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Management of Monetary Policy in the Framework of Decision Making on Setting Interest Rates for Sustainable Social System: Example of the Russian Federation

Author

Listed:
  • Zhanna Chupina

    (Law Institute, Peoples’ Friendship University of Russia (RUDN University), 6 Miklukho-Maklaya Street, 117198 Moscow, Russia)

  • Irina Abanina

    (Department of World Economy and International Business, Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, 125993 Moscow, Russia)

  • Valery Abramov

    (Institute for the Study of International Economic Relations, Financial University under the Government of the Russian Federation, 125993 Moscow, Russia)

  • Kira Artamonova

    (Department of Audit and Corporate Reporting of the Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, 125993 Moscow, Russia)

  • Oksana Yurchenko

    (Law Institute, Peoples’ Friendship University of Russia (RUDN University), 6 Miklukho-Maklaya Street, 117198 Moscow, Russia)

  • Irina Osipova

    (Department of Audit and Corporate Reporting of the Faculty of Taxes, Audit and Business Analysis, Financial University under the Government of the Russian Federation, 125993 Moscow, Russia)

  • Pavel Stroev

    (Institute of Regional Economics and Interbudgetary Relations, Financial University under the Government of the Russian Federation, 125993 Moscow, Russia)

Abstract

This work was based on empirical studies of the credit register and loans issued, which have been compiled by all Russian banks since 2017, for the analysis of bank interest rates by a common factor and subject to the control of the characteristics of the loan. These dates identified bank-specific components in the management information system; also, the same data were used to measure the fragmentation of the accounting lending market in Russia. This paper illustrates the credit market in Russia during the COVID-19 pandemic by analyzing the management of loan rates with existing differences due to the heterogeneity of banks and borrowers in order to achieve a sustainable management system. The results show that the heterogeneity of banks’ decision-making when setting interest rates is high and increased at an early stage of the pandemic. Additionally, the results demonstrate that the banks tightened interest-free lending conditions during the pandemic for sustainable management goals.

Suggested Citation

  • Zhanna Chupina & Irina Abanina & Valery Abramov & Kira Artamonova & Oksana Yurchenko & Irina Osipova & Pavel Stroev, 2021. "Management of Monetary Policy in the Framework of Decision Making on Setting Interest Rates for Sustainable Social System: Example of the Russian Federation," Sustainability, MDPI, vol. 14(1), pages 1-13, December.
    • Handle: RePEc:gam:jsusta:v:14:y:2021:i:1:p:79-:d:708557
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    References listed on IDEAS

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