Abstract
The paper investigates the relationship between monetary policy indicator and bank lending in Russia using dynamic panel regressions and quarterly banks’ balance sheets data for the period of 2010- 2016. The main purpose of the paper is to identify bank characteristics, which determine the reaction of bank lending to monetary policy shocks. The results support the existence of a bank lending channel of monetary transmission. The extent to which banks change lending in response to monetary policy changes depends on banks’ liquidity, size and refinancing from the central bank.
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