Assessment of the Influence of the Macroprudential Policy of the Central Bank of the Russian Federation on Economic Development

Abstract

The global financial crisis of 2008-09 patently demonstrated that ensuring price stability by central banks does not guarantee the achievement of financial stability and is not a sufficient condition for it. It also showed how destructive the result of accumulating imbalances in the financial sector can be. In the course of this study, approaches to the classification of macroprudential policy instruments have been systematized; channels and mechanisms of the influence of macroprudential policy measures on the macroeconomic parameters of development have been determined; on the basis of a review of theoretical and empirical literature, the conditions and factors that determine the degree of influence of macroprudential policy on the economy are identified; systematized econometric methods and approaches are used to assess the impact of macroprudential policy on macroeconomic indicators; the conditions in the financial market under which macroprudential policy measures should be applied are identified; assessed the consequences of the implementation by the Bank of Russia of macroprodential policy measures.

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