Credit Channel of Monetary Policy Transmission in Russia

E.A. Leontieva () and Yury Perevyshin ()
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E.A. Leontieva: Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy
Authors registered in the RePEc Author Service: Elena Leontyeva

Published Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: This study investigates the transmission of monetary policy onto retail bank interest rates in Russia. The paper reviews theoretical approaches of interest rate pass-through, the reasons for its incompleteness. Our estimates, based on ECM, show incomplete interest rate pass-through from MIACR to retail deposit rates in Russia in 2010-2014. The possible reasons of incomplete interest rate pass-through are imperfect substitution between bank deposits and other types of savings and weak competition within the Russian banking sector. Also we analyze how monetary policy of The Central Bank of Russian Federation influences the bank lending in Russia in 2010-2014. We use two approaches: cointegration analysis of macroeconomic data and panel regression on individual banks balance data. We show that monetary policy instruments (interest rate on auction REPO and volumes of refinancing operations) have affected bank lending at that time.

Keywords: monetary policy; market interest rates; commercial banks; banking loans; interest rate pass-through; credit channel (search for similar items in EconPapers)
JEL-codes: C32 C33 E43 E51 E52 E58 G21 (search for similar items in EconPapers)
Pages: 97 pages
Date: 2015-03-04
New Economics Papers: this item is included in nep-cba, nep-cis, nep-mac and nep-mon
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