Efficiency of Monetary Policy Mechanisms Before and After the 2008 Financial Crisis in the Russian Economy

Oleg Salmsnov, Natalia Babina, Ekaterina Koba, Ekaterina Koba and Olga Lopatina

MPRA Paper from University Library of Munich, Germany

Abstract: The goal of this work is to reveal differences in transferring the regulator’s policy before and after the 2008 financial crisis. The research was made by using the method of vector auto-regression. The analysis was related to the channel of interest rate, corporate crediting, volumes of money supply, and growth of the prices level. Differences in the monetary policy of the regulator before and after the 2008 financial crisis were interpreted. Changes in the transfer of the regulator’s monetary policy via channels of the monetary transmission: the level of prices, interest, rate, bank crediting, and channel of monetary flows were statistically confirmed. It was determined that the specified channels had relative importance in transferring the policy and acted with the relatively different level of efficiency during the pre- and post-crisis period. The growth of efficiency of the channel related to the unforeseen growth of prices level, channel of bank crediting, and channel of monetary flows during the post-crisis period were revealed. Results of the research can be used for further theoretical and empiric analysis of the transmission mechanism. Results of such researches are useful for the regulator to pursue efficient monetary policy, for commercial banks to take into account when forming the development strategy whose important element is a system of financial stability management

Keywords: Monetary policy; crisis; vector auto-regression; impulse functions (search for similar items in EconPapers)
JEL-codes: C32 E44 E52 (search for similar items in EconPapers)
Date: 2017-07-01, Revised 2017-07-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in International Journal of Economic Research Volume 14 • Number 7.Vol.14(2017): pp. 95-108

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/112276/1/MPRA_paper_112276.pdf original version (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:pra:mprapa:112276

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().