This paper discusses the changes in the implementation of the monetary policy instruments by the Bank of Russia during the transition from a structural liquidity deficit to a structural liquidity surplus in the banking sector. It is concluded that the monetary conditions easing associated with the liquidity surplus is limited and controlled. The Bank of Russia has available the set of instruments needed to keep short-term money market rates close to the key rate.
Khudyakova Liudmila, Polivach Aleksandr
This article reviews main ways of influence of external factors on development of inflation (deflation) in a country. Authors analyse works of foreign economists, including international organizations, on these aspects. A weight was given to a problem of inflation transmission from one country to another one through the exchange rate fluctuations. Also a role of globalization as a separate factor of influence on inflation (deflation) is considered herein.
Chernyadiev Dmitry, Vlasov Sergey
This article considers current inflation dynamics which, according to Bank of Russia forecasts, is on a downward path towards 4% target in 2017. Nevertheless, there are risks, both internal and external, which can hold back disinflation process. Bank of Russia can neutralize negative effects stemming from these risks by keeping moderately tight stance of its monetary policy.
The latest currency circulation trends are examined in the article. In connection with the constant statements in the foreign mass media about need of resolute refusal from a cash liquidity and universal replacement of it by cashless payments the analysis of a place and a role of cash in economy of the Scandinavian countries most actively declaring transition to «cashless society», and other (the largest) economically developed countries of the world is carried out. The economic and social factors influencing on «a payment landscape» in various countries and prospects of cash circulation development worldwide for the next decade are considered.
The article aims at characterizing modern basic trends of the International monetary system (IMS) transformation, conditioned by important shifts in the structure of the world economy and inspired by the global economic and financial crisis. The corresponding advices contained in declarations of the Group of Twenty's summits and the International Monetary Fund's analytical reports of the years 2011 and 2016 are described. Discussions going on nowadays in the world expert community and practical measures on modifying the IMS' key institutional components have been revealed. These components are: the system of the Special Drawing Rights (SDR), exchange rate regimes, approaches to the management of the cross-border capital flows.
Dostov Viktor, Schust Pavel, Ryabkova Ekaterina
The paper presents an analysis of the global approaches to creation of the regulatory sandboxes - «safe spaces» where businesses can test innovative products and services in a live environment without risks of abreaching financial regulations. Authors present the cases of the Great Britain, Singapore, Australia and the United Arab Emirates.
Poltoradneva Natalia, Dolgushina Anastasia
The article defines the «banking customer service» term and its relations to the substantial and notional amount of such terms as «banking service» and «banking product». The practical application of the theoretical results of the research will improve the accuracy in the description of the properties and characteristics of each concept, which will contribute to ultimately enhance the transparency of banking and quality of customer service.
The article presents an experience of the Bank of Russia Main Branch for the Central Federal District in exercising supervision over money transfer operators, which are credit institutions, payment system operators and operators of payment infrastructure services, as well as with regard to the national payment system oversight. The Central Federal District is distinguished by a high concentration of payment system agents registered in the Russian Federation, payment services consumers and also a developed payment infrastructure. Possessing a great practical experience acquired in the course of supervision and oversight of the national payment system the Main Branch for the Central Federal District regularly submits to the Bank of Russia proposals on how to improve the national payment system legislation, develop new regulations or amend the applicable ones, thus making payment services more accessible and upgrading high-tech payment services and products.