The Russian economy has experienced four major crises over the past decades. To determine which anti-crisis decisions the Bank of Russia made, whether they were efficient, and what lessons each crisis taught, one can refer to the Bank of Russia’s analytical paper.
The regulator’s anti-crisis measures helped the financial sector remain resilient during periods of high volatility in the financial market and supported its uninterrupted operation. The Bank of Russia’s systemic work to ensure macroeconomic stability, set macroprudential buffers, and develop regulation and supervision in the financial sector was also crucial for overcoming these crises.
The first part of the paper examines conceptual issues related to the reasons for and manifestations of major crises in Russia. It discloses the logic behind the Bank of Russia’s decisions, analyzes the expected and actual outcomes of policy measures, and outlines lessons for future reference.
The second part of the paper provides a more detailed description of anti-crisis measures. It particularly focuses on assessing the efficiency of regulatory easing in terms of support for lending.
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