Evolution of Monetary Policy Instruments in Russia

Author/Editor:

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

Publication Date:

December 1, 1997

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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

Series:

Working Paper No. 1997/180

Subject:

Bank credit Banking Commercial banks Correspondent banking Credit Financial institutions Financial services Monetary policy Money Reserve requirements

English

Publication Date:

December 1, 1997

ISBN/ISSN:

9781451859072/1018-5941

Stock No:

WPIEA1801997

Pages:

39

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