Russian Federation:Selected Issues

Author: International Monetary Fund

Volume/Issue: Volume 2004 Issue 316

Publication date: September 2004

ISBN: 9781451833119

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , Russia , tax , position vis-à-vis nonbank sector , vis-à-vis Russia , carry trade , position vis-à-vis banking sector , ruble broad money , demand function , broad money growth , Monetary base , Inflation , Foreign banks , Commercial banks , Demand for money , Global , Europe , North America

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Summary

This Selected Issues paper for the Russian Federation reviews trends in private capital flows to Russia by decomposing the flows into its subcomponents. Russia became a net lender to the international banking system, as a complement to the prolonged period of large current account surpluses. The nonbank corporate sector in Russia began to have better access to both bank and nonbank sources of external finance, with improving investor perceptions and a favorable external environment. The relatively lackluster performance of equity issuances and foreign direct investment has been an outcome of both global and local factors.