Reducing Household Spending Is The Main Source Of Additional Cash In 2020

Monitoring of Russia's Economic Outlook. Trends and Challenges of Soco-Economic Development. Moscow. IEP. 2021. No. 5, pp. 3-9

7 Pages Posted: 5 Apr 2021

See all articles by Alina Grebenkina

Alina Grebenkina

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)

Sergey Drobyshevsky

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration

Pavel Trunin

Gaidar Institute for Economic Policy

Date Written: March 23, 2021

Abstract

In 2020, Russia saw a notable increase in the proportion of cash on hand in circulation. The main source of this additional amount of cash on hand was the reduction in household spending, which led to the non-return of cash previously put in circulation for transactions for the purchase of goods and services, as well hoarding of unspent income in cash as a precautionary measure in the face of increasing uncertainty.

Keywords: Russian economy, cash in circulation, COVID-19, household spending

JEL Classification: H31, E21

Suggested Citation

Grebenkina, Alina and Drobyshevsky, Sergey and Trunin, Pavel, Reducing Household Spending Is The Main Source Of Additional Cash In 2020 (March 23, 2021). Monitoring of Russia's Economic Outlook. Trends and Challenges of Soco-Economic Development. Moscow. IEP. 2021. No. 5, pp. 3-9, Available at SSRN: https://ssrn.com/abstract=3818083

Alina Grebenkina

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) ( email )

Vernadskogo Prospect 82
Sredny av. V.O., 57/43
Moscow, St. Petersburg 119571
Russia

Sergey Drobyshevsky (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration ( email )

Varnadskogo Avenue,82
Moscow, 119571
Russia

Pavel Trunin

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

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