Роль Банковского Канала В Передаче Денежно-Кредитной Политики В России[The role of the banking channel in the transmission of monetary policy in Russia]

The article addresses the dependence of offered bank credits on the monetary policy. We estimated, whether there are causal statistically significant tools of the monetary policy influencing the volumes of corporate lending. We investigated the influence of the money base, the money supply, the refinancing rate, and the interbank lending rate as independent variables. Methods. We made the assessment under the generalized method of moments. In addition to taking the logarithm of variables, we applied seasonal smoothing. We assessed the heteroscedasticity and serial correlation of errors using the method of estimation with errors under the Newey-West estimator. Results. On the basis of a quarter data set from 2002 to 2013, we found evidence suggesting the existence of the bank credit channel in Russia. The increase in the money base, as well as an increase in the money supply is reflected in the increase in bank lending. Changes in the interbank lending rate and refinancing rate have rather modest influence on the bank lending. Conclusions and Relevance. The obtained empirical results validate the hypothesis of the credit bank channel existence in Russia. We established that statistically significant tools of the bank channel are the money supply, the money base, the refinancing rate, and the interbank lending rate. Banks will reduce lending, if the money supply decreases. Banks will increase lending, if there is a reduction in the interbank lending rate.