IDEAS home Printed from https://ideas.repec.org/a/rnp/ecopol/e15111.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://repec.ranepa.ru/rnp/ecopol/e15111.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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.
    5. Nikolay Nenovsky, 2000. "Research meting with Accession Countries' Central Banks, European Central Bank," Post-Print halshs-00260572, HAL.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eladio Febrero & Jorge Uxó & Óscar Dejuán, 2015. "The ECB During the Financial Crisis. Not so Unconventional!," Metroeconomica, Wiley Blackwell, vol. 66(4), pages 715-739, November.
    2. Green, Christopher & Bai, Ye & Murinde, Victor & Ngoka, Kethi & Maana, Isaya & Tiriongo, Samuel, 2016. "Overnight interbank markets and the determination of the interbank rate: A selective survey," International Review of Financial Analysis, Elsevier, vol. 44(C), pages 149-161.
    3. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and its Effects: An Interrupted Time-Series Analysis of the Impact of its Quantitative Easing Programs," Thesis Commons d7pvg, Center for Open Science.
    4. Julien Pinter, 2022. "Monetarist arithmetic at COVID‐19 time: A take on how not to misapply the quantity theory of money," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 51(2), July.
    5. Morten L Bech & Cyril Monnet, 2013. "The Impact of Unconventional Monetary Policy on the Overnight Interbank Market," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Matthew Lilley & Mark Manning (ed.),Liquidity and Funding Markets, Reserve Bank of Australia.
    6. Pikkarainen, Pentti, 2010. "Central bank liquidity during the financial market and economic crisis : observations, thoughts and questions," Research Discussion Papers 20/2010, Bank of Finland.
    7. Osborne, Matthew, 2016. "Monetary policy and volatility in the sterling money market," Bank of England working papers 588, Bank of England.
    8. Claudio Borio, 2019. "On money, debt, trust and central banking," BIS Working Papers 763, Bank for International Settlements.
    9. Garreth Rule, 2011. "Issuing central bank securities," Handbooks, Centre for Central Banking Studies, Bank of England, number 30, April.
    10. Dubinin, S., 2015. "Financial Crisis 2014-2015," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 219-225.
    11. Leonardo Gambacorta & Boris Hofmann & Gert Peersman, 2014. "The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound: A Cross‐Country Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(4), pages 615-642, June.
    12. Arnaud Cedric Kamkoum, 2023. "The Federal Reserve's Response to the Global Financial Crisis and Its Long-Term Impact: An Interrupted Time-Series Natural Experimental Analysis," Papers 2305.12318, arXiv.org.
    13. Baglioni, Angelo, 2024. "Monetary policy implementation: Which “new normal”?," Journal of International Money and Finance, Elsevier, vol. 141(C).
    14. Friedman, Benjamin M. & Kuttner, Kenneth N., 2010. "Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 24, pages 1345-1438, Elsevier.
    15. Zakaria Moussa, 2016. "How big is the comeback? Japanese exchange rate pass-through assessed by time-varying FAVAR," Post-Print hal-03714934, HAL.
    16. 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.
    17. repec:zbw:bofrdp:2010_020 is not listed on IDEAS
    18. 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.
    19. Niall Ferguson & Andreas Schaab & Moritz Schularick, 2015. "Central Bank Balance Sheets: Expansion and Reduction since 1900," CESifo Working Paper Series 5379, CESifo.
    20. Pikkarainen, Pentti, 2010. "Central bank liquidity during the financial market and economic crisis: observations, thoughts and questions," Bank of Finland Research Discussion Papers 20/2010, Bank of Finland.
    21. Anne-Marie Rieu-Foucault, 2018. "Les interventions de crise de la FED et de la BCE diffèrent-elles ?," EconomiX Working Papers 2018-31, University of Paris Nanterre, EconomiX.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rnp:ecopol:e15111. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: RANEPA maintainer (email available below). General contact details of provider: https://edirc.repec.org/data/aneeeru.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.