The second issue of the Russian Journal of Money and Finance for 2025 has been released. The publication explores various topics, including the impact of competition in the banking sector on monetary policy efficiency, models for forecasting economic indicators and money market rates, and the role of behavioral economics in financial decision-making.
In an article by Stepan Novikov from the New Economic School and Bank of Russia, the focus is on assessing the market power of Russian banks. Novikov examines how banks with significant market power respond to monetary policy measures by calculating credit and deposit markups. He is noted as “the first Russian researcher who has used these data to study banks’ responses to monetary policy measures.”
Another contribution comes from Dmitry Fedorov and his colleagues at Lomonosov Moscow State University. They propose a method for forecasting the RUONIA money market rate, which serves as a key rate proxy. Their method claims to offer more accurate forecasts over long horizons of at least one year compared to those based on market expectations.
Sophia Panteeva and her team from the Bank of Russia Southern Main Branch present a model specific to the Southern macroregion’s economy. This model considers regional peculiarities such as agriculture, tourism sectors, labor market characteristics, and state participation in its economy. They argue that “to forecast this effect accurately, models that reflect regional peculiarities should be used.”
Vladimir Ivanov and Elena Nikishina from Lomonosov Moscow State University discuss how behavioral economics can address uninformed financial decisions caused by cognitive biases like limited attention or preference for immediate benefits. They analyze international experiences in promoting financially literate decisions.
The latest issue (No. 2, 2025) is accessible online through the journal’s website.
