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Determinants of Foreign Exchange Reserves Russian Central Bank

Student: Garaeva Anzhelika

Supervisor: Elena V. Rozhentsova

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Year of Graduation: 2016

This study is dedicated to the identification of the determinants of foreign exchange reserves Russian Central Bank. On the basis of common sense and a review of relevant literature, imports and GDP were considered as explanatory variables. Since the formation of reserves depends precisely on these factors in many countries, including the Russian Federation. In addition, the following determinants were analyzed in this study: the price of oil, oil exports, volatility of export earnings. A feature of the work is the inclusion of the indicator model is responsible for the difference in inflows and outflows of the country. Then the hypothesis of a positive effect of the studied factors, reserves have been verified. As a result, the price of oil was not statistically significant. A measure of volatility of exports had a negative effect on the dependent variable. According to the results of the study, other indicators have the expected signs. According to the theoretical review of the relevant literature it has been allocated 3 directions for the study, namely: analysis of models of the demand for reserves, analysis models, studying the dynamics of the behavior of reserves and analysis models, evaluate the adequacy of the level of reserves. However, this research involves the study of factors that influence the actual level of foreign exchange reserves.

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