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Evolution of Monetary Policy Instruments in Russia

Author

Listed:
  • Mr. Tomás J. T. Baliño
  • Mr. Jakob Horder
  • Mr. David S. Hoelscher

Abstract

This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992–December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian Federation (CBR) to the budget, to enterprises, and to other republics in the ruble area. Over time these flows have been reduced and indirect monetary instruments have become key elements of monetary policy implementation

Suggested Citation

  • Mr. Tomás J. T. Baliño & Mr. Jakob Horder & Mr. David S. Hoelscher, 1997. "Evolution of Monetary Policy Instruments in Russia," IMF Working Papers 1997/180, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/180
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    Citations

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    Cited by:

    1. Russell Cooper & Hubert Kempf, 2000. "Designing Stabilization Policy in a Monetary Union," Econometric Society World Congress 2000 Contributed Papers 0529, Econometric Society.
    2. El-Shagi, Makram & Tochkov, Kiril, 2022. "Divisia monetary aggregates for Russia: Money demand, GDP nowcasting and the price puzzle," Economic Systems, Elsevier, vol. 46(4).
    3. Astrid Ayala & Szabolcs Blazsek & Adrian Licht, 2022. "Score-driven stochastic seasonality of the Russian rouble: an application case study for the period of 1999 to 2020," Empirical Economics, Springer, vol. 62(5), pages 2179-2203, May.
    4. Starr, Martha A., 2005. "Does money matter in the CIS? Effects of monetary policy on output and prices," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 441-461, September.
    5. Nakamura, Yasushi, 2016. "Long-tarm Monetary Statistics for Russia," RRC Working Paper Series 63, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    6. David M. Kemme, 2000. "Russian Financial Transition: The Development of Institutions and Markets for Growth," William Davidson Institute Working Papers Series 455, William Davidson Institute at the University of Michigan.
    7. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, September.

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