Russia's early transition is characterised by one of the most dramatic credit expansions and inflation experiences in … recent history. As a consequence, Russia has been involved in a protracted inflation stabilisation effort. This paper … transmission might have caused a credit crunch in Russia. To analyse Russia's monetary stance from the point of view of the lending …

, even ignoring interconnectedness issues, the failure of a bank causes a larger welfare loss than the failure of other … optimal fiscal response to such a shock is to help people, not banks, and the size of this response should be larger if a bank …

asymmetric information and no excess profits. It captures the possibility of bank runs and business cycle risk; but it ignores …

the market for bank loans and how a central can compensate such shocks. The need for unconventional measures derives from … the size of these shocks and the zero lower bound of the central bank's policy rate. Under such conditions the central … bank can only stabilize the loan market by providing direct loans to the non-bank sector. A by-product of this approach is …

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank. …