Bank Of Russia Research Articles

ДИСТАНЦИОННЫЕ СЕРВИСЫ – УСЛОВИЯ ВЫХОДА ИЗ ЗОНЫ КОМФОРТА НА СОВРЕМЕННОМ ФИНАНСОВЫМ РЫНКЕ

By statistical analysis, we will present an overview of popular mobile applications of Russian banks in 2022, which makes it possible to use rating indicators and see the level of financial accessibility and customer service opportunities through remote services, which allows customers to be in comfortable remote service conditions among the leading banks in Russia. When evaluating the effectiveness of mobile applications, the following conclusions were drawn, which can be a catalyst for new ideas and proposals: modern mobile applications are increasingly introducing superapps – innovative applications with a wide range of functions that tend to expand, according to customer requirements and the capabilities of mobile financial services; the number of customers – consumers of financial services is becoming more and more the account of downloading and working in a mobile application based on remote services; Tinkoff is the leader in downloading mobile applications, and at the same time, there is an increase in indicators of innovative developments in mobile applications and, in general, remote services that form a new atmosphere when leaving the comfort zone among modern online banking customers; 62,5% of installations during the study period were on Android applications (according to the AppMagic analytics system), at the same time, the top three leaders of the “Best Mobile Application” rating were formed – Tinkoff, BEAC, Alfa-Bank.

Legal Regulation of the Issue of Digital Financial Assets

The article comprehensively examines the issues of legal regulation of the issue of digital financial assets. In the legal and economic doctrine, as well as in law enforcement practice, there is no uniform approach to the content of the concepts of “digital law”, “digital financial asset”, “utilitarian digital law”, which predetermined the topic of the study. The purpose of the article is to study insufficiently developed problems related to the procedure for issuing digital financial assets. The results of the study. Regulation of issues of digital financial assets consists of two levels: at the legislative level, the legal regime of digital financial assets is determined, the procedure for their issue, accounting and circulation, requirements for entities; at the local level, the operator approves the rules of the information system, coordinated with the Bank of Russia. The study of issued digital financial assets showed that, firstly, they are all related to monetary requirements, which means that digital financial assets are currently used in the money market as a borrowing mechanism. Secondly, despite the availability of digital financial assets declared by information system operators for various investors, a significant part of the issues that took place were intended not for a wide range of people, but for certain investors. This is due to the fact that, in general, all releases can be called “pilot”: operators check the working capacity of their information systems, trying to avoid negative consequences.

Comparative Evaluation of the Performance of Commercial Banks in Russia Based on a Multidimensional Analysis of Financial Indicators

Banks occupy a central place in the modern global economy. Their stability is an indicator of the state of the country's economy as a whole, which has been repeatedly confirmed by the history of financial crises. The trend and intensity of global digitalization are radically changing the architecture of markets, which requires the development of new theories, methodologies, the search for new management technologies for immediate response to all kinds of challenges and for making informed decisions based on a comprehensive system assessment. The purpose of the study is to conduct a comparative probabilistic assessment of the performance of banks based on the generation of a random multidimensional value of financial indicators. The hypothesis of the study is that probabilistic multidimensional comparative evaluation models will eliminate subjectivism, increase the efficiency and reliability of the raw data base for generating management decisions. The authors have developed a new methodology for comparative evaluation of banks using multidimensional probabilistic analysis. The main problems of managerial decision-making in conditions of uncertainty are identified, taking into account the presence of an anthropogenic factor in the system, the stages of formation of a training sample of commercial banks are described, a list of statistically significant financial indicators is selected, a mathematical problem is formulated, a methodology and mathematical tools for analyzing multidimensional indicators are defined. Using a practical example for 2015-2020, a training sample of banks was formed, divided into two clusters, the coefficients of the equation of the separating hyperplane were determined, a multidimensional random variable was generated, the probability of banks being assigned to one of the clusters was calculated. The results of the calculations showed that only some banks managed to keep their place in the "positive" cluster and the units showed a positive increase in probability. The scientific and practical significance of the research lies in the increment of knowledge on the development of a methodology for multidimensional probabilistic assessment of the position of banks in the training sample. The basis of this methodology can be extended to related spheres of economic life of society, to form the basis of automation models for assessing the financial condition of the subject, finding solutions to optimization problems and developing management solutions.

