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Analysis of Unconventional Liquidity Providing Facilities of the Bank of Russia
[Анализ Нестандартных Инструментов Предоставления Ликвидности Банка России]

Author

Listed:
  • Trunin, Pavel (Трунин, Павел)

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Gaidar Institute for Economic Policy)

  • Vashelyuk, Natalia (Ващелюк, Наталья)

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

Abstract

The article examines the correspondence of present-day system of nonstandard refinancing tools used by Bank of Russia to the best practices of other central banks. We consider two main types of facilities: specialized Bank’s of Russia loans to commercial banks and longer-term operations. The study of nonstandard liquidity provision measures undertaken by the Bank of Russia revealed that the main challenges for the monetary policy implementation are enhancing the transparency of monetary policy, minimizing its distortional effects and appropriate risk management. Improvement in policy transparency could increase the level of credibility of monetary policy measures.

Suggested Citation

  • Trunin, Pavel (Трунин, Павел) & Vashelyuk, Natalia (Ващелюк, Наталья), 2015. "Analysis of Unconventional Liquidity Providing Facilities of the Bank of Russia [Анализ Нестандартных Инструментов Предоставления Ликвидности Банка России]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 41-57, February.
    • Handle: RePEc:rnp:ecopol:e15111
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    References listed on IDEAS

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    1. Claudio Borio & Anna Zabai, 2018. "Unconventional monetary policies: a re-appraisal," Chapters, in: Peter Conti-Brown & Rosa M. Lastra (ed.), Research Handbook on Central Banking, chapter 20, pages 398-444, Edward Elgar Publishing.
    2. S. Drobyshevsky & P. Kadochnikov & S. Sinelnikov-Murylev., 2007. "Some Issues of Monetary and Exchange Rate Policy in Russia in 2000—2006 and in the Short-term Outlook," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    3. Kotaro Ishi & Mr. Kenji Fujita & Mr. Mark R. Stone, 2011. "Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far," IMF Working Papers 2011/145, International Monetary Fund.
    4. Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543, Decembrie.
    5. Nikolay Nenovsky, 2000. "Research meting with Accession Countries' Central Banks, European Central Bank," Post-Print halshs-00260572, HAL.
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    Cited by:

    1. Elena Yuryevna Sokolova, 2019. "Modern Features of the Monetary Policy of the Leading World Countries," Spatial Economics=Prostranstvennaya Ekonomika, Economic Research Institute, Far Eastern Branch, Russian Academy of Sciences (Khabarovsk, Russia), issue 3, pages 147-164.
    2. Kiyutsevskaya, Anna (Киюцевская, Анна) & Narkevich, Sergei (Наркевич, Сергей) & Trunin, Pavel (Трунин, Павел), 2016. "The Transformation of the Role and Tasks of the Central Bank (Monetary Authorities) in the Modern Economy [Трансформация Роли И Задач Центральных Банков (Монетарных Властей) В Современной Экономике," Working Papers 2136, Russian Presidential Academy of National Economy and Public Administration.
    3. Kiyutsevskaya, Anna (Киюцевская, Анна) & Trunin, Pavel (Трунин, Павел), 2018. "Features of Interest Rate Policy Under the Inflation Targeting Regime [Особенности Процентной Политики При Режиме Таргетирования Инфляции]," Working Papers 031812, Russian Presidential Academy of National Economy and Public Administration.

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