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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Specifics of monetary transmission channels' operation before and after the financial crisis

Vol. 16, Iss. 7, JULY 2017

Received: 9 March 2017

Received in revised form: 22 May 2017

Accepted: 15 June 2017

Available online: 27 July 2017


JEL Classification: E41, E52, E58

Pages: 1317–1336


Salmanov O.N. University of Technology, Korolev, Moscow Oblast, Russian Federation

Zaernyuk V.M. Russian State Geological Prospecting University n.a. Sergo Ordzhonikidzе (MGRI-RSGPU), Moscow, Russian Federation

Lopatina O.A. University of Technology, Korolev, Moscow Oblast, Russian Federation

Subject The article addresses the monetary policy in the Russian economy and the operation of monetary transmission channels.
Objectives The aim of this work is to identify differences in the transmission of the regulator's policy before and after the 2008 financial crisis.
Methods The study rests on identification of the monetary transmission mechanism using the VAR model. We analyzed the channel of interest rate, corporate lending, money supply, and price level growth, and interpreted the differences in monetary policy of the regulator before and after the 2008 financial crisis.
Results We considered and statistically confirmed the changes in the transmission of the regulator's monetary policy through the channels of monetary transmission, i.e. level of prices, interest rate, exchange rate, bank lending and cash flows.
Conclusions Based on the study of the monetary policy tools, we found that the said channels have a relative importance in the transmission of the policy and operate with relatively different degree of efficiency during the pre-crisis and post-crisis period. We revealed an increase in the efficiency of the channel of unexpected price level growth, bank lending, and cash flows in the post-crisis period. The findings may be applied in further theoretical and empirical analysis of the transmission mechanism. The research data may be useful for the regulator to pursue an efficient monetary policy, for commercial banks to work out their development strategy, in which the financial stability management system is an important component.

Keywords: monetary policy, vector autoregression, pulse function


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