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Evaluation of Credit Channel in Russia

E. Perevyshina and Y. Perevyshin
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E. Perevyshina: The Russian Presidential Academy of National Economy and Public Administration, Moscow, Russia
Y. Perevyshin: 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
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