The third issue of the Russian Journal of Money and Finance for 2025 has been released, presenting research on regional economic inequality’s impact on monetary policy transmission, public perception of the Bank of Russia via Telegram, and approaches to measuring financial culture.
Valeria Zvereva from the Bank of Russia and HSE University discusses how regional differences in economic structure, household incomes, and assets can lead to varied responses to monetary policy across Russia. According to Zvereva, “a stronger response of inflation to monetary policy shocks is characteristic of regions with a higher share of wages in the income structure and a larger number of households with a high propensity to save and with access to credit.” She notes that both advantages and constraints present in one region can affect others through interconnected labor markets, trade links, and similar consumer behaviors.
Research by Alisa Polekhina and Anna Guseva (Bank of Russia) introduces a new index based on analysis from approximately 1,400 major Telegram channels focused on the Bank of Russia. The index evaluates news tone about the central bank’s activities. They report: “the index shows that this news is predominantly neutral. However, Telegram channels focused on politics are, on average, more negative, whereas the perception of the Bank of Russia’s actions in economic channels has improved significantly over time.” The index also correlates closely with survey data regarding public confidence in the Bank as well as expectations for inflation among households and businesses.
Another study featured in this issue addresses financial culture—defined as people’s values, attitudes, and behavioral practices related to finance—and its potential influence on national economic development. Alexander Auzan and colleagues from Lomonosov Moscow State University propose definitions for components of financial culture and discuss methodologies for assessing it.
The full third issue for 2025 is available online at the Russian Journal of Money and Finance website.