Modelling Outflow Remittances in the Digital Era: A Subnational Analysis of Russia

Relevance. The outflow of funds from the Russian economy, including remittances, can have a significant impact on the country's economic development. The influence of digital technologies and the heterogeneity of Russian regions further complicate the study of factors affecting remittance outflows. This study aims to address this research gap by examining the spatial effects of remittance outflows from Russia at the regional level within the context of digital transformation. Research Objective. The primary objective of this paper is to investigate whether spatial effects exist in the outflow of remittances from Russia at the regional level and how digitalization affects this phenomenon. By exploring spatial autocorrelation and fitting spatial models, we aim to understand the mutual influence and interdependence of regions in cross-border remittances. Data and Methods. The study utilizes open annual data from the Bank of Russia on cross-border remittances and data from the Federal State Statistics Service of the Russian Federation. The research methodology includes spatial autocorrelation estimation and the application of spatial models. Results. Our findings indicate that the digitalization of business transactions leads to a decline in cross-border remittances that do not involve payment systems. This finding primarily relates to the relatively low share of non-resident remittances within formal remittances. The results underscore the importance of considering spatial differentiation among regions in terms of remittance volume when formulating regional policies. Furthermore, the study reveals a shifting trend towards the emergence of major centers for outgoing transfers in the Far Eastern part of Russia and an increase in remittance volumes from border regions in the European part of Russia. Conclusions. The policy implications of this study highlight the need to encourage the participation of the population's savings in the domestic economy. This can be achieved through measures aimed at facilitating internal investment and financial inclusion.

Investments of countries in renewable energy sources in Latin America and the Caribbean: State and prospects

The Economic Commission for Latin America and the Caribbean has identified the energy transition period as one of the strategic areas of action to accelerate the recovery of the region. Renewable energy can become a comparative advantage in terms of attracting investments in other sectors of energy-intensive industries, for example, those related to green hydrogen and the development of carbon-neutral technologies. The dynamic international market and the countries of the Latin American region have the opportunity to solve the tasks strategically with the help of investments. The goal is to conduct a quantitative analysis and directions of FDI to Latin America and the Caribbean based on statistical data. Investment cooperation is analysed within the framework of the theory of structural functionalism (Parsons) using macroeconomic indicators of foreign trade cooperation based on UNCTAD statistics on world investment, data from the central banks of Bolivia, Brazil, CEPAL statistical agencies and the Bank of Russia.

Управление денежной эмиссией

The article discusses the legal aspects of money issue management, examines the economic and legal issues of the use of monetary and budgetary policy instruments. It is proved that the Central Bank of the Russian Federation is not the only regulator of monetary emission, and the list of means of managing the process of creating the solvency of participants in civil turnover is not limited to the provisions of the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)". In addition to the banking system, the budget system participates in the creation of the solvency of economic entities, and the issue of the budget ruble is mediated by a budgetary and legal mechanism. In addition, in the conditions of the modern model of public administration, financial institutions of development play an active role in the management of monetary emission. The use of general logical research methods, including analysis and synthesis, formal legal and comparative legal methods allowed the author to come to the following conclusions: 1) the empowerment of financial development institutions with the authority to allocate budget funds, loans, and in fact the authority to determine the conditions for the emergence and fulfillment of emission financial obligations led to the creation of an alternative legal institution for regulating the process of transferring money to the economy, bypassing the banking and budgetary system; 2) the activation of the process of transferring part of the functions of the Bank of Russia to the Government of the Russian Federation in the context of an unprecedented sanctions regime against Russia will have a positive impact on the formation of a modern legal model of money issue management, since it will limit the independence of the Central Bank of the Russian Federation fulfilling obligations arising from the Articles of the IMF Agreement.

