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 28, Iss. 12
December 2022