Evolution of Monetary Policy Instruments in Russia

Tomás Baliño, Jakob Horder and David Hoelscher

No 1997/180, IMF Working Papers from International Monetary Fund

Abstract: This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992–December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian Federation (CBR) to the budget, to enterprises, and to other republics in the ruble area. Over time these flows have been reduced and indirect monetary instruments have become key elements of monetary policy implementation

Keywords: WP; CBR credit; foreign exchange; CBR intervention; interest rate; CBR financing; commercial bank; interbank market; Russia; monetary policy; transition economies; monetary instruments; financial liberalization; monetary management; CBR staff; financing requirement; liquidity management exercise; CBR credit auction; CBR interest rate objective; CBR transfer; reserve requirement regime; Correspondent banking; Credit; Reserve requirements; Bank credit; Commercial banks (search for similar items in EconPapers)
Pages: 39
Date: 1997-12-01
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