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The effect of the transfer of interest rates in Russia in 2010-2014


  • Perevyshin, Yuri

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Perevyshina, Elena

    () (Russian Presidential Academy of National Economy and Public Administration (RANEPA))


The article is devoted to the study of an important element of the transmission mechanism of monetary policy in Russia in 2010-2014, - transfer effect of interest rates on the interbank market interest rates on deposits and loans of commercial banks. The paper presents theoretical approaches to explain the mechanism of transfer of interest rates, the reasons for its incompleteness, the empirical methods of estimating the effect of the transfer on real data. The results of the econometric estimation of the influence of MIACR on deposit rates of commercial banks in the Russian Federation. The possible reasons for the incomplete pass-rates in the Russian banking sector.

Suggested Citation

  • Perevyshin, Yuri & Perevyshina, Elena, 2015. "The effect of the transfer of interest rates in Russia in 2010-2014," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 5, pages 38-52.
  • Handle: RePEc:rnp:ecopol:ep1557

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    References listed on IDEAS

    1. Gabe J. de Bondt, 2005. "Interest Rate Pass-Through: Empirical Results for the Euro Area," German Economic Review, Verein für Socialpolitik, vol. 6(1), pages 37-78, February.
    2. Weth, Mark A., 2002. "The pass-through from market interest rates to bank lending rates in Germany," Discussion Paper Series 1: Economic Studies 2002,11, Deutsche Bundesbank.
    3. Schlüter, Tobias & Busch, Ramona & Hartmann-Wendels, Thomas & Sievers, Sönke, 2012. "Determinants of the interest rate pass-through of banks: Evidence from German loan products," Discussion Papers 26/2012, Deutsche Bundesbank.
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    5. Jamilov, Rustam & Égert, Balázs, 2014. "Interest rate pass-through and monetary policy asymmetry: A journey into the Caucasian black box," Journal of Asian Economics, Elsevier, vol. 31, pages 57-70.
    6. Egert, Balazs & Crespo-Cuaresma, Jesus & Reininger, Thomas, 2007. "Interest rate pass-through in central and Eastern Europe: Reborn from ashes merely to pass away?," Journal of Policy Modeling, Elsevier, vol. 29(2), pages 209-225.
    7. Boris Hofmann & Paul Mizen, 2004. "Interest Rate Pass-Through and Monetary Transmission: Evidence from Individual Financial Institutions' Retail Rates," Economica, London School of Economics and Political Science, vol. 71, pages 99-123, February.
    8. Darracq Pariès, Matthieu & Moccero, Diego & Krylova, Elizaveta & Marchini, Claudia, 2014. "The retail bank interest rate pass-through: The case of the euro area during the financial and sovereign debt crisis," Occasional Paper Series 155, European Central Bank.
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    11. Philip Lowe & Thomas Rohling, 1992. "Loan Rate Stickiness: Theory and Evidence," RBA Research Discussion Papers rdp9206, Reserve Bank of Australia.
    12. Stephen Rousseas, 1985. "A Markup Theory of Bank Loan Rates," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 8(1), pages 135-144, September.
    13. Anamaria Illes & Marco Jacopo Lombardi, 2013. "Interest rate pass-through since the financial crisis," BIS Quarterly Review, Bank for International Settlements, September.
    14. Leonard Laudadio, 1987. "Commercial Banks: Market Structure and Short-Term Interest Rates," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 9(4), pages 632-641, July.
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    More about this item


    Keywords: carry-over effect of the interest rate; the rigidity of interest rates; interest rate policy; interest rate channel; monetary policy;

    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
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects


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