Evolution of Monetary Policy Instruments in Russia

39 Pages Posted: 15 Feb 2006

See all articles by Tomás Baliño

Tomás Baliño

International Monetary Fund (IMF)

David Hoelscher

affiliation not provided to SSRN

Jakob Horder

affiliation not provided to SSRN

Date Written: December 1997

Abstract

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

Keywords: Russia, monetary policy, transition economies, monetary instruments, financial liberalization

JEL Classification: G21, G28, N14, N24, P34, P52

Suggested Citation

Baliño, Tomás and Hoelscher, David and Horder, Jakob, Evolution of Monetary Policy Instruments in Russia (December 1997). IMF Working Paper, Vol. , pp. 1-39, 1997. Available at SSRN: https://ssrn.com/abstract=883933

Tomás Baliño (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

David Hoelscher

affiliation not provided to SSRN

No Address Available

Jakob Horder

affiliation not provided to SSRN

No Address Available

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