In May 2015, contraction of practically all categories of attracted funds of the banking sector resulted in the paralyses of corporate loans and clearing of quick funds. In May, P&L impact of the banking sector went back to the positive zone although aggregate P&L impact for the first five...

In Q1 2015, there emerged the first signs of two negative trends approaching a break point: the inflow of individual funds into bank accounts and deposits finally reappeared, and after several months of negative financial results the banking sector managed to finish March 2015 in the black. At...

Even if the IS-LM model is one of the backbones in the Keynesian economics, its explanation in textbooks has a few conceptual as well as expressional errors. Take the demand for money (Md) for example. Almost all textbook authors, including Keynes himself, explain that Md increases as the...

February 2015 saw almost all of the trends prevailing over the recent months: the retail credit portfolio saw negative growth rates, the quality of the credit portfolio kept deteriorating both in the corporate and retail segments of the credit market, the debt owed to non-residents kept...

In early 2015, Russia's banking sector was operating under an increasing impact from several negative trends that had first become prominent towards the end of 2014. January 2015 became the second-in-a-row lossmaking month for banks, the second-in-a-row month of declining debt against retail...

Global economic trade is often argued to be as old as trade. The question of the nature of the exchange is the issue. While tin from England may have reached Sumeria 4,000 years ago, or Phoenicians' ships entered the Africa area of Cape Palmas at about the same time, the problem of exchange is a...

Late in 2014, Russia's banking sector was driven by the ruble's devaluation and mounting crisis-related developments in the economy, firstly the decline in real disposable household income. Banks sustained big losses for the first time since 2009, and the money market regulator strengthened its...

We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as medium of exchange. In a DSGE model calibrated to match the...