Government Wealth Funds and Monetary Policy

Sergey Sinelnikov-Murylev and Pavel Trunin

Working Papers from Gaidar Institute for Economic Policy

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

Keywords: Russian economy; fiscal policy; monetary policy; sovereign wealth funds; forex interventions; international reserves (search for similar items in EconPapers)
JEL-codes: E43 E52 E62 E63 (search for similar items in EconPapers)
Date: 2016, Revised 2016
New Economics Papers: this item is included in nep-cis, nep-mac, nep-mon and nep-tra
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https://www.iep.ru/files/RePEc/gai/wpaper/148Sinelnikov.pdf Revised version, 2016 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:gai:wpaper:148

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