Evaluation of Credit Channel in Russia

E. Perevyshina and Yury Perevyshin ()
Additional contact information
E. Perevyshina: The Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia

Journal of the New Economic Association, 2015, vol. 28, issue 4, 96-110

Abstract: This article analyzes 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. This effect is caused by the increase of CBR funds in the banks' liabilities. We found that growth of the access to foreign financing for commercial banks decreases their dependence on Central bank refinancing.

Keywords: lending channel of monetary transmission mechanism; demand and supply of bank credits; panel analysis; cointegration analysis (search for similar items in EconPapers)
JEL-codes: C32 C33 E51 E52 G21 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.econorus.org/repec/journl/2015-28-96-110r.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2015:i:28:p:96-110

Access Statistics for this article

Journal of the New Economic Association is currently edited by Victor Polterovich and Aleksandr Rubinshtein

More articles in Journal of the New Economic Association from New Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Alexey Tcharykov ().