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The macroprudential policy framework in Russia

In: Macroprudential policy frameworks, implementation and relationships with other policies

Author

Listed:
  • Elizaveta Danilova

    (Bank for International Settlements)

  • Maxim Morozov

    (Bank for International Settlements)

Abstract

The note discusses the main features of Russia’s current macroprudential policy framework. In particular, it describes the Central Bank of the Russian Federation’s legal mandate to ensure the stable functioning of the financial markets, explains the inter-agency coordination between Russian authorities, and outlines the functions of National Council on Ensuring Financial Stability as a high-level inter-agency advisory body on financial stability issues, which serves as an effective platform for policy coordination. The note focuses on the practical aspects of the the central bank’s financial stability objectives and powers, detailing the Bank of Russia internal structures and procedures for the formulation and implementation of macroprudential policy, and for communication and transparency issues. The central bank’s experience of using macroprudential instruments to curb systemic risks is reviewed, with practical examples of how financial stability issues were addressed via macroprudential policy measures, together with details of the Bank’s plans for further macroprudential policy development.

Suggested Citation

  • Elizaveta Danilova & Maxim Morozov, 2017. "The macroprudential policy framework in Russia," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy frameworks, implementation and relationships with other policies, volume 94, pages 305-319, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:94-23
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    File URL: http://www.bis.org/publ/bppdf/bispap94v.pdf
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    Cited by:

    1. Henry Penikas, 2023. "IRB Asset and Default Correlation: Rationale for the Macroprudential Mark-Ups to the IRB Risk-Weights," Risk Management, Palgrave Macmillan, vol. 25(1), pages 1-27, March.
    2. Georgia Bush & Tomás Gómez & Alejandro Jara & David Moreno & Konstantin Styrin & Yulia Ushakova, 2021. "Macroprudential policy and the inward transmission of monetary policy: The case of Chile, Mexico, and Russia," Review of International Economics, Wiley Blackwell, vol. 29(1), pages 37-60, February.
    3. Henry Penikas, 2020. "IRB Asset and Default Correlation: Rationale for the Macroprudential Add-ons to the Risk-Weights," Bank of Russia Working Paper Series wps56, Bank of Russia.
    4. Kozlovtceva, Irina & Penikas, Henry & Petreneva, Ekaterina & Ushakova, Yulia, 2022. "Macroprudential policy efficiency in Russia: Assessment for the uncollateralized consumer loans," Emerging Markets Review, Elsevier, vol. 52(C).

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