+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Financial Analytics: Science and Experience
 

A comparative analysis of major trends in the fiscal and monetary policies of Russia

Vol. 10, Iss. 10, OCTOBER 2017

PDF  Article PDF Version

Received: 7 August 2017

Received in revised form: 8 September 2017

Accepted: 15 September 2017

Available online: 16 October 2017

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: Е22, E61

Pages: 1088–1099

https://doi.org/10.24891/fa.10.10.1088

Slepov V.A. Plekhanov Russian University of Economics, Moscow, Russian Federation
slepov.va@rea.ru

Volkov I.I. Plekhanov Russian University of Economics, Moscow, Russian Federation
winner.06@mail.ru

Subject The article analyzes the major trends in the monetary and fiscal policies of Russia.
Objectives The purpose of the study is to determine the extent of interaction of the said trends, which is focused on economic growth.
Methods The main methods we apply in the research include formal and dialectical logic, deduction and induction, analysis, synthesis, comparison, and synergy.
Results The inflation targeting and improving the transmission mechanism quality are the main elements of the monetary policy pursued by the Bank of Russia. The regulator specifies that one of drivers of monetary regulation efficiency is an adequate fiscal policy with regard to its predictability and capability to ensure sustainable economic development. The fiscal policy is focused on fiscal consolidation through cuts in public expenditure and alignment of budget balance in the mid-run.
Conclusions and Relevance The paper assesses the degree of integration of the fiscal and monetary policies over the current three-year period, which is classified as low, medium and high depending on certain measures to be taken. The findings may be useful for developing the financial and economic policies of the Russian Federation and the Federal budget formation.

Keywords: monetary policy, fiscal policy, fiscal consolidation, financial integration

References:

  1. Yudaeva K.V. [On the monetary policy of the Bank of Russia at the present stage]. Den'gi i kredit = Money and Credit, 2014, no. 6, pp. 13–14. (In Russ.)
  2. Manevich V.E. [Long-term macroeconomic processes and conditions for economic growth in Russia]. Voprosy Ekonomiki, 2017, no. 1, pp. 40–63. (In Russ.)
  3. Simachev Yu., Kuzyk M., Zudin N. [Dependence on imports and imports phase-out in the Russian manufacturing sector: A business perspective]. Forsait = Foresight and STI Governance, 2016, vol. 10, no. 4, pp. 25–45. (In Russ.)
  4. Atkeson A., Chari V., Kehoe P. On the Optimal Choice of a Monetary Policy Instrument. NBER Working Paper, 2007, no. 13398. doi: 10.3386/w13398
  5. Davig T., Leeper E. Monetary-Fiscal Policy Interactions and Fiscal Stimulus. European Economic Review, 2011, vol. 55, no. 2, pp. 211–227. doi: 10.3386/w15133
  6. Wickens M. Makroekonomicheskaya teoriya: podhod dinamicheskogo obshhego ravnovesiya [Macroeconomic Theory: A Dynamic General Equilibrium Approach]. Moscow, Delo Publ., 2015, 736 p.
  7. Kudrin A.L., Goryunov E.L., Trunin P.V. [Stimulative monetary policy: Myths and reality]. Voprosy Ekonomiki, 2017, no. 5, pp. 5–28 (In Russ.)
  8. Mogilat A.N., Achkasov Yu.K. et al. [Debates on monetary policy issues and economic situation: Searching for constructive comments]. Voprosy Ekonomiki, 2016, no. 5, pp. 25–43. (In Russ.)
  9. Slepov V.A., Burlachkov V.K. [Sources for financing the growth of the Russian economy]. Vestnik Rossiiskogo ekonomicheskogo universiteta im. G.V. Plekhanova = Vestnik of Plekhanov Russian University of Economics, 2017, no. 1, pp. 72–80. (In Russ.)
  10. Kosov M.E. [Formation of System of Sustainable Economic Development Services through Innovation]. Obrazovanie. Nauka. Nauchnye kadry, 2016, no. 4, pp. 116–120. (In Russ.)
  11. Burlachkov V.K. Makroekonomika, monetarnaya politika, global'nyi krizis: analiz sovremennoi teorii i problemy postroeniya novoi modeli ekonomicheskogo razvitiya [Macroeconomics, monetary policy, global crisis: Analysis of modern theory and challenges of building a new model of economic development]. Moscow, Librokom Publ., 2013, 240 p.
  12. Andryushin S.A. [Sources of lending to the Russian economy]. Bankovskoe delo = Banking, 2014, no. 8, pp. 10–19. (In Russ.)
  13. Os'makov V.S., Kalinin A.M. [On the strategy for industrial development of Russia]. Voprosy Ekonomiki, 2017, no. 5, pp. 45–59. (In Russ.)
  14. Lomivorotov R.V. [Impact of external shocks and monetary policy on Russian economy]. Voprosy Ekonomiki, 2014, no. 11, pp. 122–139. (In Russ.)
  15. Balandin S.A. [Models of national economic and financial policy in the field of economic diversification]. Vestnik Rossiiskogo ekonomicheskogo universiteta im. G.V. Plekhanova = Vestnik of Plekhanov Russian University of Economics, 2015, no. 5, pp. 66–73. (In Russ.)
  16. Volkov I.I. Makroekonomicheskii analiz vzaimodeystviya denezhno-kreditnoi i byudzhetnoi politiki gosudarstva [Macroeconomic analysis of monetary-fiscal policy interactions of the State]. Moscow, Kreativnaya ekonomika Publ., 2017, 264 p.
  17. Caliendo L., Parro F., Tsyvinski A. Distortions and the Structure of the World Economy. NBER Working Paper, 2017, no. 23332. doi: 10.3386/w23332
  18. Boomhower J., Davis L. Do Energy Efficiency Investments Deliver at the Right Time? NBER Working Paper, 2017, no. 23097. doi: 10.3386/w23097
  19. Garnov A.P., Garnova V.S. [Innovative capacity of Russia: problems and prospects of realization] RISK: resursy, informatsiya, snabzhenie, konkurentsiya = RISK: Resources, Information, Supply, Competition, 2016, no. 1, pp. 92–97. (In Russ.)
  20. Usoskin V.M. [Unconventional Monetary Policy: Methods and Results]. Den'gi i kredit = Money and Credit, 2016, no. 11, pp. 12–18. (In Russ.)
  21. Belyakov I.V. [On the Determinants of Sovereign Eurobond Spreads in Russia]. Ekonomicheskaya politika = Economic Policy, 2017, vol. 12, no. 1, pp. 200–225. (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