{"title":"The effect of US monetary policy on Russian Banks in a low interest rate environment","authors":"Nadezhda Ivanova, Konstantin Styrin","doi":"10.1016/j.ememar.2024.101248","DOIUrl":null,"url":null,"abstract":"<div><div>This paper studies the cross-border transmission of US monetary policy to Russia in 2000–2019 via its effect Russian banks' activities in a low interest rate environment compared with normal times. Specifically, we investigate the dynamic responses of lending, funding, and risk taking. The main finding is that, in normal times, the dynamic responses of dependent variables of interest are consistent with the prevalence of the international bank lending channel, whereas in a low interest rate environment, the patterns differ for different indicators: in some instances, the dynamic effect of interest is attenuated as compared with normal times, while in others, it is reinforced. The inward transmission of US monetary policy works predominantly through the activities of foreign bank subsidiaries.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101248"},"PeriodicalIF":4.6000,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Emerging Markets Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1566014124001432","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2024/12/26 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This paper studies the cross-border transmission of US monetary policy to Russia in 2000–2019 via its effect Russian banks' activities in a low interest rate environment compared with normal times. Specifically, we investigate the dynamic responses of lending, funding, and risk taking. The main finding is that, in normal times, the dynamic responses of dependent variables of interest are consistent with the prevalence of the international bank lending channel, whereas in a low interest rate environment, the patterns differ for different indicators: in some instances, the dynamic effect of interest is attenuated as compared with normal times, while in others, it is reinforced. The inward transmission of US monetary policy works predominantly through the activities of foreign bank subsidiaries.
期刊介绍：
The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.
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