In June 2022, the Federal Reserve started reducing the size of its balance sheet, which had expanded to just under $9 trillion in response to the COVID-19 pandemic. However, whereas banks' reserves at the Federal Reserve have decreased, the investment of money market funds (MMFs) at the Federal...

The bulk of euro-denominated cash is held for store of value purposes, with such holdings sharply increasing in times of high economic uncertainty. We develop a Diamond and Dybvig model with public money as a store of value and heterogeneous beliefs about bank stability that accounts for this...

The bulk of cash is held for store of value purposes, with such holdings sharply increasing in times of high economic uncertainty and only a fraction of the population choosing to hoard cash. We develop a Diamond and Dybvig model with public money as a store of value and heterogeneous beliefs...

In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions between the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. In...

The study discusses the basic kinds of electronic bank operations – electronic payments. These operations are based on electronic money. The analysis of the economic nature of electronic money in wide and narrow sense is done. Features and prospects of regulation by the Central bank of...

In this paper we present a series of models, all within the context of a simple two-good economy, which bring out the distinctions among the different types of money and financial institutions. The models emphasize the physical properties of the economic goods, moneys, and trading systems. Part...

The recent wave of financial innovation, particularly innovation related to the application of information and communication technologies, poses a serious challenge to the financial industry's business model in both its banking and non-banking components. It has already revolutionised financial...

In January 2014, banks generated extra revenues of Rb 39bn from the devaluation of the ruble , whereas adverse dynamics of household disposable incomes triggered worsening of the quality of retail loans. Banks keep being dependent on monetary authorities’ resources.

In December 2013 customers kept migrating to largest banks, above all, state-run ones regarding the key segments of the banking service market while basic balance sheet figures slowed down. A new highest value of the debt owed by banks to the monetary authorities overtopped Rb 4,5 trillion. For...

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 loss making month for banks, the second-in-a-row month of declining debt against retail...