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Канал банковского кредитования и эффект ликвидности Кашьяпа и Штейна в России
Деньги и кредит. 2014.
Zyuzina O. A., Егоров А. В.
This article comprises the analysis of a bank credit channel of monetary policy transmission mechanism. It also provides the analysis of factors which determine the heterogeneity of different banks’ response to monetary policy impulses. This heterogeneity is becoming of more importance since the Bank of Russia is switching towards inflation targeting. Special attention is paid to previously unexamined for Russia Kashyap and Stein liquidity effect which implies that banks with less liquid assets respond to monetary policy impulses in a greater degree. Our results suggest that in Russia this effect holds only for the banks with a sustainable business model.
Borzykh O., Егоров А. В., Деньги и кредит 2015 № 1 С. 46-49
The article comprises the analysis of a bank credit channel of monetary policy transmission mechanism. It also provides the analysis of factors which determine the heterogeneity of different banks’ response to monetary policy impulses. This heterogeneity is becoming of more importance since the Bank of Russia is switching towards inflation targeting. Special attention is paid ...
Added: November 14, 2016
Borzykh O., Прикладная эконометрика 2016 Т. 43 № 3 С. 96-117
Implementation of inflation targeting by the Bank of Russia depends on the effectiveness of the chan-nels of monetary policy transmission mechanism. In this article we use a TVP-FAVAR model to examine the bank lending channel. This channel describes the connection between monetary policy impulses and the amount of bank loans that are among the main ...
Added: November 14, 2016
Borzykh O., / Высшая школа экономики. Серия WP2 "Количественный анализ в экономике". 2016. № WP2/2016/02.
The aim of this paper is to reveal the main features of the bank lending channel in the Russian economy. Having the answer to this question is important for increasing the efficiency of monetary policy because it will allow to evaluate the extent to which monetary policy impulses affect bank loans that are one of ...
Added: November 14, 2016
Borzykh O., Экономический журнал Высшей школы экономики 2016 Т. 20 № 3 С. 377-414
The aim of this paper is to reveal the main features of the bank lending channel in the Russian economy. Having the answer to this question is important for increasing the efficiency of monetary policy because it will allow to evaluate the extent to which monetary policy impulses affect bank loans that are one of ...
Added: November 14, 2016
Borzykh O., Егоров А. В., Деньги и кредит 2017 № 9 С. 28-37
In the article we analyze the impact of Bank of Russia monetary policy on credit activity. Using a TVP-FAVAR model and recent Russian data we reveal heterogeneity of this impact on different segments of the Russian credit market, including significant difference between loans to tradeable and non-tradeable sectors. This heterogeneity might be the source of ...
Added: August 24, 2017
Храмов В. Н., Sosunov K. A., / Высшая школа экономики. Series WP12 "Научные доклады лаборатории макроэкономического анализа". 2008. No. 01.
In recent papers it is shown that in the presence of price stickiness, investment and capital accumulation activity, active monetary policy (MP) rules can lead to indeterminacy under various assumptions about the structure of the model. We analyze the conditions for real indeterminacy to occur in the model with capital accumulation. The key assumption is ...
Added: March 14, 2013
Merzlyakov S., Panoeconomicus 2012 Vol. 59 No. 2 P. 201-216
Solving the problem of stabilizing the economy is directly tied to the necessity of keeping the main macroeconomic variables stable. However, macroeconomic stability is not in the general case a purely fiscal or a purely monetary problem. How the central bank and the government interact is of principle importance. We investigate the impact of macroeconomic ...
Added: October 30, 2012
Sokolova A., / Высшая школа экономики. Series EC "Economics". 2013. No. 39.
In times of fiscal stress, governments fail to adjust fiscal policy in line with the requirements for debt sustainability. Under these circumstances, monetary policy impacts the probability of sovereign default alongside inflation dynamics. Uribe (2006) studies the relationship between inflation and sovereign defaults with a model in which the central bank controls a risky interest ...
Added: January 22, 2014
Zamulin O. A., Sosunov K. A., / Высшая школа экономики. Series WP BRP 55/LNG/2017. 2007. No. 07.
The paper studies monetary policy in an economy, in which the manufacturing sector is ousted completely by the presence of a large natural resource industry. Thus, the economy produces only non-tradable goods, which can complement or substitute imported goods, and the primary shock to the economy comes from the fluctuations in the world price of
the ...
Added: March 13, 2013
Gavrilenkov E. E., Лисоволик Я. Д., Abramov A., Вестник Национальной ассоциации участников фондового рынка (НАУФОР) 2014 № 3 С. 24-40
Discussion about the problems of economic growth in Russia ...
Added: May 16, 2014
Borzykh O., Вопросы экономики 2017 № 7 С. 62-78
The new Basel III rules of macroprudential regulation were introduced for the Russian banking sector in year 2014. This article analyzes a previously unexamined for Russia impact of capital adequacy ratio on the effectiveness of bank lending channel. It is shown that when banks satisfy capital regulation rules this has a direct influence on this ...
Added: May 18, 2017
Khasyanova S. Y., М. : НИЦ Инфра-М, 2015
Monograph by S. Khasyanova «Upgrading Banking Regulation and Supervision in Russia in the line with International Standards» is devoted to the study of the development of banking regulation and supervision in Russia on the basis of international principles and standards. The process of implementation of international principles and standards of banking regulation in the Russian ...
