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Access to Liquidity and Non-monetary Trade

By Vlad Ivanenko


Abstract: This paper places non-monetary trade (NMT), a persistent growth of which in Russia in 1992-8 economists have struggled to explain, within the framework of the credit channel of the monetary policy. It shows that producers resorted to NMT responding to increases in the cost and unavailability of external funds. The paper traces the origin of structural breaks in the NMT trend and its transitory fluctuations to major shifts in state policy that affected financial markets and temporary shocks in the latter. It concludes that there is significant evidence supporting the existence of the credit channel in the Russian transition

Year: 2003
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