Macroeconomic analysis of the Russian financial system

Subject. This article analyzes the Russian financial system. Objectives. The article aims to identify the key macroeconomic processes affecting the stability of the Russian financial system. Methods. For the study, I used analysis and synthesis, special economic and mathematical methods, in particular, correlation and regression analysis, as well as a graphical method of presenting the results obtained. Results. The article reveals an active growth of the money supply, materialized by an increase in lending and money issuance by the Bank of Russia, causing increased demand for bonds and investors' uncertainty about the long-term prospects of the stock market. The budget deficit was covered through increasing the government bonds issue in the context of increasing the Bank of Russia's requirements for reserves and liquidity standards of other financial institutions, and the excess of other assets over the net foreign assets of the banking system is identified. At the same time, the ratio of non-financial sector debt over household debt and the ratio of loans owed (including overdue and at preferential interest rates) by small and medium-sized enterprises to similar debts owed by resident legal entities and individual entrepreneurs demonstrate a gradual reduction in the gap between the sectors. Conclusions. The identified key macroeconomic processes can be informative when shaping fiscal policy.