On the Need to Study Non-Bank Financial Institutions in the Context of Monetary Policy

The article substantiates the need for a detailed study of the impact of the market of non–bank financial intermediaries on the transmission mechanism of monetary policy. As a result of the research, the author studies the stages of its implementation within the credit channel of the monetary policy of the Central Bank, analyzes the transformation of the Bank of Russia’s approach to the composition of channels and structural elements of transmission. The definition of non-banking financial institutions (intermediaries) according to the interpretation of the Financial Stability Board is given and it is established that this segment of the financial market is increasingly developing in the modern economic system. It is revealed that the functioning of the credit channel of the transmission mechanism in different countries of the world follows a similar pattern, and non-bank financial intermediaries are beginning to play an increasingly important role in this channel in recent years.