Цифровые технологии в системе дистанционного обслуживания

Currently one of the main trends, which was largely influenced by the pandemic, is the digital transformation of all spheres of society. The financial sector is highly subject to digital modernization. In this area, both banking products and services that form the final consumer experience and affect their loyalty undergo digital modernization. Therefore, the introduction of digital technologies and digital transformation of business processes is currently a priority for banks. It contributes to their active expansion, reduces the costs, improves the quality and efficiency of banking services and customer loyalty and simplifies the mechanisms for providing services. The development of the banking system based on the use of digital technologies will solve many problems. For example, end-to-end technologies such as machine learning, artificial intelligence, blockchain, P2P lending, robo-advising accelerate technological changes, personalize offers, increase the speed of banking operations, increase the accuracy of calculations, and reduce the risk of deliberate misrepresentation of reporting data. This article defines the types of remote banking services, evaluates their use in Russian banks. Particular attention is paid to the influence of various factors on the development of remote banking services and the introduction of digital technologies, on the emergence of new functions in this area. It was revealed that as a result of the restrictions associated with COVID-19, banks immediately modified relations with customers and converted them to a digital basis.

ОСОБЕННОСТИ ЦИФРОВОЙ ИПОТЕКИ

The authors investigated the process of introducing digital technologies in mortgage lending by Russian banking institutions, revealing the advantages of digital mortgages in comparison with offline transactions for both banks and borrowers. The article describes one of the progressive online platforms – Digital Mortgage, presents proposals for the use of other digital services by Russian banks that are already successfully used when issuing mortgage loans by large players (Sberbank of Russia PJSC, VTB Bank PJSC, Gazprombank JSC, etc.).

Climate-related financial risk management in russian banks: methodological aspects

Climate-related financial risk management in russian banks: methodological aspects

Национальная система платежных карт как инструмент безопасности России в условиях санкций

The article is devoted to the problems of the national payment card system (NSPK) development in the conditions of sanctions pressure on Russia. The role of the NSPK in ensuring the national security of the country in the payment sphere is analyzed. The prerequisites for the creation of the NSPK, the history of the sanctions impact on the Russian banking and payment sector are investigated, the features of the implementation of the system are considered and the factors affecting its operation are evaluated. The current state of the system and its place in the Russian payment market are analyzed. Forecasts are made regarding the further development of the NSPK. Recommendations are given to improve the efficiency of the NSPK functioning. The creation of the national payment card system was dictated primarily by the need to ensure Russia’s national security in the settlement and payment sphere in the face of unprecedented economic and political pressure from Western countries. Unlike international card payment systems, NSPK was initially focused on working in the domestic market. With the departure of Visa and Mastercard from Russia, the domestic payment system received the status of a monopolist in the country. In addition, one of the priorities was to establish cooperation with foreign partners to increase the number of countries where the NSPK’s payment card Mir is accepted, in addition, special attention was paid to the development of co-baging projects. The key advantages of the NSPK: increasing the stability of the payment space functioning, reducing the current costs of making retail non-cash payments, independence from the governments of unfriendly countries and international organizations, ensuring reliable protection of payment information, reducing the turnover of cash and, accordingly, the costs of its provision.

Damping threats to the national economy using digital tools of the Central Bank of the Russian Federation

In 2022, the Russian Federation is undergoing radical changes in the economic structure caused by the restrictive policy of unfriendly states. The tightening of the conditions for financial transactions and foreign trade relations led to a scenario of accelerated adaptation to a number of current threats, including the disconnection of 7 Russian banks from the SWIFT system, an increase in the inflation rate (12% per annum) and the key interest rate (9.4%), a decline in GDP (2.1% in annual terms). The article analyzes the indicators of monetary policy, such as the dynamics of the key rate, the inflation rate, gross domestic product, the volatility of the national currency, as well as government measures to stabilize the economy, including the adaptation of monetary policy to the current macroeconomic situation. The analysis of the transformation of the economy under the influence of digital technologies is carried out, it is concluded that the financial system of Russia is ready for the introduction of the digital ruble as a tool to combat the economic crisis, sanctions pressure for the effective passage of the phase of structural adjustment of the economy and strengthening positions in global competition. This measure will make it possible to reduce dependence on the dollar, reach a higher technological level, and also ensure progress in export and import relations.

