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Countercyclical monetary policy in major economies of the Commonwealth of Independent States

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  • Kozmenko, Serhiy
  • Savchenko, Taras

Abstract

The previous financial crisis caused the ending of an unusually long phase of recovery in the former USSR republics, thus increasing the relevance of developing effective measures, specifically, the countercyclical economic policy. Throughout 1991 to 2010, fourteen completed cycles were identified in countries of Commonwealth of Independent States (CIS). At the beginning of June 2011, one economy was in recovery phase, five economies were in the growth phase and one economy was in the decline phase. The authors also analyzed the level of countercyclical monetary policy of central banks in major economies of the CIS. The necessity of a more active countercyclical monetary policy in these countries was identified.

Suggested Citation

  • Kozmenko, Serhiy & Savchenko, Taras, 2011. "Countercyclical monetary policy in major economies of the Commonwealth of Independent States," MPRA Paper 50792, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:50792
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    References listed on IDEAS

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    Cited by:

    1. Kozmenko, Serhiy & Savchenko, Taras, 2013. "Development of an explicit rule of monetary policy for the economy of Ukraine," MPRA Paper 50793, University Library of Munich, Germany.

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    More about this item

    Keywords

    business cycle; monetary policy; central banks; Commonwealth of Independent States.;
    All these keywords.

    JEL classification:

    • 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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