The “Sudden” Transition to the Free Floating Exchange Rate Regime in Russia in 2014

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The “Sudden” Transition to the Free Floating Exchange Rate Regime in Russia in 2014. / Gilenko, Evgenii V.

In: Journal of Reviews on Global Economics, No. 6, 2017, p. 181-192.

Research output: Contribution to journal › Article › peer-review

BibTeX

@article{06dbca2b08e343c9952488d57d0760c5,

title = "The “Sudden” Transition to the Free Floating Exchange Rate Regime in Russia in 2014",

abstract = "The events of the fall of 2014 in the Russian currency market forced Bank of Russia to change the exchange rate regime in the national economy. In this study we show that in 2014 the regulator was trying to protect ruble (the Russian national currency) against a massive speculative attack, actively spending its international reserves, but the interventions proved quite ineffective. Moreover, the peculiarity of the structure of these reserves dictated a very limited range of maneuver for the central bank, forcing it to switch to the free floating exchange rate regime in the first half of November, 2014-an important event, which, actually, could have been predicted by the lay experts on the basis of publically available information and application of simple econometric models. Noteworthy to say that, although not expectedly to the lay population, this switch of the exchange rate regime was done by Bank of Russia quite timely.",

keywords = "adequacy rules, currency interventions, international reserves, SCOPUS, SCOPUS",

author = "Gilenko, {Evgenii V.}",

note = "Gilenko, E. V. The {"}Sudden{"} transition to the free floating exchange rate regime in Russia in 2014 // Journal of Reviews on Global Economics. – 2017. – Issue 6. – P. 181-192.",

year = "2017",

doi = "10.6000/1929-7092.2017.06.16",

language = "English",

pages = "181--192",

journal = "Journal of Reviews on Global Economics",

issn = "1929-7092",

publisher = "Lifescience Global",

number = "6",

}

RIS

TY - JOUR

T1 - The “Sudden” Transition to the Free Floating Exchange Rate Regime in Russia in 2014

AU - Gilenko, Evgenii V.

N1 - Gilenko, E. V. The "Sudden" transition to the free floating exchange rate regime in Russia in 2014 // Journal of Reviews on Global Economics. – 2017. – Issue 6. – P. 181-192.

PY - 2017

Y1 - 2017

N2 - The events of the fall of 2014 in the Russian currency market forced Bank of Russia to change the exchange rate regime in the national economy. In this study we show that in 2014 the regulator was trying to protect ruble (the Russian national currency) against a massive speculative attack, actively spending its international reserves, but the interventions proved quite ineffective. Moreover, the peculiarity of the structure of these reserves dictated a very limited range of maneuver for the central bank, forcing it to switch to the free floating exchange rate regime in the first half of November, 2014-an important event, which, actually, could have been predicted by the lay experts on the basis of publically available information and application of simple econometric models. Noteworthy to say that, although not expectedly to the lay population, this switch of the exchange rate regime was done by Bank of Russia quite timely.

AB - The events of the fall of 2014 in the Russian currency market forced Bank of Russia to change the exchange rate regime in the national economy. In this study we show that in 2014 the regulator was trying to protect ruble (the Russian national currency) against a massive speculative attack, actively spending its international reserves, but the interventions proved quite ineffective. Moreover, the peculiarity of the structure of these reserves dictated a very limited range of maneuver for the central bank, forcing it to switch to the free floating exchange rate regime in the first half of November, 2014-an important event, which, actually, could have been predicted by the lay experts on the basis of publically available information and application of simple econometric models. Noteworthy to say that, although not expectedly to the lay population, this switch of the exchange rate regime was done by Bank of Russia quite timely.

KW - adequacy rules

KW - currency interventions

KW - international reserves

KW - SCOPUS

U2 - 10.6000/1929-7092.2017.06.16

DO - 10.6000/1929-7092.2017.06.16

M3 - Article

SP - 181

EP - 192

JO - Journal of Reviews on Global Economics

JF - Journal of Reviews on Global Economics

SN - 1929-7092

IS - 6

ER -

ID: 9432968