Added: December 16, 2015
Arefiev N., / Высшая школа экономики. Series WP12 "Научные доклады лаборатории макроэкономического анализа". 2007. No. 06.
We argue that the result of dynamic inconsistency of optimal policy is based on an unrealistic assumption
that expropriations of property rights or defaults of government debt may be optimal. If we pose an
exogenous constraint, which forbids all implicit forms of government debt defaults or expropriations, we
get that optimal policy is always dynamically consistent. We demonstrate ...
Added: March 14, 2013
Balkovskaya D., Фильнева Л. И., International Research Journal of Finance and Economics 2012 No. 100 P. 96-111
In this study we investigate two stages of the interest rate channel of monetary policy transmission in Russia. Firstly, we assess the ability of the Central Bank to systematically influence its operational interest rate. Further, we examine the effect of the operational rate on real variables, specifically output and inflation. We found that the operational ...
Added: November 12, 2012
Chelekhovsky A., Горизонты экономики 2016 № 1 (27) С. 73-89
The paper develops a stylized three-period model of banking sector. The change in asset prices due to the liquidity crisis is in focus of analysis. It is shown, that even insignificant shocks in demand for liquidity can lead to bankruptcy of some banks and sharp fall in asset prices. If the share of early consumers ...
Added: May 6, 2015
Sapunkova N. A., Экономические науки 2010 № 68 С. 29-35
В статье представлена динамическая стохастическая модель общего равновесия (DSGE), учитывающая несовершенства на финансовых рынках, неполный эффект переноса валютного курса на внутренние цены, экспортоориентированность экономики и наличие Резервного фонда и Фонда национального благосостояния. Модель может быть использована для анализа и определения путей повышения эффективности трансмиссионного механизма монетарной политики в России.
Мировой экономической кризис поставил ряд вопросов перед ...
Added: October 14, 2012
Suchkova E. O., Господарчук Г. Г., М. : Русайнс, 2019
В монографии исследованы теоретические, методологические и практические аспекты финансовой стабильности. Разработана методология многоуровневой системы диагностики и регулирования финансовой стабильности. Предложены новые индикаторы рыночной и институциональной финансовой стабильности, а
также критерии качественной оценки финансовой стабильности. Разработаны критерии сбалансированности рыночной и институциональной финансовой стабильности. Предложен механизм формирования Карт рисков и выявления на их основе финансовых дисбалансов межуровневого характера. Предложен аналитический
инструментарий ...
Added: December 16, 2019
Dobrynskaya V. V., Levando D. V., / Высшая школа экономики. Series WP9 "Исследования по экономике и финансам". 2005. No. 02.
This paper studies exchange rate pass-through effect (PTE) on consumer and producer prices in Russia using Error Correction Model. We find that PTE is significant on most prices studied and very diverse, but it is incomplete even in the long run. We also find some asymmetry in price reactions to exchange rate appreciation and depreciation. ...
Added: March 18, 2013
Demidova O., Karnaukhova E., Коршунов Д. А. et al., Вопросы экономики 2021 № 6 С. 77-102
We analyze the heterogeneous influence that monetary policy has on the growth rates of real personal income in 79 Russian regions over the period from 2Q2015 to 4Q2019, taking into account some of the channels of monetary policy transmission mechanism and spatial effects. The analysis was performed on the basis of panel data and a ...
Added: June 11, 2021
Sokolova A., / Высшая школа экономики. Series WP12 "Научные доклады лаборатории макроэкономического анализа". 2013. No. 3.
The aim of this research is to identify the process that guides the evolution of infl ation expectations in Russia. The signifi cance of this theoretical issue is stipulated by the fact that the characteristics of this process are the key determinants of both infl ation dynamics and the effectiveness of disinfl ation measures introduced ...
Added: January 23, 2014
Zyuzina O. A., Егоров А. В., Деньги и кредит 2015 № 1 С. 46-49
The article comprises the analysis of a bank credit channel of monetary policy transmission mechanism. It also provides the analysis of factors which determine the heterogeneity of different banks’ response to monetary policy impulses. This heterogeneity is becoming of more importance since the Bank of Russia is switching towards inflation targeting. Special attention is paid ...
Added: January 24, 2015
Chirkova E. V., Корпоративные финансы 2011 № 2 С. 24-32
The article discusses the negative consequences of financial bubbles and the appropriateness of the monetary regulation thereof. The pros and cons of the monetary authorities' possible responses to financial bubbles and the options for the regulator's behavior during the inevitable collapse of the bubble are analyzed based on the availability and effectiveness of the regulatory ...
Added: October 2, 2012
Sokolova A., International Journal of Computational Economics and Econometrics 2014 Vol. 4 No. 1/2 P. 254 -268
The aim of this research is to identify the process that guides the evolution of inflation expectations in Russia. The significance of this theoretical issue is stipulated by the fact that the characteristics of this process are the key determinants of both inflation dynamics and the effectiveness of disinflation measures introduced by the Central Bank. ...
Added: April 25, 2014
Timofeev D. V., / National Research University Higher School of Economics. Series WP BRP "Basic research program". 2015. No. 20.
Russian recession of 2014/2015 began with ruble run and rise of inflation. It is just the opposite of the western-type deflationary slump combined with money hoarding. Does it mean that Russians need different micro-model to describe saving and consumption behavior? This study show that work-horse log-linearized rational SDF with CRRA utility still provides good explanation ...
Added: November 20, 2015