Global Financial Crisis and Its Impact on Russia

2009 ◽  
pp. 9-27 ◽  
Author(s):  
A. Kudrin
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Real Economy ◽  
Energy Prices ◽  
Russian Government ◽  
The Real

The article examines the causes of origin and manifestation of the current global financial crisis and the policies adopted in developed countries in 2007—2008 to deal with it. It considers the effects of the financial crisis on Russia’s economy and monetary policy of the Central Bank in the current conditions as well as the main guidelines for the fiscal policy under different energy prices. The measures for fighting the crisis that the Russian government and the Central Bank use to support the real economy are described.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

scholarly journals Comparison of the Approach of the Czech National Bank and the European Central Bank to the Effects of the Global Financial Crisis

2021 ◽  
Vol 10 (2) ◽  
pp. 18-46
Author(s):  
Andrea Cecrdlova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Financial Crisis ◽  
Central Bank ◽  
European Central Bank ◽  
Global Financial Crisis ◽  
Central Banks ◽  
European Central ◽  
National Bank ◽  
The Global Financial Crisis

The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.

HOW CBN CONFRONTED THE MELTDOWN: THE GLOBAL FINANCIAL CRISIS AND THE CENTRAL BANK OF NIGERIA’S RESPONSE

2017 ◽  
Vol 62 (01) ◽  
pp. 147-161
Author(s):  
EMRE OZSOZ ◽  
MUSTAPHA AKINKUNMI ◽  
ISMAIL CAGRI AY ◽  
ADEMOLA BAMIDELE
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Central Bank ◽  
Global Financial Crisis ◽  
Large Population ◽  
Reserve Requirement ◽  
Policy Responses ◽  
Positive Growth ◽  
Discount Window ◽  
The Global Financial Crisis

This paper provides an analysis of policy responses to the Global Financial Crisis by the Central Bank of Nigeria (CBN). Given its unique position as a major commodity exporter with a large population, Nigerian authorities utilized a mixture of policies including reductions in the monetary policy rate and capital reserve requirement, lending through the expanded discount window, money market interbank transactions guaranty and limitations on deposit money banks’ (DMBs) foreign exchange net open positions. CBN also rolled over margin loans that were extended to equity investors. As a result the country weathered the financial crisis with limited damage and recorded positive growth rates between 2008 and 2010.

scholarly journals RELATIVE EFFECTIVENESS OF INDONESIAN POLICY CHOICES DURING FINANCIAL CRISIS

2012 ◽  
Vol 14 (2) ◽  
pp. 177-219 ◽  
Author(s):  
Tumpak Silalahi ◽  
Tevy Chawwa
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Relative Effectiveness ◽  
Government Expenditure ◽  
Jel Classification ◽  
Exit Strategy ◽  
Economic Output ◽  
The Impact

The objective of this paper is to review the impact of crisis and policy measures taken during the crisis, to evaluate the effectiveness of those measures and to analyze the exit strategy in Indonesia. The econometric model was used to evaluate the impact of monetary and fiscal policy to economic output using quarterly data from 1990 - 2010. The result shows that monetary and fiscal policies have significant impact to economic output. In the short run the changes in real GDP is significantly affected by changes in real monetary supply in the previous three quarter and real fiscal expenditures. The lesson learned from this research among other are that cooperation and coordination among the policy makers and the timely responses are very important in tackling the crisis; an effective conventional monetary policy in normal times may become less effective in a crisis thus unconventional monetary policy indeed necessary as timely policy response and the improvement for more timely disbursement of government expenditure is important to increase the effectiveness of this policy to stimulate economic output. Moreover, several Indonesian exit strategy and policies to face future challenges are very important to reach the ultimate objective of sustainable economic growth while maintaining macroeconomic stability. JEL Classification : E52, E62, E63Keywords: monetary policy, fiscal policy, financial sector policy, global financial crisis.

scholarly journals Review of the Bank of Russia – NES Workshop ‘Main Challenges in Banking: Risks, Liquidity, Pricing, and Digital Currencies’

2021 ◽  
Vol 80 (4) ◽  
pp. 124-136
Author(s):  
Ivan Khotulev ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Systemic Risk ◽  
Credit Spreads ◽  
Information Flows ◽  
Real Economy ◽  
The Real ◽  
Market Participants ◽  
Central Bankers ◽  
Liquidity Pricing

In October 2021, the Bank of Russia and the New Economic School (NES) hosted a joint international online workshop titled ‘Main Challenges in Banking: Risks, Liquidity, Pricing, and Digital Currencies’. Five papers were presented. They addressed various issues in banking which are currently of paramount importance to central bankers, market participants, and academics: the connections between systemic risk and the real economy, the digitalisation of finance and information asymmetries, credit spreads and monetary policy, the improvement of information flows and outcomes in credit markets, the introduction of central bank digital currencies, and bank intermediation.

