The Effect of US Monetary Policy on the Activities of Russian Banks in the Low Interest Rate Environment

Nadezhda Ivanova, Ekaterina Petreneva (), Konstantin Styrin () and Yulia Ushakova ()
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Ekaterina Petreneva: Bank of Russia, Russian Federation
Konstantin Styrin: Bank of Russia, Russian Federation
Yulia Ushakova: Bank of Russia, Russian Federation

No wps114, Bank of Russia Working Paper Series from Bank of Russia

Abstract: This paper studies the cross-border transmission of US monetary policy to Russia in 2000-2019 via its effect on activities of Russian banks in the low interest rate environment in comparison with normal times. Specifically, we investigate dynamic responses of lending, funding, and risk taking. The main finding is that, in normal times, the dynamic responses of dependent variables of interest are consistent with the prevalence of the international lending channel whereas in the low rate environment the patterns are different for different indicators: in some instances the dynamic effect of interest is attenuated compared with normal times, in others, it is reinforced.

Keywords: monetary policy; international spillovers; cross-border transmission; low interest rates (search for similar items in EconPapers)
JEL-codes: E52 F34 G21 (search for similar items in EconPapers)
Pages: 58 pages
Date: 2023-10
New Economics Papers: this item is included in nep-cba, nep-cis and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:bkr:wpaper:wps114

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