期刊名称：Journal of Eastern European and Central Asian Research
印刷版ISSN：2328-8272
电子版ISSN：2328-8280
出版年度：2017
卷号：4
期号：1
页码：12-12
DOI：10.15549/jeecar.v4i1.155
出版社：IEECA
摘要：This paper illustrates asymmetries in the Russian intermediation premium as measured by the spread between the commercial lending rate and the Central Bank’s policy related rate. Empirical results have shown that the Russian intermediation premium adjusts to the threshold faster when the Central Bank’s policy related rates increase relative to lending rates as opposed to when the Central Bank’s policy related rates move in the opposite direction. The findings of this paper suggest that during the period when the Russian Federation faced formidable challenges from a sharp decline in oil prices and reduced access to international capital markets due to Western sanctions, the Central Bank of Russia was not effective in utilizing countercyclical monetary policy to achieve macroeconomic objectives and commercial banks exhibited predatory pricing behavior.
