Information policy of the Bank of Russia:The influence of the press releases on the interbank rate

Merzlyakov, Sergey; Khabibullin, Ramis

doi:10.32609/0042-8736-2017-11-141-151

Vopr. èkon.

2017

DOI: 10.32609/0042-8736-2017-11-141-151

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Information policy of the Bank of Russia:The influence of the press releases on the interbank rate

Sergey Merzlyakov

Ramis Khabibullin

Abstract: This paper examines the impact of the main regular communication channel of the Bank of Russia - press releases after the Bank of Russia Board of Directors meetings on monetary policy issues - on the Moscow Prime Offered Rate (MosPrime Rate). It is shown that these press releases can have a significant impact on this rate and its volatility.

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Cited by 2 publications

References 13 publications

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Digital communication of the Bank of Russia in social media

Shcheglov,

Pashkus

2024

Теоретическая И Прикладная Экономика

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The subject of this study is digital communication of the Bank of Russia in social media. The relevance of the article is determined by the role and significance of modern digital communication channels in everyday life and the potential for their use in ongoing monetary policy. The authors systematize and summarize scientific articles devoted to the connection between effective communication and monetary policy pursued by central banks. The article notes that successful central bank communication should make monetary policy more predictable and market expectations about future rates more accurate. The purpose of the current article is to assess the readability of digital materials published by the Bank of Russia on official social networks and instant messengers. To assess the readability of digital publications, the authors identify two large audience groups: professional and non-professional. As a text analysis method, the authors rely on syntactic and lexical methods and use the Flesch-Kincaid index and Fog-Index as indicators of text readability. The authors presented the key channels and communication tools of central banks, and also highlighted the main channels of digital communication of the Bank of Russia: the Bank of Russia website, social media and the Bank of Russia application “Central Bank Online”. Each of the channels has both direct and indirect affiliation. The results of the direct affiliation channel of social media and the website emphasize the positive dynamics of readability indices – materials published on social networks by the Bank of Russia become clearer to a wider audience segment. However, most publications still require specialized training in economics and finance to fully understand the information. Thus, in communication on social networks, the Bank of Russia’s focus is on reaching a non-professional audience in order to increase transparency and the level of trust in its monetary policy.

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Digital communication of the Bank of Russia in social media

Shcheglov,

Pashkus

2024

Теоретическая И Прикладная Экономика

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Lombard List formation as a distorting signal of the Bank of Russia

Telegin¹

2022

Vopr. èkon.

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How do Russian market participants react to the decisions of the Bank of Russia on changes to the Lombard List? This paper examines the relationship between the inclusion of securities in the list and changes in returns and volatility of shares in Moscow Stock Exchange companies. To model the behavior of the volatility of stocks of companies, modified HAR-models were used, to model returns — a market model; the study was carried out for 5-minute, hourly and daily time intervals. As a result, it was found that in the period from 2014 to 2020, the addition of a security to the Lombard List, which occurred faster than 3 weeks from the date of issue, led to a significant increase in returns of stocks of companies and to a significant decrease in their volatility and the effects might be observed during several hours. Thus, market participants perceive such news as significant signals about the state of affairs in private companies, despite the initial goal of the regulator. Based on the results of the analysis, recommendations were also formulated for the Bank of Russia to change the mechanism of including securities in the Lombard List.

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Information policy of the Bank of Russia:The influence of the press releases on the interbank rate

Cited by 2 publications

References 13 publications

Digital communication of the Bank of Russia in social media

Digital communication of the Bank of Russia in social media

Lombard List formation as a distorting signal of the Bank of Russia

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