Analyzing the impact of monetary policy on the debt burden in the Russian economy

Subject. The article discusses the impact of monetary policy on the debt burden in the Russian economy. Objectives. The aim is to characterize the impact of monetary policy on the debt burden in the Russian economy. Methods. The study employs general scientific and special economic and mathematical methods. Results. The paper discloses a significant increase in the debt burden of the corporate sector caused by the need to increase financing of expenses with borrowed funds in the face of sanctions pressure. The growing incomes of the population disproportionately increase their expenses, causing high rates of household debt growth. The paper also reveals volatile dynamics of the growth of debt securities of credit and other financial organizations in the context of the expansion of corporate lending through the gradual replacement of intraday loans with loans for non-market assets. I found that the monetary policy during the study period had a significant impact on the increase in the debt burden across all sectors of the Russian economy. Conclusions. The unveiled impact of monetary policy on the debt burden in the Russian economy will be useful to government agencies as a criterion for assessing the stability of the financial system and sustainability of economic growth.