The Bank of Russia has published the second 2025 issue of the Russian Journal of Money and Finance, featuring research on how banking-sector competition and market power affect the transmission of monetary policy, new methods for forecasting the RUONIA money market rate, regional macroeconomic modelling, and behavioural-economics approaches to improving financial decision-making. The issue includes a study by Stepan Novikov assessing Russian banks’ market power and estimating credit and deposit markups, using these metrics to examine banks’ responses to monetary policy measures. Separate work by Dmitry Fedorov and co-authors presents a RUONIA forecasting method that is more accurate over horizons of at least one year than forecasts derived from market expectations. Another contribution proposes a model for the Southern macroregion (Southern and North Caucasian Federal Districts) that reflects agriculture and tourism specialisation, labour-market features, and significant state participation in the economy, while a further article reviews international experience in using behavioural economics to counter knowledge gaps and cognitive biases in household financial choices.

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