We examine the drivers behind loan supply fluctuations in Russia using Bayesian vector autoregressive model with sign restrictions on impulse response functions. We identify two types of structural innovations: loan supply shock and monetary stance shock. We find that contractionary shocks of...

This study examines the expanding role of fiscal policy at a time of financial crisis. It analyses the stimulative fiscal measures of the Russian government in 2008-2010 and compares these with simi-lar actions taken in other countries. The risks and limitations associated with the development...

We examine wealth effects for Russian money demand in a cointegrated vector autoregressive framework. We find that an aggregate wealth variable, as well as the components housing and equity prices included separately, significantly enter the long-run money demand relationship. There are feedback...

The article contains generalized calculations of Russian citizens’ level of prosperity during 1989–2009. Particularly, the authors consider Russian citizens’ income and expenses change, shifts in physical indicators of consumption (including non-market services) and estimate the...

During recent years the Russian money market has undergone substantial changes. The period of abundant liquidity was followed by temporary contraction in the end of 2007 and then by rapid deterioration of liquidity conditions in the second half of 2008. This paper provides the analysis of these...

This study examines the growing role of fiscal policy at the time of financial crisis. It presents the analysis of fiscal stimulus measures of the Russian Government during the period of 2008-2010 and the comparison with similar measures implemented in other countries. Risks and restrictions...

According to the preliminary estimate of the State Committee on Statistics [Goskomstat], Russia's GDP last year was 1,659 trillion rubles as compared with 611 trillion rubles in 1994. The growth in nominal volume due to inflation, while diminishing substantially during the year, nevertheless...

We apply an econometric approach developed specifically to address the ‘curse of dimensionality’ in Russian data and estimate a Bayesian vector autoregression model comprising 14 major domestic real, price and monetary macroeconomic indicators as well as external sector variables. We conduct...

The paper investigates to what extent some basic tools of the ECBs monetary analysis can be useful for other central banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in order to show how to adjust methods and techniques of...