Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/299038 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Central Banking Theory and Practice [ISSN:] 2336-9205 [Volume:] 11 [Issue:] 1 [Year:] 2022 [Pages:] 227-247
Publisher: 
Sciendo, Warsaw
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.
Subjects: 
conventional monetary policy
unconventional monetary policy
financial stress
Russia
international transmission
JEL: 
E52
F42
G15
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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