Home  Journals  Financial Analytics: Science and Experience  22(208) - 2014 June

Modern aspects of the Russian Federation monetary policy in transmission mechanism context

Available online: 13 June 2014

Subject Heading: MONETARY POLICY

JEL Classification: 

Pages: 59-63

The article analyses the modern mechanisms of the Bank of Russia monetary regulation which rely on conflicting objectives of fight against inflation, which has not monetary nature and serves as hindrance for economic development. The author makes conclusion that the constraining policy of expensive money within the background of stimulating policy of cheap money and an emission of money in the developed countries create a non-equivalent exchange and reduce competitiveness of Russia. At the same time markup rates encourage capital outflow from real sector in financial sector.

Keywords: Bank of Russia, money, transmission mechanism, currency channel, monetary expansion, percentage channel, credit channel, lending interest rate, national payment system

References:

1. Glaz'ev S.Iu. Neprostitel'nye illiuzii [Inexcusable illusions]. Ekspert – Expert, 2013, no. 50, pp. 21–24.
2. Ivanter A. Denezhnyi ombudsmen. No ne tol'ko [Monetary ombudsman. But not only this]. Ekspert – Expert, 2013, no. 30–31, pp. 25–29.
3. RF Federal Lаw “On the Central Bank of the Russian Federation (Bank of Russia)” of July 10, 2002, № 86-FZ. (In Russ.)
4. Oleinikov A.A., Danil'chenko S.L., Ul'ianova M.V. Ekonomicheskaia teoriia. Politicheskaia ekonomiia natsional'nogo khoziaistva [Economic theory. Political economy of national economy]. Moscow, Institut russkoi tsivilizatsii Publ., 2011, 800 p.
5. President of the Russian Federation. Available at: Link. (In Russ.)
6. Federal State Statistics Service of the Russian Federation. Available at: Link. (In Russ.)
7. Central Bank of the Russian Federation. Available at: Link. (In Russ.)

View all articles of issue

ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 17, Iss. 1 March 2024

Archive