By Lúcio Vinhas de Souza, Oleh Havrylyshyn
The goal of this publication is to examine particular units of macro and structural regulations in chosen japanese ecu nations. The booklet contains experiences at the significant Western CIS nations, Belarus, Russia and Ukraine, plus a collection of cross-country and nearby reports. The research during this booklet contributes importantly to the dialogue in regards to the financial customers of the CIS countries.
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Extra resources for Return to Growth in CIS Countries: Monetary Policy and Macroeconomic Framework
Anna Dorbec13 1. Dollarisation: An Introduction Dollarisation is a largely observed phenomenon in emerging economies. , 2002) but also of economies of transition (Sahay and Vegh, 1995, Havrylyshyn and Beddies, 2003). Existing studies focus on the dollarisation in a large sense which includes the use of all foreign currencies inside country. , 1999, Broda and LevyYeyati, 2002), banks balance sheets (Ize and Levy-Yeyati, 1998, Broda and LevyYeyati, 2003), financial crises (Powell and Sturzenegger, 2000) and exchange rate regimes (Arteta, 2002) have been widely documented.
Purely monetary methods intended to keep the monetary base from growing extensively in reaction to high oil prices, were not successful, and the Stabilization Fund was launched in order to restrain the monetary mass increase. ru. Beyond exercising control over the monetary base (both directly through changes in required reserve ratio and indirectly through exchange market interventions) the CBR uses measures of direct control over commercial banks to influence their lending and thus to restrict monetary mass growth.
Besides, this approach suggests the constancy or, at least, the stability of the money multiplier, in order for the monetary policy to exert a predictable influence on the real side of the economy. (Howells and Bain, 2003, pp. 178) The interest rate channel of monetary policy transmission, with the interest rate as a policy instrument has the following logic. When a central bank changes its refinancing rate (lending rate to commercial banks), it changes, in effect, the ‘price’ of additional funding the banks may need to continue with their current level of lending activities.