Home  Journals  Finance and Credit  31(367) – 2009 August

Necessity liberalization of Russian contemporary monetary policy

Available online: 17 September 2009

Subject Heading: The currency policy

JEL Classification: 

The real liberalization of monetary policy in Russian Federation is a central concept in this article. It represents the level of the international monetary integration and thereby determines saving, investment and, ultimately, economic growth. Despite the official recognition by law, the concept turns out to be different. First of all, in a world of nominal contracts, real capital account liberalization usually cannot be observed directly. This problem is particularly important in the case of long way to real liberalization of monetary policy in which long-term inflationary expectations come into play. Second, it is not clear to which extent monetary policy can affect real monetary liberalization; although the central bank sets nominal interest rates, by doing so it will also affect exchange rates etc.

Keywords: monetary liberalization, liberalization of monetary policy, real capital account liberalization

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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