Proceedings of the External Challenges and Risks for Russia in the Context of the World Community’s Transition to Polycentrism: Economics, Finance and Business (ICEFB 2019)

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Refinancing Rate as an Impact on Global Economic Development

Authors
Vladimir V. Maslennikov, Dmitriy I. Korovin, Oxana N. Afanasyeva
Corresponding Author
Vladimir V. Maslennikov
Available Online December 2019.
DOI
10.2991/icefb-19.2019.44How to use a DOI?
Keywords
refinancing rate; GDP; monetary policy; GNI; economic development
Abstract

The article is devoted to the problem of understanding the role and application of refinancing of banking systems in order to stimulate economic growth. Differences in the impact of refinancing instruments of central banks on the economic performance of 13 countries are considered. Countries with different levels of economic development and different banking systems, as well as refinancing mechanisms were selected for the study. The article assesses the possibility of central banks' impact on GDP and GNI by changing the refinancing rate. In this way, an attempt was made to contribute to the discussion on the role of refinancing of central banks in the development of the country's economy and industry. In order to obtain the results, the authors used a new mathematical analysis apparatus, taking into account aspects of the quality assessment of the impact of monetary policy instruments on macroeconomic indicators not taken into account in classic econometric models The authors suggest that the main instrument of influence on economic indicators is behavioral responses, rather than the fact of changing the refinancing rate. Excessive information openness to the instruments used to implement monetary policy leads to predictable behavioural responses.

Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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<Previous Article In Volume
Volume Title
Proceedings of the External Challenges and Risks for Russia in the Context of the World Community’s Transition to Polycentrism: Economics, Finance and Business (ICEFB 2019)
Series
Advances in Economics, Business and Management Research
Publication Date
December 2019
ISBN
978-94-6252-853-6
ISSN
2352-5428
DOI
10.2991/icefb-19.2019.44How to use a DOI?
Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

risenwbib
TY  - CONF
AU  - Vladimir V. Maslennikov
AU  - Dmitriy I. Korovin
AU  - Oxana N. Afanasyeva
PY  - 2019/12
DA  - 2019/12
TI  - Refinancing Rate as an Impact on Global Economic Development
BT  - Proceedings of the External Challenges and Risks for Russia in the Context of the World Community’s Transition to Polycentrism: Economics, Finance and Business (ICEFB 2019)
PB  - Atlantis Press
SP  - 176
EP  - 179
SN  - 2352-5428
UR  - https://doi.org/10.2991/icefb-19.2019.44
DO  - 10.2991/icefb-19.2019.44
ID  - Maslennikov2019/12
ER  -