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The effects of foreign exchange and monetary policies in Russia

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  • Ono, Shigeki

Abstract

This paper examines the effects of Russian foreign exchange and monetary policies under conditions of abundant natural resources during the period 1999–2011 using structural VAR models. The results suggest that monetary policy shocks, which are identified as money supply disturbances, have a persistent effect on real output, and more than half of the volatility in real output can be explained by changes in the money supply. Furthermore, the analysis reveals that stock prices are a more significant transmission channel of monetary policy than bank loans.

Suggested Citation

  • Ono, Shigeki, 2013. "The effects of foreign exchange and monetary policies in Russia," Economic Systems, Elsevier, vol. 37(4), pages 522-541.
  • Handle: RePEc:eee:ecosys:v:37:y:2013:i:4:p:522-541
    DOI: 10.1016/j.ecosys.2013.03.003
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    Cited by:

    1. Ratti, Ronald A. & Vespignani, Joaquin L., 2015. "Commodity prices and BRIC and G3 liquidity: A SFAVEC approach," Journal of Banking & Finance, Elsevier, vol. 53(C), pages 18-33.
    2. repec:eco:journ1:2017-02-72 is not listed on IDEAS
    3. Iwasaki, Ichiro, 2018. "International Presence of the Japanese Study of Russian and East European Economies," RRC Working Paper Series 74, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    4. Fatemeh Razmi & Azali Mohamed & Lee Chin & Muzafar Shah Habibullah, 2017. "How Does Monetary Policy Affect Economic Vulnerability to Oil Price Shock as against US Economy Shock?," International Journal of Economics and Financial Issues, Econjournals, vol. 7(2), pages 544-550.
    5. Vashchelyuk, N.V. & Polbin, Andrey & Trunin, Pavel, 2016. "The Econometric Estimation of the Macroeconomic Effects of the Shock of Monetary Policy for the Russian Economy," Working Papers 2133, Russian Presidential Academy of National Economy and Public Administration.

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