Study on foreign exchange and monetary policies in Russia.

2015 Fiscal Year Final Research Report

• Project/Area Number: 24530311
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Asahikawa University
• Principal Investigator: Ono Shigeki 旭川大学, 経済学部, 教授 (50333589)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Keywords: ロシア / 為替・金融政策 / 波及経路

Outline of Final Research Achievements

This study investigates the impacts of Russian foreign exchange and monetary policies on Russia's economy. Specifically, it analyzes (1) the impacts of monetary policy on production, (2) causality relations among crude oil prices, stock prices and exchange rates in Russia, and (3) the existence of a bank lending channel in monetary policy transmission in Russia.
The main results of this study are as follows. (1) monetary policy shocks, which are identified as money supply disturbances, have a persistent effect on real output, (2) the oil price leads the exchange rate from the beginning of 2002 through the end of 2012, which indicates that the ruble exchange rate is affected by international oil futures, and (3) banks with less capital tended to react more sensitively to the changes in the money supply.

Free Research Field

ロシア経済