Optimal Monetary and Macroprudential Policies for Financial Stability in a Commodity-Exporting Economy

Abstract

We develop a model of analysing the optimal combination of macroprudential and monetary policies in a small open commodityexporting economy. Unlike a closed economy, where monetary and macroprudential policies tend to be substitutes, in a small open economy the optimal policy mix depends on the specifics of shocks and economic structure. Monetary and macroprudential policies tend to complement each other when the degree of pass-through of credit spreads into marginal costs and prices are sufficiently high, or when a credit boom is caused by a commodity boom, a fraction of consumers lacks access to financial markets, and the government follows a fiscal policy rule. The two policies are substitutes when the complementarity between domestic and imported production inputs is sufficiently high.

Impact of the Debt Sustainability of State-Owned Companies on Russia’s Corporate External Debt under Sanctions

“…1) и продолжалась до конца 2017 г. В итоге санкций корпоративный долг с пика в I квартале 2014 г. начал снижаться и на начало III квартала 2022 г. его объем составил 381 млрд долл. 4 Текущий же кризис имеет несколько иной сценарий для шоков внешнего корпоративного долгаименно суверен попал под самые жесткие санкции и его вынуждены «страховать» национальные компании. Пока меры Правительства России сгладили шок, однако западные правительства принуждают российские компании к искусственному дефолту.…”

Modelling Five Variables Bvar for Economic Policies and Growth in Azerbaijan, Kazakhstan and Russia: 2005–2020

“…One can also find more advanced versions of multidimensional autoregressive models of the structural VAR type (SVAR) (Tuleuov, 2017). For the Russian economy, examples of SVAR can be found in (Hotulev, 2020;Hotulev and Styrin, 2019), for Kazakhstan in (Hlédik, 2017).…”