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Chart 10
(02.01.2019 = 100)
Размер графика – 2x60х82
EXCHANGE RATES IN ADVANCED ECONOMIES* EXCHANGE RATES IN EMERGING MARKET ECONOMIES*
115 120
110 110
100
Exchange Rate of US Dollar Against Ruble*.......................................................................................................... 88
3.2.2. Official Exchange Rate of Euro Against Ruble*.................................................................................................................. 90
3.2.3. Official Exchange Rate:
t-2
Import of goods vintages RSSS t-2
Nominal exchange rate regular CBR t-1
Real effective exchange rate regular BIS t-1
Interbank interest rate regular CBR
the 7% GDP threshold.
Source: Federal Treasury
Ruble exchange rate
Ruble exchange rate Real effective ruble exchange rate
50 7,5 160
55 8,0
and issuers, which
of foreign exchange assets. must have a minimum credit rating of A under
The objective of foreign exchange asset the Fitch Ratings
Chart 10
(02.01.2018 = 100)
Размер графика – 2x60х82
EXCHANGE RATES IN ADVANCED ECONOMIES* EXCHANGE RATES IN EMERGING MARKET ECONOMIES*
115 120
110 110
100
1
= 1 + exp (
• e – log of exchange rate exchange
• e* – moving average log of exchange rate exchange
• exchange rate depreciation and gap are standardized, = = 1,
observed.
The recurrence of these shocks implied that the evolution of the exchange rate becomes a central variable for
the dynamics of the contractual structure
implications for policy.
Model
The key empirical findings:
Countries in which the exchange rate depreciates a lot in a
recession have a relatively high level
Bank of Russia.
The hysteresis effect 2 /7
May be related to
- Exchange rate expectations
- Balance sheet effects
- Network externalities
Notoriously difficult to model basing