An Analysis of the Impact of Monetary Policy on Bank Lending in Russia

  •  Oleg Nikolayevich Salmanov    
  •  Victor Makarovich Zayernyuk    
  •  Olga Alekseevna Lopatina    


This article examines the role of the banking channel in transmitting Russia’s monetary policy. As the financial market is forming and data samples are increasing, there are emerging new conditions for getting a deeper insight into various aspects of monetary policy conducted by the Bank of Russia. The article explores the dependence of bank lending on monetary policy. The author tries to establish whether there are causal statistically significant instruments of monetary policy for the volumes of corporate lending. As independent variables, the author investigates the impact of the monetary base, the money supply, the refinancing rate, and the interbank lending rate. The assessment was conducted using the generalized method of moments. Based on a quarterly sample of data from 2002 to 2013, the author establishes the statistically significant impact of the money supply, the monetary base, the interbank lending rate, and the refinancing rate. The resulting empirical findings substantiate the hypothesis about the existence of a bank lending channel in Russia.

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