从欧元区到俄罗斯的传统与非常规货币政策的国际传导与金融压力冲击

IF 1.7 Q3 BUSINESS, FINANCE

Journal of Central Banking Theory and Practice Pub Date : 2022-01-01 DOI:10.2478/jcbtp-2022-0010

Silvo Dajčman,Alenka Kavkler,Sergey Merzlyakov,Sergey E. Pekarski,Dejan Romih

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引用次数: 0

摘要

摘要本文研究了欧元区货币政策和金融压力对俄罗斯的国际传导。结果表明，欧元区的金融压力损害了俄罗斯的经济活动和股票价格，但没有损害其贸易平衡。紧缩的欧元区货币政策冲击降低了俄罗斯的GDP，导致欧元对俄罗斯卢布的实际升值，损害了俄罗斯的股票价格，但对国家间的贸易平衡没有显著影响。我们还发现，俄罗斯联邦中央银行对欧元区的货币政策冲击进行了调整。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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

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.

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来源期刊

Journal of Central Banking Theory and Practice BUSINESS, FINANCE-

CiteScore

2.80

自引率

57.10%

发文量

审稿时长

7 weeks

期刊介绍： Journal of Central Banking Theory and Practice is a scientific journal dedicated to publishing quality papers and disseminating original, relevant and applicable economic research. Scientific and professional papers that are published in the Journal of Central Banking Theory and Practice cover theoretical and practical aspects of central banking, monetary policy, including the supervision issues, as well as banking and management in central banks. The purpose of the journal is to educate the general public about the key issues that the central bankers globally face, as well as about contemporary research and achievements in the field of central banking theory and practice.