Home  Journals  Financial Analytics: Science and Experience  22(304) - 2016 June

Monetary policy pursued by the Central Bank of the Russian Federation, and its influence on economic development: Assessment, challenges, trends

Vol. 9, Iss. 22, JUNE 2016

Article PDF Version

Received: 7 April 2016

Received in revised form: 20 April 2016

Accepted: 28 April 2016

Available online: 15 June 2016

Subject Heading: Economic policy

JEL Classification: E42, E50, E52, E58

Pages: 2-13

Importance When the economy shifts to its market format, the adequacy of monetary policies and objectives of economic reproduction become critical. In such circumstances, these are effective monetary policies that should sustainably assure the effective and real growth in the national economy.
Objectives The research evaluates, identifies issues and determines trends in monetary policies of the Central Bank of Russia, demonstrates what role it plays in the economic development.
Methods The methodological framework is based on general scientific methods of cognition, i.e. dialectical method, a combination of historical and logic methods, methods of structural and functional analysis, conventional techniques of economic analysis and synthesis, and special methods to evaluate the efficiency of monetary policies.
Results The article determines what influences the efficiency of monetary policies and evaluates the Russian monetary policies, illustrating their effect on economic development. I present how the efficiency indicators of the Russian monetary policies changed (Consumer Price Index, inflation rate, GDP, employment rate), and propose priority areas for developing the monetary policies.
Conclusions and Relevance The national monetary policies are an integral part of the general national policies, and significantly influence the economic development. As the research shows, issues of the Central Bank's monetary policies have been one of the most vital factors for the Russian economic growth for recent decades. I conclude that, currently, the Russian monetary policy and its new priorities should pursue increasing the confidence in the Russian banking sector and keeping the existing competition, considering persisting instability in external markets.

Keywords: monetary policy, key rate, accounting policies, inflation rate, Central Bank

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