<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>This paper studies the international transmission of the euro area´s monetary policy and financial stress to Russia. The results show that financial stress in the euro area damages Russian economic activity and stock prices, but not its trade balance. The contractionary euro area monetary policy shock decreases Russian GDP, leads to real appreciation of the euro against the Russian rouble, damages Russian stock prices, but does not significantly affect the trade balance between countries. We also found that the Central Bank of the Russian Federation adjusts to monetary policy shocks in the euro area.</p>
</abstract>

This paper studies the international transmission of the euro area´s monetary policy and financial stress to Russia. The results show that financial stress in the euro area damages Russian economic activity and stock prices, but not its trade balance. The contractionary euro area monetary policy shock decreases Russian GDP, leads to real appreciation of the euro against the Russian rouble, damages Russian stock prices, but does not significantly affect the trade balance between countries. We also found that the Central Bank of the Russian Federation adjusts to monetary policy shocks in the euro area.

International Transmission of Conventional and Unconventional Monetary Policy and Financial Stress Shocks from the Euro Area to Russia

International Laboratory for Macroeconomic Analysis

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution 4.0 International License.

This paper studies the international transmission of the euro area´s monetary policy and financial stress to Russia. The results show that financial stress in...

International Transmission of Conventional and Unconventional Monetary Policy and Financial Stress Shocks from the Euro Area to Russia

Publié en ligne: 18 janv. 2022

Pages: 227 - 247

Reçu: 03 juin 2020

Accepté: 28 sept. 2020

DOI: https://doi.org/10.2478/jcbtp-2022-0010

Mots clés
conventional monetary policy, unconventional monetary policy, financial stress, Russia, international transmission

© 2022 Silvo Dajčman et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

International Transmission of Conventional and Unconventional Monetary Policy and Financial Stress Shocks from the Euro Area to Russia

Publié en ligne: 18 janv. 2022

Pages: 227 - 247

Reçu: 03 juin 2020

Accepté: 28 sept. 2020

DOI: https://doi.org/10.2478/jcbtp-2022-0010

Mots clésconventional monetary policy, unconventional monetary policy, financial stress, Russia, international transmission

© 2022 Silvo Dajčman et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Mots clés
conventional monetary policy, unconventional monetary policy, financial stress, Russia, international transmission