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The Central Bank's role in economic growth

Vol. 25, Iss. 4, APRIL 2019

Received: 31 January 2019

Received in revised form: 18 February 2019

Accepted: 4 March 2019

Available online: 26 April 2019

Subject Heading: MONETARY ACCOMMODATION

JEL Classification: E31, E51, E58

Pages: 821–839

https://doi.org/10.24891/fc.25.4.821

Tkachev V.N. Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation
tkachev_mgimo@mail.ru

https://orcid.org/0000-0001-9016-6407

Shashkina E.O. Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation
jane_sha@mail.ru

https://orcid.org/0000-0003-4638-4647

Mazurova M.A. Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation
mashamazurova@mail.ru

ORCID id: not available

Subject The research focuses on conditions and factors for gaining high rates of economic growth in the Russian economy, selects metrics of economic development, discusses the relationship between economic growth and expansion of money supply, and the role of the central bank in spurring the economic growth.
Objectives The research makes up a list of indicators that have the fullest view of the national economic development. It also evaluates how the expansion of money supply and credit in Russia helps increase the economic growth rates.
Methods The research applies general methods of research, i.e. abstraction, induction and deduction, synthesis, classification, comparative and matching analysis.
Results We revealed and specified how the economic development level of Russia should be evaluated, and compared this with other countries. Russia was found to lag behind many countries in terms of key economic development indicators. We provide the rationale for increasing the money supply as a key factor of economic growth.
Conclusions and Relevance Russia needs to speed up in its economic development. However, this should be done through the inclusive development of economy and concurrent increase in the public well-being. Trying to curb the inflation rates as part of its tough policy, the Central Bank of Russia does not contribute to economic growth. Hence, goals and lines of the monetary policy should be revised so as to expand the credit supply.

Keywords: economic growth, development, inclusion, monetary policy, inflation targeting, economic monetization

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