Analysis of financial stability as an additional goal of the policy of central banks

Анализ финансовой стабильности как дополнительной цели политики центральных банков

Anna Kiyutsevskaya, Pavel Trunin, Dzhaokhadze, Elena (Джаохадзе, Елена) (), Gadiy, Lyudmila (Гадий, Людмила) () and Chembulatova, Maria (Чембулатова, Мария) ()
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Dzhaokhadze, Elena (Джаохадзе, Елена): The Russian Presidential Academy of National Economy and Public Administration
Gadiy, Lyudmila (Гадий, Людмила): The Russian Presidential Academy of National Economy and Public Administration
Chembulatova, Maria (Чембулатова, Мария): Gaidar Institute for Economic Policy

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

Abstract: After the global financial crisis, financial stability became an additional goal of monetary authorities. The complexity of implementation of this goal stems not only from the absence of a generally accepted definition of financial stability, but also from the lack of its quantitative indicators. Moreover, there is no consensus about the link between the main central bank goal of ensuring price stability and financial stability. Our estimates of the link betweeen the Bank of Russia's goals of price and financial stability sgow that contradictions between these goals arise only in adverse conditions (crisis periods). This allows the Bank of Russia to use its interest rate policy to maintain the stability of the financial market.

Pages: 97 pages
Date: 2020-03
New Economics Papers: this item is included in nep-cis and nep-mon
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