Механизм цифровой трансформации российских банков в современных условиях

The relevance of the problem under study is due to the active transition of banks into the digital space. The desire of banks to reduce costs, diversify the product line, increase customer loyalty, increase the profitability of operations, etc. involves the banking sector in the process of digital transformation. Digital transformations in the banking market inevitably entail a rethinking of the views of users and participants of these financial relations. The purpose of the article is to consider the mechanism of digital transformation of Russian banks in modern conditions. To achieve this goal, it is necessary to define digital transformation, identify and characterize digital technology models, analyze the factors influencing digital banking transformation, identify the stages of the digital transformation process of banks and characterize the types of banking business models after the transformation. The theoretical and methodological basis of the article was the scientific work of Russian and foreign scientists and agencies. In the course of writing the work, general scientific methods of cognition used in economics were used, adapted taking into account the emerging nature of digital technology markets. The work also uses a set of scientific approaches and methods, such as systematic and integrated approaches, methods of logical, comparative and statistical analysis. Methodological approaches are based on theoretical and methodological research of the potential of the latest digital technologies, analysis of opportunities and problems that these technologies provide. The article proposes to consider digital transformation as a process involving the introduction of various innovative technological solutions into the activities of banks, radically changing the ways and channels of providing services to customers. 4 models of digital technology transformation are identified and characterized: confederate, joint service, strategic competence centers model and operational model. It is concluded that Russian banks are striving for an operating model, but in the long term due to the prevailing growth factors and constraints. The presence of a sufficiently large number of stop factors that slow down the digital transformation in banks has been revealed: the Russian mentality, the lack of external and insufficient internal financing, the lack of qualified personnel, etc. A forecast has been made about erasing the edge of the bank as a financial institution, and turning into a way of life. Practical application is possible when creating a digital strategy of the bank, and the deepening of the study should be carried out taking into account the reduction of risks, including cyber threats.

Features of the “Green” strategies for the development of banks

Banking Green Strategies in 2023 represent an important trend associated with the active development of environmentally sustainable and socially responsible business practices. Today, when issues of environmental sustainability have become especially acute, more and more banks are focusing on green development strategies that allow them not only to reduce the risks of environmental disasters and improve their public image, but also to generate additional income. Green strategies for the development of banks include several key indicators that are aimed at minimizing the negative impact of banking on the environment and society as a whole. Green banking already has significant experience in the developed countries of the world and is becoming more and more popular. Russian banks are also beginning to show interest in this area, and, probably, in the coming years, green banking will develop more actively in Russia.

Modeling the Relationship Between Deposits and Loans in Russian Banks: an Econometric Approach

Modeling the Relationship Between Deposits and Loans in Russian Banks: an Econometric Approach

The Economy of Green Investment in Various Projects: The Experience of Countries

A significant number of investment projects in the field of renewable energy, energy efficiency and other environmentally friendly projects are being implemented in the world, for the full launch of which there is a need to attract a significant amount of long-term financial resources. Such long-term financing is currently not easy to obtain from the Russian banking system and the local capital market. At the same time, raising funds by issuing green bonds has gained popularity in many countries around the world in recent years, and the use of this financial instrument has given countries access to a large and diverse pool of investors and helped them meet their international obligations. The complexity of this situation is compounded by climate change, a phenomenon that exacerbates the impact of any global crisis. Its impact is felt around the world and has concrete implications for achieving the Sustainable Development Goals set out in the Rio Millennium Declaration. Currently, the international community as a whole and Russia should look for new approaches to managing the economy and the environment, ensuring, on the one hand, their balance and compatibility of development, and on the other, ensuring together with the economic water, energy, food security of the state. within the framework of the international paradigm of sustainable development.

