Kudinova Maria
Monetary Policy Transformation of Major Central Banks During the COVID‑19 Pandemic
Publication Type:

DOI: 10.26794/2587-5671-2022-26-1-41-54

The paper aims to assess the scope, effectiveness and key instruments of monetary policy in advanced and emerging markets during the first wave of the COVID-19 pandemic. The methodological basis of the study was the reports of the central banks of the sample countries and the data of international organizations and financial market participants on monetary policies. The author assesses the scope of financial support for the economy by the central banks of the largest advanced and emerging markets during the crisis, including the size and share of quantitative easing in its total volume. The study identifies and characterizes the main groups of monetary policy measures during the COVID-19 pandemic, and also shows the monetary policy differences of advanced and emerging economies during the pandemic. The paper highlights larger direct financial support from the central banks of advanced countries. The difference in monetary policy instruments is that advanced economies use traditional monetary policy measures while emerging economies widely apply unconventional monetary policy instruments, primarily quantitative easing. The article presents a preliminary assessment of the effectiveness of monetary policy in China and Russia. The author concludes that the consequences of the monetary policy pursued by advanced countries in 2020 may lead to long-term stagnation in these countries and the rapid recovery of emerging markets due to the inflow of speculative capital from advanced countries. The study provides a post-pandemic forecast of the general direction of monetary policy and its driving factors. Enormous direct financial support, primarily through quantitative easing, from the central banks of advanced countries in 2020 had a positive impact on the economy in the short run, but the long-term consequences of such policies require further research.

Keywords: monetary policy | COVID‑ | 19 pandemic | ultra-accommodative monetary policy | unconventional monetary policy tools | quantitative easing |

Russian Science Citation Index


Kirichenko Elina
Федеральная резервная система США: пересмотр политики [Текст] / Э. В. Кириченко // Международная экономика. – 2018. – № 5. – С. 66-78.

Podkolzina Inna
Anti-crisis policy of the eurozone monetary authorities.

Komova Anna
German Monetary and Exchange Rate Policy of the “Economic Miracle”: Growth or Stabilization

Ranneva Nonna
Денежно-кредитная политика США: на пути к нормализации [Текст] / Н. А. Раннева // Международная экономика. – 2018. – № 12. – С. 57-79.

Podkolzina I.
Некоторые актуальные проблемы российской денежно-кредитной политики в исследованиях европейских экономистов / И.А. Подколзина // Деньги и кредит. – 2009. – № 8. – С. 58–70.

Zhukova Tatiana
The Role of Credit Expansion in Spain’s Economic Miracle: Aspects of Inflation

Usoskin Valentin
Quantitative easing operations as an instrument of monetary policy

Podkolzina I.
The Effect of Asset Values on Monetary Policy / Podkolzina Inna

Ranneva Nonna
Современная система имплементации денежной политики ФРС // Международная экономика. 2022. № 6. С. 415-428. DOI 10.33920/vne-04-2206-02.

Bahtaraeva Karina
The role of the credit control system and exchange rate policy in Italy’s economic modernization

Usoskin Valentin
Unconventional Monetary Policy: Methods and Results

USA: Opportunities and Limits of Economic and Political Leadership. In 2 vv. / Voitolovsky F.G., Kirichenko E.V., eds. – Moscow, IMEMO, 2016–2017. ISBN 978-5-9535-0483-6 Vol. 1 / Kirichenko E.V., ed. – Moscow, IMEMO, 2016. – 240 p.

EU member states economies after the introduction of the euro: from euphoria of 1999 to the debt crisis of the 2010s. Eds. A.V. Kuznetsov and E.S. Khesin. Moscow, IMEMO RAN, 2013, 250 p.

Zeveleva Galina
Основные направления политики администрации Обамы в социальной сфере / Г.Н. Зевелева // Международная экономика. – 2012. – № 6. – С. 76–85.

Zhukova Tatiana
Финансовая стратегия модернизации Китая: от начала политики открытости до наших дней [Текст] / Т.В. Жукова // Банковские услуги. – 2015. – № 5. – С. 28 – 39.

Glazova Elena , Stepanova Mariya
Inflation targeting: modern reassessment

Японский калейдоскоп. Отв. ред. д.э.н. В.Б. Рамзес. М., Восточная литература, 2006, 18,9 п.л.

Mirkin Yakov
Нужна революция в головах [Текст] / Я.М. Миркин // Эксперт. – 2013. – № 30-31 (861). – 36 – 37.

Alekseev D.
Migration management case study: Spain and Morocco

Khesin Efim
Inflation Management: Drivers of Changes
Related publications

Comments (0)

No comments

Add comment

First news
Institute News

On February 21, 2024, at 14:30 in the Academician Inozemtsev conference hall a meeting of the Scientific-Theoretical Seminar of the Center for Comparative Socio-Economic and Political Studies on the topic "Science, Religion, Society in the Dynamics of the Modern World" will be held.



The 4th issue for 2023 of the journal “Russia and the New State of Eurasia” has been published. The issue opens with the article on the impact of the Ukrainian crisis on the formation of the new world order. Much attention is also paid to other countries located in the European part of the post-Soviet space.


Recently Published