The paper analyses the impact of the key rate of the Bank of Russia and of the rate of interbank lending RUONIA on the share of extracting and processing industries in the loan portfolio of banks in 2009-2016. On the basis of statistical analysis we show the existence of a certain time lag between the movement of loan rates and changes in the structure of loan portfolio. The impact of the key rate is weaker than the rate of RUONIA. At the same time, the increase in lending rates leads to a subsequent increase (approximately with a one year interval) in the share of extractive and processing industries. We offer a number of hypotheses that can explain this statistical phenomenon.
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