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The Impact of Higher Interest Rates on Loans to the Economic Growth of the Russian Federation in the Current Environment
[Влияние Высоких Процентных Ставок По Заимствованиям На Экономический Рост Российской Федерации В Текущих Условиях]


  • Bozhechkova, A.V. (Божечкова, А.В.)

    () (Gaidar Institute for Economic Policy, Russian Presidential Academy of National Economy and Public Administration (RANEPA))

  • Sinelnikova-Muryleva, Elena Vladimirovna (Синельникова-Мурылева, Елена Владимировна)

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


This working paper is devoted to the study of the mechanisms and impact of interest rates on economic growth. The main theoretical approaches tо the explanation of the nominal and real interest rates influence on output and its components dynamics, including investment and consumption channels, are described in the first part of the paper. The second part provides an overview of empirical studies devoted to the analysis of interest rate impact on economic growth. The major econometric methods that are used in this field of studies are also discussed in the second part of this paper. The third part contains the analysis of country case studies (Brazil, Turkey, Chile, India) that explain key reasons of coexistence of high interest rates and high economic growth rates and the analysis of economies functioning in the situation of low or even negative interest rates. The fourth part of the paper is devoted to the estimation of the interest rate channel of the Bank of Russia monetary policy transmission mechanism and the result of the partial effectiveness of interest rate policy in the post-crisis period is obtained.

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  • Bozhechkova, A.V. (Божечкова, А.В.) & Sinelnikova-Muryleva, Elena Vladimirovna (Синельникова-Мурылева, Елена Владимировна), 2016. "The Impact of Higher Interest Rates on Loans to the Economic Growth of the Russian Federation in the Current Environment
    [Влияние Высоких Процентных Ставок По Заимствованиям На Экономический Рост Р
    ," Working Papers 21310, Russian Presidential Academy of National Economy and Public Administration.
  • Handle: RePEc:rnp:wpaper:21310

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    interest rates; econonomic growth; loans;

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