Record Details

The Transmission Mechanism of Russian Central Banks Countercyclical Monetary Policy since 2011: Evidence from the Interest Rate Pass-Through

Journal of Eastern European and Central Asian Research

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Title The Transmission Mechanism of Russian Central Banks Countercyclical Monetary Policy since 2011: Evidence from the Interest Rate Pass-Through
 
Creator Nguyen, Chu V.; Davies College of Business
University of Houston-Downtown
Phan, Khoi Dinh; College of Economics, Can Tho University, Vietnam
Williams, Marvin; Marilyn Davies College of Business, University of Houston Downtown
 
Subject Monetary policy; commercial banks; lending rate; interest rate pass-through; Central Bank policy related rate; Russian Federation
 
Description The study is an investigation of the nature of the Russian interest rate pass-through from February 2011 to November 11, 2016. The empirical results reveal a relatively low short-run interest pass-through of 0.662937 and an incomplete long-run interest rate pass-through of 0.826353. The bounds test results indicate no long-term relationship between countercyclical monetary policy and market rates. These empirical findings suggest that the Russian Central Bank has not been very effective in formulating and implementing its countercyclical monetary policy. In light of the formidable political and economic challenges faced by the Russian Federation over this sample period, the results are hardly surprising.
 
Publisher Institute of Eastern Europe and Central Asia
 
Date 2017-11-25
 
Type info:eu-repo/semantics/article
Peer-reviewed Articles
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
 
Identifier http://ieeca.org/journal/index.php/JEECAR/article/view/165
10.15549/jeecar.v4i2.165
 
Source Journal of Eastern European and Central Asian Research (JEECAR); Vol 4, No 2 (2017): Journal of Eastern European and Central Asian Research; 13
 
Language eng
 
Relation http://ieeca.org/journal/index.php/JEECAR/article/view/165/pdf
 
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