International Transmission of Conventional and Unconventional Monetary Policy and Financial Stress Shocks from the Euro Area to Russia-Reference-Cited by-同舟云学术

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

Published:2022-01-01 Issue:1 Volume:11 Page:227-247
ISSN:2336-9205
Container-title:Journal of Central Banking Theory and Practice
language:en
Short-container-title:

Author:

Dajčman Silvo¹,Kavkler Alenka¹,Merzlyakov Sergey²,Pekarski Sergey E.²,Romih Dejan¹

Affiliation:

1. University of Maribor , Faculty of Economics and Business , Maribor , Slovenia

2. HSE University , International Laboratory for Macroeconomic Analysis , Moscow , Russian Federation

Abstract

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.

Publisher

Walter de Gruyter GmbH

Subject

Strategy and Management,Economics and Econometrics,Finance,General Economics, Econometrics and Finance

Link

https://www.sciendo.com/pdf/10.2478/jcbtp-2022-0010

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