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Government Wealth Funds and Monetary Policy

Author

Listed:
  • Sergey Sinelnikov-Murylev

    (Russian Foreign Trade Academy)

  • Pavel Trunin

    (RANEPA)

Abstract

Both economic theory and economic practice reveal a high degree of interdependence between fiscal and monetary policies. This relationship is especially evident if the government accumulates a considerable amount of money in its accounts with the central bank. The article analyzes the impact of the formation and spending of the Reserve Fund and the National Wealth Fund on the monetary policy of the Bank of Russia. This effect is considered from the point of view of the current economic crisis and the need to spend resources accumulated in sovereign wealth funds. Length: 13 pages

Suggested Citation

  • Sergey Sinelnikov-Murylev & Pavel Trunin, 2016. "Government Wealth Funds and Monetary Policy," Working Papers 148, Gaidar Institute for Economic Policy, revised 2016.
  • Handle: RePEc:gai:wpaper:148
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    File URL: http://www.iep.ru/files/RePEc/gai/wpaper/148Sinelnikov.pdf
    File Function: Revised version, 2016
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    More about this item

    Keywords

    Russian economy; fiscal policy; monetary policy; sovereign wealth funds; forex interventions; international reserves;

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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