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Autor:innen: 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 7/2005
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
The Central Bank of Russia (CBR) assumes a wide range of functions not raditional to a central bank.In addition to the daily conduct of monetary policy, it acts as a regulator and supervisor of the banking sector.It is currently overssing the implementation of a deposit insurance scheme and is the main owner of Russia's largest commercial bank, Sberbank.As this additional functions may conflict with the CBR policy objectives, I review how the current design of the CBR deviates from the optimal allocation of regulatory powers within a central bank prescribed in the literature.I then empirically investigate the need for a supervisory body within the CBR.Using a simple Taylor rule framework I find that the CBR does not use its "hands-on" supervisory information to maintain financial stability, but rather to accomodate state-owned banks' balances.
Schlagwörter: 
Central Bank
Prudential Regulation and Supervision
Monetary Policy Rules
Russia
JEL: 
G21
G28
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
952-462-780-9
Dokumentart: 
Working Paper

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