Countercyclical monetary policy in major economies of the Commonwealth of Independent States

Serhiy Kozmenko and Taras Savchenko

MPRA Paper from University Library of Munich, Germany

Abstract: The previous financial crisis caused the ending of an unusually long phase of recovery in the former USSR republics, thus increasing the relevance of developing effective measures, specifically, the countercyclical economic policy. Throughout 1991 to 2010, fourteen completed cycles were identified in countries of Commonwealth of Independent States (CIS). At the beginning of June 2011, one economy was in recovery phase, five economies were in the growth phase and one economy was in the decline phase. The authors also analyzed the level of countercyclical monetary policy of central banks in major economies of the CIS. The necessity of a more active countercyclical monetary policy in these countries was identified.

Keywords: business cycle; monetary policy; central banks; Commonwealth of Independent States. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2011-11-26
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Citations: View citations in EconPapers (1)

Published in Investment Management and Financial Innovations 4.8(2012): pp. 8-19

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:50792

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