scholarly journals BANKRUPTCY THREATS FOR RUSSIAN ORGANIZATIONS AMID THE GLOBAL FINANCIAL CRISIS

2010 ◽  
pp. 60-65
Author(s):  
S. E. Kovan
Keyword(s):  
Financial Crisis ◽  
Economic Crisis ◽  
Global Financial Crisis ◽  
The State ◽  
Important Task ◽  
Real Economy ◽  
The Real ◽  
State Management ◽  
The Global Financial Crisis

The global financial and economic crisis significantly affected enterprises of the real economy sector. According to some estimates, in 2009 about 40% of unprofitable Russian businesses of this economy sector were bankrupt. An important task for the state management is preventing mass bankrupts and non-payments crisis. Some measures to reduce bankrupt risks for enterprises of the real economy sector have been suggested in order to save business and increase its efficiency.

SOFT MONETARY CENTRAL BANKING POLICY AND A PLAN FOR RESPONSIBLE DEVELOPMENT AS MAIN INSTRUMENTS OF THE IN-TERRENISTIST POLICY FOR ACTIVITY OF GROWTH IN GOSPEL IN POLAND

2018 ◽  
Vol 4 (2) ◽  
pp. 303-337
Author(s):  
Dariusz Prokopowicz
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Developed Countries ◽  
Central Banking ◽  
Global Market ◽  
The Government ◽  
Business Entities ◽  
Polish Economy

At the beginning of the 1990s, due to the commercialization and privatization of many business entities, the processes of economic globalization of the Polish economy, including transformed financial markets, were intensifying. This globalization is determined by the increasing links between the Polish economy and the economic environment of other countries. These processes indicate that the economic crisis in the Eurozone has been seriously sought for several years, but the negative effects of the slowdown in economic development in some countries have remained. The development of the market financial system in Poland, which has been ongoing since the 1990s, has been slowed down when, since autumn 2008, the echoes of the global financial crisis have begun to enter the global market. In highly developed countries since the beginning of the financial crisis in 2008, the governments of individual countries in consultation with central banks undertook various anti-crisis measures and support for national banking systems. Also in this respect, one can notice many analogies in the relation of the economic situation of national economies, economic policy, including monetary policy and the state of the banking system. These analogies are observed when both developed and developing countries are taken within the comparative analysis. Due to the favorable situation in the Eurozone during the recent years, and the continuation of key aspects of economic growth there are rather positive scenarios for the development of the macroeconomic situation in Poland prevailing among economists. In Poland, since 2015, interventionist monetary policy has been supported by the proeconomic plans of the Plan for Responsible Development developed in the Ministry of Development. This plan, also known as Prime Minister Mateusz Morawiecki's plan, is a key solution that brings together many of the goals and tasks currently implemented by the government of the socio-economic policy called Economy Plus.

scholarly journals Modeling Outcomes of Unconventional Monetary Policy

2019 ◽  
Vol 8 (4) ◽  
pp. 10263-10268
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Consumer Price Index ◽  
Developed Countries ◽  
Central Banks ◽  
Unconventional Monetary Policy ◽  
The Us ◽  
The Developed Countries ◽  
The Global Financial Crisis

The paper presents a study of the outcomes of the unconventional monetary policy methods that the central banks of developed countries have been applying during and after the global financial crisis. Before the crisis central banks used the interest rate policy as their main tool. But the recent financial crisis has demonstrated the inefficiency of traditional methods (especially after the base interest rate has reached zero). Therefore in response to the global financial crisis, central banks of many countries have taken unconventional measures to overcome the crisis. The paper aims to study the main outcomes of unconventional monetary policy measures of the developed countries and formulate the recommendations for the developing countries. The following objectives are being met in the paper:to reveal the essence of the main mechanisms for implementing the unconventional monetary policy; to evaluate the efficiency of unconventional monetary policy in the US, Japan, United Kingdom;to model the impact of monetary policy of the European Central bank on the consumer price index in the Eurozone countries. Research methods: method of comparative analysis is usedto evaluate the efficiency of the unconventional monetary policy in the US, Japan, European Union and the United Kingdom.The model of themonetary policy impact on the consumer price index is based on econometric analysis and is constructed using the least squares method. The studied model includes both traditional and non-traditional methods.Observation period - quarterly data from 1999 to the second quarter of 2019. The results of the analysis show that unconventional monetary policy methods of the central banks of the developed countries reached major goals - to prevent bankruptcies of large financial institutions in national economies. Moreover, the results of the suggested model show that the European Central Bank policy has also reached its inflation target that supposed to stimulate economic growth; the most significant effect is observed in the first years after the launch of an unconventional monetary policy. At the same time the unconventional tools of monetary policy stimulate the extreme increase of the securities prices, which led to the “overheating” of the US stock market and the EU national bonds markets with the negative yield on government securities of several countries, which may become a trigger for a new global crisis in the future. The result of the analysis of monetary policy in Ukraine shows the limitations of the use of non-traditional measures for the developing countries.

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