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Russia’s Monetary Policy in 2022

Author

Listed:
  • Bozhechkova Alexandra

    (Gaidar Institute for Economic Policy)

  • Trunin Pavel

    (Gaidar Institute for Economic Policy)

  • Knobel Alexander

    (Gaidar Institute for Economic Policy)

Abstract

In 2022, the Russian economy experienced a profound negative shock associated with the imposition of sanctions against Russia by a number of developed countries, including the freeze of the Bank of Russia’s international reserve assets, Russian banks being cut out of international payment systems, restrictions on imports of Russian goods and services and exports of technologies to Russia, and some other measures. The shock gave rise to pronounced instability in Russia’s financial market and forced the Central Bank of the Russian Federation to sharply tighten its monetary policy in order to prevent the outflow of funds from the banking system.

Suggested Citation

  • Bozhechkova Alexandra & Trunin Pavel & Knobel Alexander, 2023. "Russia’s Monetary Policy in 2022," Published Papers ppaper-2023-1273, Gaidar Institute for Economic Policy, revised 2023.
    • Handle: RePEc:gai:ppaper:ppaper-2023-1273
    as

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    File URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2023-1273.pdf
    File Function: Revised Version, 2023
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    More about this item

    Keywords

    Russian economy; monetary policy; money market; exchange rate; inflation; balance of payments; fiscal policy;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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