The limit of stability of the Russian financial system

Subject. The article addresses the stability of the Russian financial system. Objectives. The purpose is to determine the limit of stability of the Russian financial system. Methods. The study draws on methods of data analysis and synthesis, correlation and regression analysis. Results. The Russian economy has a substantial stake of non-financial sector requiring investments. Shares of non-financial organizations are risky but potentially more profitable investments. Under high economic uncertainty, investors look for low-risk assets. Pension funds and insurance companies are changing the structure of their portfolios in favor of federal loan bonds. This enables the government to increase the volume of long-term bond issuance to finance budget deficits. Variable interest rates provide for an opportunity to insure against possible losses caused by interest rate changes. There is an increase in excess of household debt over the volume of federal loan bond market. Non?financial organizations are attracting borrowed funds, outpacing the growth rate of household lending and federal bonds issuance. Non-financial sector debts are growing faster than household debts, while overall financial stability is maintained by the Bank of Russia through the key interest rate. Conclusions. The revealed limit of stability of the Russian financial system will be useful for business analysts when forecasting changes in the economy.