Lessons from crises and assessment of anti-crisis measures: Bank of Russia paper
The Russian economy has experienced four major crises over the past decades. To find out which anti-crisis decisions the Bank of Russia made, whether they were efficient and which lessons each crisis taught, read the Bank of Russia’s analytical paper.
The regulator’s anti-crisis measures helped the financial sector remain resilient in the period of high volatility in the financial market and supported its uninterrupted operation. The Bank of Russia’s systemic work to ensure macroeconomic stability, set macroprudential buffers and develop the regulation and supervision in the financial sector was no less important for overcoming the crises.
The first part of the paper examines the conceptual issues relating to the reasons for and manifestations of the major crises in Russia. It discloses the logic behind the Bank of Russia’s decisions, analyses the expected and actual outcomes of the policy and sets out the lessons for the future.
The second part of the paper contains a more detailed description of the anti-crisis measures. The paper focuses particularly on the assessment of the efficiency of the regulatory easing in terms of support for lending.