@techreport{Buch1996Russian,
abstract = {Since early 1995, monetary stabilization has gradually been achieved in Russia. Extremely  high real interest rate have been maintained throughout autumn 1996, an  exchange rate target has been adhered to since mid-1995, auctions of Central Bank  credit have gained in importance, and subsidized lending has been cut down. However,  the conduct of monetary policy remains a trial-and-error process: Indirect  budget financing through the CBR still occurs, the fixed exchange rate regime has  caused a lack of control over the monetary base, and the money multiplier is relatively  unstable. Preliminary empirical evidence shows that money demand has remained  relatively stable since the beginning of reforms. Still, short-run fluctuations of  money demand are substantial, and further portfolio adjustments are likely if inflationary  expectations decline and if the capital account becomes more open. The  success of monetary stabilization crucially depends on the effectiveness with which  the CBR can defend its independence. Because financial sector stability is an important  condition for a predictable and stable monetary policy, further measures to restructure  and to consolidate the banking sector need to be pursued in parallel to  structural reforms of the Russian economy.},
address = {Kiel},
author = {Claudia M. Buch},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E5; P42; 330; monetary policy; central banking and the supply of money and credit; planning, coordination, and reform; Russia; Geldpolitik; \"{U}bergangswirtschaft; Geldangebot; Geldnachfrage; Russland},
language = {eng},
number = {786},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {Russian monetary policy: Assessing the track record},
type = {Kiel Working Papers},
url = {http://hdl.handle.net/10419/47067},
year = {1996}
}
