HETEROGENEOUS BANK LENDING RESPONSES TO MONETARY POLICY: EMPIRICAL EVIDENCE FROM RUSSIA
Journal: Economy of Regions
Year: 2017

The monetary policy affects the regional economy through interest rates and its main parameter the Bank of Russia key rate. But do all the banks in the regions respond uniformly to monetary policy changes? The effects of monetary policy actions can vary across the regions within an economic entity, depending on the regional industrial output, the financial structure, household incomes, lending activity, etc. The analysis of the article aims to determine the monetary policy instruments that influ