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Effectiveness of micro- and macroprudential measures in 2014–2022 in Russia: Endogenous treatment effects estimation

Author

Listed:
  • Maria S. Lymar

    (Bank of Russia, Moscow, Russia)

  • Henry I. Penikas

    (Bank of Russia, Moscow, Russia)

Abstract

The objective of the current work is to estimate to what extent support measures of the Bank of Russia and the Government of the Russian Federation promoted financial stability of banks and the financial market overall so to sustain lending economy-wide during the crisis periods of 2014, 2020, and 2022. These measures mutually assured the financial stability of the institutions and enabled them to extend lending within the economy for RUB 8 trillion in 2022 (~$100 billion, or 8%+ of the total loan book), of which Bank of Russia measures contributed to RUB 4.3 trillion of the total, the Government of Russia — to RUB 2.0 trillion, while the synergy was RUB 1.7 trillion.

Suggested Citation

  • Maria S. Lymar & Henry I. Penikas, 2025. "Effectiveness of micro- and macroprudential measures in 2014–2022 in Russia: Endogenous treatment effects estimation," Russian Journal of Economics, ARPHA Platform, vol. 11(2), pages 168-196, June.
    • Handle: RePEc:arh:jrujec:v:11:y:2025:i:2:p:168-196
    DOI: 10.32609/j.ruje.11.144107
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    Keywords

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    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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