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Evolution of Monetary Policy Instruments in Russia

Author

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  • Tomás J. T. Baliño
  • Jakob Horder
  • David S. Hoelscher

Abstract

This paper analyzes the evolution of monetary policy in Russia, focusing on the period January 1992–December 1995. Special attention is given to the role of monetary policy instruments. Initially, policy was completely dominated by flows of credit from the Central Bank of the Russian Federation (CBR) to the budget, to enterprises, and to other republics in the ruble area. Over time these flows have been reduced and indirect monetary instruments have become key elements of monetary policy implementation

Suggested Citation

  • Tomás J. T. Baliño & Jakob Horder & David S. Hoelscher, 1997. "Evolution of Monetary Policy Instruments in Russia," IMF Working Papers 97/180, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:97/180
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    Cited by:

    1. Russell Cooper & Hubert Kempf, 2000. "Designing Stabilization Policy in a Monetary Union," Econometric Society World Congress 2000 Contributed Papers 0529, Econometric Society.
    2. Starr, Martha A., 2005. "Does money matter in the CIS? Effects of monetary policy on output and prices," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 441-461, September.
    3. David M. Kemme, 2000. "Russian Financial Transition: The Development of Institutions and Markets for Growth," William Davidson Institute Working Papers Series 455, William Davidson Institute at the University of Michigan.
    4. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, May.

    More about this item

    Keywords

    Russian Federation; Monetary policy; Russia; transition economies; monetary instruments; financial liberalization; credit; reserve requirements; inflation;

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