Analysis of Unconventional Liquidity Providing Facilities of the Bank of Russia
The article examines the correspondence of present-day system of nonstandard refinancing tools used by Bank of Russia to the best practices of other central banks. We consider two main types of facilities: specialized Bank’s of Russia loans to commercial banks and longer-term operations. The study of nonstandard liquidity provision measures undertaken by the Bank of Russia revealed that the main challenges for the monetary policy implementation are enhancing the transparency of monetary policy, minimizing its distortional effects and appropriate risk management. Improvement in policy transparency could increase the level of credibility of monetary policy measures.
Volume (Year): 1 (2015)
Issue (Month): (February)
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- Kotaro Ishi & Kenji Fujita & Mark R. Stone, 2011. "Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far," IMF Working Papers 11/145, International Monetary Fund.
- Bindseil, Ulrich, 2004. "Monetary Policy Implementation: Theory, past, and present," OUP Catalogue, Oxford University Press, number 9780199274543. Full references (including those not matched with items on IDEAS)
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