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Place of collateral credit in the interaction of monetary and fiscal policy in the Russian Federation

Ramasanov S.A. PhD in Economics, Associate Professor, Head of department «Economic theory and Law», the Nizhny Novgorod Technical State University named after R.E. Alekseev ( ram-nn@yandex.ru )

Odinokov V.A. PhD in Economics, Head of department «Finance and Credit», the Nizhny Novgorod Technical State University named after R.E. Alekseev ( odvl-nn@yandex.ru )

Journal: Finance and credit, #41, 2012

In the article the problems of use of the pawn credit of Bank of Russia from a regional perspectiveare considered. It is revealed that the main reason for inaccessibility of the last is deficiency of securities of the Russian Federation subjects. There is a need of stimulation by federal financial bodies of issue processes from the subjects of the Russian Federation. One of the requirements to them is assignment of a rating of long-term solvency. It is shown that the existing rating system doesn’t reflect investment appeal and solvency of the subjects of the Russian Federation.


Rating system of management quality of regional and municipal finance within budgetary policy and inter-budget relations

Ramasanov S.A. PhD in Economics, Associate Professor, Head of Department "Bases of Economic Theory and Right", the Nizhny Novgorod State Technical University named after R.E.Alekseev ( ram-nn@yandex.ru )

Odinokov V.A. PhD in Economics, Associate Professor, Head of Department "Finance and Credit", the Nizhny Novgorod State Technical University named after R.E.Alekseev ( odvi-nn@yandex.ru )

Journal: Finance and credit, #10, 2013

In this article the author investigates the problems of realization of a principle of independence of the budget. The work shows that increase of level of the budgetary independence demands development of deeply worked, scientific technique of a rating system, ranging of territories, both on regional, and at municipal level. The author proves that quality of management of regional and municipal finance should be encouraged more actively with fiscal bodies in the direction of increase in the budgetary independence and security. In the article the main directions of improvement of the inter-budget relations are allocated.


Features of coordinating fiscal and monetary policies in conditions of the European economic and currency union

Ramazanov S.A. Nizhny Novgorod branch of Moscow Witte University, Nizhny Novgorod, Russian Federation ( ram-nn@yandex.ru )

Odinokov V.A. Nizhny Novgorod branch of Moscow Witte University, Nizhny Novgorod, Russian Federation ( odvl-nn@yandex.ru )

Journal: Finance and credit, #13, 2014

The article considers the macroeconomic policy of the European Union (EU) which includes a supranational monetary policy, elements of supranational budgetary policy and national fiscal politicians of the separate European countries. The authors reveal subordinated role in EU of the budgetary and tax policies in relation to the monetary and credit policies. The paper studies Economic standards in the field of a budget deficit, a public debt, interest rates and extent of their performance by the separate European states. The authors analyze the budgetary policy of EU taking into account sources of financing and structure of expenses. The article points out to the fundamental differences in realization of economic policy in the largest and advanced states, imbalance of tax systems in the separate European countries.


Dynamic analysis of balance sheets of EAEU Central Banks under a new reality

Ramazanov S.A. Moscow Witte University, Nizhny Novgorod Branch, Nizhny Novgorod, Russian Federation ( ram-nn@yandex.ru )

Odinokov V.A. Moscow Witte University, Nizhny Novgorod Branch, Nizhny Novgorod, Russian Federation ( odvl-nn@yandex.ru )

Journal: Finance and credit, #32, 2017

Importance The article considers assets and liabilities reported in the balance sheets of central banks within the Eurasian Economic Union from 2006 to 2015 and presents the analysis of these balance sheets under a new reality.
Objectives The aim is to define the specifics of creating money by central banks of the Eurasian Economic Union from the perspective of providing liquidity and absorbing the money supply.
Methods The study employs various methods of structural and horizontal analysis at the present stage of integration processes development in the EAEU countries. The analysis of the central banks' balance sheets focuses on identifying the continuity and differences in the mechanisms for monetary policy implementation.
Results The analysis shows that the structure of assets and liabilities of the EAEU central banks differ significantly, thus impeding the integration-based monetary policy implementation. Loan relations between the States and central banks are weak, except for crisis periods. Credit and deposit relations between different levels of the banking system are underdeveloped.
Conclusions and Relevance To reduce the dollarization of economies, it is more reasonable to partially shift to the reservation of ruble and tenge by using first-class debt obligations of the economies of Russia and Kazakhstan. This would be more conducive to integration processes and real cooperation, which would contribute to integration processes and real cooperation.


The analysis of balance sheets of BRICS countries' Central Banks at the modern stage

Ramazanov S.A. Nizhny Novgorod State Technical University n.a. R.E. Alekseev, Nizhny Novgorod, Russian Federation ( ram-nn@yandex.ru )

Odinokov V.A. Nizhny Novgorod State Technical University n.a. R.E. Alekseev, Nizhny Novgorod, Russian Federation ( odvl-nn@yandex.ru )

Makovetskaya T.V. Lobachevsky State University of Nizhny Novgorod - National Research University, Nizhny Novgorod, Russian Federation ( tat915955@yandex.ru )

Journal: Finance and credit, #12, 2015

Subject The subject of the study is the analysis of assets and liabilities of the central banks of BRICS countries during the period from 2003 to 2013.
     Objectives The objective of the study is to reveal the specifics of monetary credit policy of the central banks of BRICS countries from the perspectives of emission and absorption of money supply.
     Methods In this study, we applied the methods of horizontal and structural analysis. We also used comparisons to detect similarities or differences in implementing the monetary policy by the financial regulators of the said countries.
     Results We substantiated the need for transition to non-inflationary ways of currency issue by reducing excess currency reserves. However, we failed to reveal interaction between the asset structure of central banks and main macroeconomic indicators. The obtained results can be used not only for monetary policy purposes, but also for implementing anti-crisis and anti-inflationary policies in general.
     Conclusions and Relevance This study allowed us to make several important conclusions. First, the structural analysis of assets of the central banks of BRICS countries confirms that they have excess currency reserves, which do not serve as a 'safety cushion' in the financial crisis conditions, and which are the result of export stimulation. Therefore, the monetary policy of central banks of these countries reduces the impact of interest rate channel on the economy in exchange for an increase in currency regulation. The transition from the currency channel of creating money to the interest rate channel, to a greater extent, contributes to the development of the real sector of economy. Secondly, the analysis of active operations of central banks of the BRIC countries enabled to come to a conclusion that currency issue in China and Russia is carried out in inflationary ways. Building currency reserves in exchange for an increase in other assets promotes development of the real sector of economy. The big share of currency reserves in balance sheets of financial regulators of BRICS countries may be the evidence of unused investment potential for economic development. At the same time, the asset structure of the central banks of Brazil and India with a relatively smaller share of currency reserves discourages inflationary processes in economy. Thirdly, the carried out horizontal analysis of the main components of liabilities in the balance sheets of the national monetary regulators showed different approaches to banknote and deposit issue.


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