Changing Patterns of Financial Intermediation: Implications for Central Bank Policy

8 Pages Posted: 24 Nov 2015

See all articles by Ksenia Yudaeva

Ksenia Yudaeva

CEFIR, Centre for Economic and Financial Research

Date Written: November 2015

Abstract

The most prominent changes in Russian financial intermediation in recent years were related to the growing role of domestic financial markets. These developments have presumably increased the efficiency of the Bank of Russia’s interest rate policy and the efficiency of monetary transmission in general. The relative importance of banks has been growing steadily. Although the debt securities market has also developed, banks still play the dominant role. Banks effectively respond to the provision of systemic liquidity by the Bank of Russia, as evidenced by the stable share of highly liquid assets in their total assets. The Russian banking sector shows a high level of stability, which is additionally confirmed by periodic stress tests.

Full publication: What Do New Forms of Finance Mean for EM Central Banks?

Keywords: central bank policy, financial intermediation, financial markets

JEL Classification: E58, O16

Suggested Citation

Yudaeva, Ksenia, Changing Patterns of Financial Intermediation: Implications for Central Bank Policy (November 2015). BIS Paper No. 83s. Available at SSRN: https://ssrn.com/abstract=2692790

Ksenia Yudaeva (Contact Author)

CEFIR, Centre for Economic and Financial Research ( email )

47 Nakhimovsky Prospect, Office #720
117418 Moscow
Russia

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