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0 29 0 Ryazan Region 109 7 100 15 82 18 56 18 83 18 Smolensk Region 149 14 127 15 134 11 90 11

balance of replies next 3 months 8.7 6.4 16.7 18.9 13.1 PMI input prices, diffusion index next month 54.2

those who have relatively flexible exchange rates. In contrast, Rey (2015, p. 18) suggests that “cross-border flows and leverage of global institutions transmit monetary conditions

17 09.17 11.17 01.18 03.18 05.18 07.18 09.18 Deciles: 80–90 11.18 70–80 60–70 40

4 North Caucasian Federal District 100 18.9 0.1 2.3 10.7 4.7 8.4 18.1 1.2 12.3 0.