Template-Type: ReDIF-Paper 1.0

Author-Name: Nadezhda Ivanova
Author-Email: IvanovaNS@mail.cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation

Author-Name: Ekaterina Petreneva
Author-Email: PetrenevaEA@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation

Author-Name: Konstantin Styrin
Author-Email: StyrinKA@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation 

Author-Name: Yulia Ushakova
Author-Email: UshakovaYuV@cbr.ru
Author-Workplace-Name: Bank of Russia, Russian Federation



Title: The Effect of US Monetary Policy on the Activities of Russian Banks in the Low Interest Rate Environment

Abstract: This paper studies the cross-border transmission of US monetary policy to Russia
in 2000-2019 via its effect on activities of Russian banks in the low interest rate
environment in comparison with normal times. Specifically, we investigate dynamic
responses of lending, funding, and risk taking. The main finding is that, in normal
times, the dynamic responses of dependent variables of interest are consistent with
the prevalence of the international lending channel whereas in the low rate environment
the patterns are different for different indicators: in some instances the
dynamic effect of interest is attenuated compared with normal times, in others, it
is reinforced.

Length: 58 pages
Creation-Date: 2023-10
Revision-Date:
Publication-Status:
File-URL: https://www.cbr.ru/StaticHtml/File/154695/WP_114_e.pdf
File-Format: Application/pdf
File-Function:
Number: wps114
Classification-JEL: E52, F34, G21
Keywords:  monetary policy, international spillovers, cross-border transmission, low interest rates

Handle:RePEc:bkr:wpaper:wps114