The Origin of the Russian Banking System From 1991 to 1995

The article provides a history of Russia’s modern banking sector. Russia has stabilized after a great many socio-economic and socio-cultural transformations, and the time is apt for a historical treatment of the topic. The author analyzes the development of the banking system from its beginnings during perestroika when the first commercial banks appeared in the Russian Federation. The formation of the Russian State Bank in July 1991 initiated the first stage of development, which ended in late 1995 when the banking community was able to recover from Russia’s first systemic banking crisis and adapt to market realities. The article identifies and analyzes the distinctive features of the banking sector during the first stage of its formation. Before perestroika, the main task of the Soviet Union’s single-tier banking system was to arrange financing for the economy and supervise budgetary spending and estimates. Even during its early stages the Russian banking system began to coalesce into two tiers as banks were exposed to market conditions, gained experience in commercial credit, and dealt in market-based financial instruments. When the Soviet Union collapsed, there were 869 banking organizations operating in Russia, and these provided a basis for structuring the banking sector during the next stage of the economy. After 1991 the country had to meet the challenge of detaching the economy of the RSFSR from the post-Soviet republics, rebuilding a system for mutual settlements in a national economy disrupted by crisis, and finding ways to regulate the banking sector and make it more reliable

БАНКОВСКАЯ СИСТЕМА РОССИЙСКОЙ ФЕДЕРАЦИИ: ОСНОВНЫЕ ТЕНДЕНЦИИ И ОСОБЕННОСТИ ЦИФРОВИЗАЦИИ

The banking system had a significant impact on the development of the state economy, regulating the amount of money and accumulating quickly free funds. This article discusses the features of the banking system of the Russian Federation, achievements and shortcomings in the field, the main tools for regulating the money supply, and also identifies the main indicators of digitalization of the Russian banking sector.

Факторы риска, прибыльности и вероятности дефолта российских банков

In this paper, based on quarterly data on the financial statements of Russian banks for the period from mid‐2013 to the end of 2021, using econometric methods of analysis, we estimated the factors that affect both the probability of bank default as well as other indicators of its activity — risk and profitability. The results obtained showed that balance sheet ratios are significantly correlated with the probability of bank default, its risk of insolvency, and profitability. Asset quality, a bank’s size, a capital ratio, and liquidity creation are important determinants of these bank’s characteristics. The insolvency risk (measured as a Z‐score), in turn, is significantly negatively correlated with the probability of default and profitability (ROA).

DESCRIPTION OF HEREDITARY PROPERTY

The article analyzes the rules for conducting an inventory and description of hereditary property, including at the request of the sole heir, examines foreign practice, the positions of Russian banks and federal authorities regarding the transfer of property discovered when compiling an inventory for storage and informing notaries about suspicious transactions. The author highlights the specifics of registration of rights to the testator’s movable property.

Вопросы методического обеспечения оценки управления капиталом коммерческих банков в современных экономических условиях

The article discusses the issues of methodological support for the assessment of capital management of commercial banks in modern economic conditions. The objectives of further reform of the banking system are to strengthen its stability, improve the quality of the banking sector’s performance of functions for accumulating savings of the population and enterprises and their transformation into loans and investments. These goals can be achieved through solving practical problems of increasing the capitalization of credit institutions, restoring and strengthening confidence in the Russian banking system on the part of investors and depositors. The reform of the banking system requires further development of banking supervision over the activities of credit institutions, the transfer of the latter to international accounting and reporting standards, improvement of the taxation and accounting system in determining the tax base; conducting a comprehensive management analysis of the financial and economic activities of commercial banks. It is necessary to focus on such concepts of a market economy as business activity, liquidity, solvency, creditworthiness of commercial banks, profitability threshold, margin of financial stability (safety zone), degree of risk, effect of financial leverage, etc., as well as the methodology of their analysis. The main purpose of the analysis is to identify and eliminate deficiencies in financial activities in a timely manner and to find reserves for improving the financial situation of a commercial bank and its solvency.